Risk Management for Landlords in San Antonio

Written by Posted On Thursday, 13 July 2017 19:47

Have you considered how you can protect yourself from possible future issues, legal disputes, and problems with tenants?

There are distinctive advantages and benefits of being a landlord. However, if you aren’t cautious, you may also open yourself up to unnecessary risks. The key is to protect and look out for yourself by being prepared, above all else.

According to the Rental Protection Agency, there are more than 108 million renters in the U.S. and more than 22 million landlords. It’s easy to understand why landlords and property owners want to know how they can identify and address potential risks for tenants.

Here are top risk management tips for landlords in San Antonio TX:

  1. 1. Do not skip screening tenants. Unnecessary risks can be avoided by carefully screening your potential tenants. Don’t just accept everyone who wants to sign a lease agreement. Check if they have a job. Do they have previous instances of evictions? Past behavior is the best way to predict future actions. Ask tenants to provide at least three references, preferably former landlords.
  2. 2. If it’s not in writing, it doesn’t exist. I’m sure you know this to be true if you’re in the world of real estate. So make sure that you get everything in writing. Be clear in writing about certain things like what activities they are allowed to do, how delinquent payments are handled, and how you deal with cancellations of leases. You never know when you need proof of something you have agreed to in the past. Documenting everything will help you save time and money when you need it in the future.

 

  1. 3. Get insurance. Take time to know more about the different types of insurance coverage that are available for landlords. Don’t just get homeowner’s insurance but also landlord’s insurance. Encourage tenants to also get renter’s insurance upon signing a lease.

 

  1. Read this to protect yourself from unnecessary accountabilities:Types of Insurance Coverage Landlords Need for a Rental Property

 

  1. 4. Observe fair housing laws. Make sure to create a standard screening process. Be clear that you only decline tenants with bad credit score, drug use, history of evictions and if the references give a bad word for them.

 

  1. 5. Make sure you have read the legal requirements for Texas landlords. Here’s a link to it: Landlord Legal Responsibilities. It’s helpful when you know not just federal and Texas laws but also local laws.

 

  1. 6. Hire the right contractors. They can eliminate stress since they will handle your repairs. Proactively ask them to sign a written contract and make sure they go through an interview so you can ask them everything you need to know to determine if they’re the right one for the job. Contractors should have their own liability insurance.
  2. Let Scott Wiggans Property Management remove the risks

 

  1. We can help you! Call San Antonio Property Management at 210-201-6543 and we’ll make sure to take care of all the interactions with tenants, drafting contracts, collecting rent checks, and other tedious tasks that go along with being a landlord.

  2. We would love to assist you in making your rental business successful!
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