Landowner’s Guide to Stay in the Real Estate Business
Every person involved with the real estate business is firmly guided by the Fair Housing Act, giving tenants the right to file lawsuits against landlords. It is important to know these rules to prevent situations from escalating. Small complaints from tenants can go a long way, and therefore should not be ignored.
Although property owners can get tired of complaints, it is important to settle the matter without delay to avoid litigation. The responsibility of the tenants is to pay the rent and to take care of the property, and it is the duty of the owners to follow the housing rules and guidelines. There are several steps to guide you if you are already a landlord or is planning to go into the real estate business.
- Familiarize the Fair Housing Act. The Fair Housing Act must be considered as a handbook for every property owner who would like to avoid any serious problem with the tenants. Landlords are discouraged to discriminate renters based on their age, religion, ethnicity, marital status and other things. There is an easy way to retrieve general information concerning the housing rules, and this can be found on the HUD website. The Fair Housing Act will enable the landlords to continue doing business, and basically saves money instead of paying fees due to neglect of obligations. It is also important to check your town hall for specific rules that should be followed. Property owners should be diligent in knowing the do’s and don’ts when running a real estate business. In this way, you will have no problems keeping your business active.
- Evaluate Your Tenants With Similar Questionnaire At All Times. Interested tenants would likely call for information on your rental services, and it is important that you develop a questionnaire that would help you to be fair with all your clients. Now and then, landlords and tenants may come to arguments, and though asking new tenants with questions is necessary to avoid past mistakes, you are free to be labelled as prejudice. Directing your clients to an online application is a great idea to prevent you from making unnecessary statements to your prospective tenants.
- Make Sure To Answer Questions Related to the Property. Once prospective tenants are ready to see your property, you will be asked questions and you will need to answer them fairly and without bias. It is not for you to divulge any information about your neighborhood or even state your stand about politics and religions. This would bring in a hot spot and tenants could use your statements against you. Landlords are always encouraged to be polite to every interested tenant.
- Make A Record of Every Application. Landlords can protect themselves by constantly creating a record for every application, especially those that were not accepted. You may receive a litigation letter after a week due to turning down a tenant and your record will help you resolve the complaint against you.
In every application, you should write down why a tenant has been rejected. By knowing the Fair Housing Act, you will not get in trouble with your tenants, and this will protect you from complaints and litigation.