Renting out your property can be a lucrative and fulfilling venture. However, landlord-tenant relationships can turn strained or result in costly and time-consuming litigation. The key to an amicable relationship is to avoid disputes.
If you are proactive, you may be able to avoid conflict and create a more harmonious relationship.
Thorough lease agreements
In the U.S., about 36% of properties have renters living on the premises. Now that Georgia happens to be one of the top states for renters, it is important for landlords to create thorough agreements that outline the terms and conditions, including maintenance responsibilities, rent and property rules. To avoid arguments and disputes, both parties should fully understand the terms.
Conduct regular inspections
Regular property inspections benefit the property owner and the tenant. An inspection can help you to identify any potential issues early so that you can promptly fix them, reducing the risk of a problem growing or the tenant claiming that you performed no maintenance on the property. Inspections allow for a sense of transparency between landlords and tenants.
Keep communication channels open
Establish a clear communication channel with your tenant from the beginning of the lease. Tenants must have a reliable way to report issues or to seek clarification about any questions they have regarding the lease. When you have open lines of communication, you enable quick resolution of any concerns.
In many cases, when it comes to landlord and tenant disputes, the arguments begin because of a lack of communication. When you establish a rental agreement, make an effort to ensure that the other party understands all of the terms of the agreement and open yourself up for questions. When both parties understand the legal terms, there are fewer misunderstandings.