Today we are talking about three of the biggest mistakes landlords make when renting out property in Minneapolis. This is part one of the blog series we’re doing about these common mistakes, so make sure you check out part two as well.
The first mistake is when landlords don’t understand all the legal requirements that go into managing a rental property. There are laws that govern lead-based paint and the RRP, which is the renovation repair paint program. You’ll have legal requirements that go with the renovation of your property. Rental licensing is also required, and this has become a big issue since the housing bubble collapsed. Cities are getting more involved, and that puts more requirements on the landlord.
You may or may not know that if your property is not licensed and you have a legal dispute with your tenant, it’s possible that you will have to pay back all the rent that you collected during the time that your house was unlicensed. That’s a big issue. Fair housing laws also come into play as well as state statutes. Consider this statute, for example: if you have in your lease that the tenant is required to mow the lawn and remove snow, the simple fact that you’re requiring tenants to do this maintenance on the property means that you have to provide them with consideration. It’s part of Minneapolis rental law. These are just a few of the legal requirements that many landlords don’t understand.
Move In and Move Out Inspections and Deposits
Not doing a move in or a move out condition report is another major mistake. The timely disposition of the tenant’s security deposit is also a mistake that’s easy to make. Security deposit disputes are the largest legal issues landlords get into. It’s very important that you understand and follow that whole process, starting with the move in and move out inspections.
Lastly, not using technology properly is a common mistake. This new generation of renters is more tech savvy and likes the convenience of online rent payments and maintenance requests and other internet based cloud computing capabilities. If you don’t provide these, you could lose out to a landlord who does. Renting your home quickly is important. Using technology helps you to accomplish that.
If you’d like to learn more about how you can avoid mistakes like these, please contact us at RP Management.