​​The top 5 things Owners should never do
​​The top 5 things Owners should never do
1. An owner should never under any circumstances touch a tenant’s security deposit during the lease tenure. If a dispute should ever arise after the tenant has moved out and the parties end up in court, the judge will ask for a bank statement from the owner the security that deposit was held in as well as other documents. If the owner has not properly handled the tenant’s security deposit and abided by all of the laws pertaining to it, the owner may be liable for three times the amount of the deposit.
2. An owner should never rush to accept an unqualified tenant to avoid having to make another mortgage payment on their rental property. You may end up regretting it and it will cost you a whole lot more than a payment or two to get rid of a bad tenant.
3. An owner should never communicate with a tenant by telephone only. All call and communications should be by tenant portals, email, or text. You need a paper trail in case a dispute or accusation should arise down the line. Document. Document. Document.
4. An owner should never rent out their property if they know some of its components are old or in need of repair. You may get a tenant but it won’t be a happy tenant. If the tenants not happy due to constant or significant repairs, they will either start paying late, stop paying altogether, and in some cases file a complaint and be directed to pay rent to the court. They most likely will not be renewing their lease which will cost you more money to re-rent the property.
5. An owner should never discriminate against prospective tenants. You never know when a tester is being sent to inquire about your property. You could be found guilty of a Fair Housing Law violation and be fined tens of thousands of dollars and be bankrupt overnight.