There are plenty of things for rental property owners to worry about–adverse possession is just one of them. While this is pretty low risk compared to things like property damage or lease violations, it’s important to know what it is and how to avoid it. Today, we’ll review how squatters can take possession of a […]
Tag Archives: risk management tips for landlords
01
Aug
Aug
A tenant getting injured on your property is a nightmare situation for landlords. After all, if it turns out to be your fault, you may face a court case and be responsible for several compensatory damages. As such, it’s important first to mitigate any injury risks on your property and second, to know how to […]
30
Jul
Jul
Landlords need to prioritize risk management, which simply means predicting future risks to your financial well-being and working to minimize or completely eliminate them. Fact: Landlord risk management applies not only to Howard County landlords but to landlords all over Maryland and the rest of the United States. If you don’t run your rental property […]
21
Dec
Dec
Screening prospective tenants is a tedious but necessary part of being a successful landlord. Nationally, the average eviction rate is around 3%. However, according to the Aspen Institute Financial Security Program, post-COVID eviction rates could jump as high as 20% in the coming year. As job and income loss heavily weigh on renters’ minds, landlords […]
23
Nov
Nov
Providing safe rental properties is a major responsibility for landlords and property managers. Part of keeping a safe environment includes testing for substances like lead paint, asbestos, and radon gas. Today, we’ll review the main concerns of radon in rental properties and how landlords can mitigate risks associated with this toxic gas. Contents of This […]
26
Oct
Oct
When it comes to maintaining a rental property, there are several aspects that you may not even consider–including chimney maintenance. If you have one, regular maintenance and chimney inspections are crucial to keeping rental properties safe. Whether you’re a tenant or a property owner, knowing how to care for a chimney or fireplace is essential. […]
22
Jul
Jul
The rental agreement is the most critical document for landlords and tenants. That said, a lease involves many different clauses, addendums, and disclosures that each carries its own legal ramifications. In addition, essential components of a lease will vary based on location and the property’s specific needs. So, to thoroughly understand what these additions mean […]
19
Jul
Jul
Navigating legal processes can be daunting, especially when it comes to disputes between tenants and landlords. However, disagreements may arise, leaving both parties seeking a fair resolution. Luckily, small claims court offers an accessible and efficient way to address these conflicts. But remember, engaging in small claims court requires careful preparation to maximize your chances […]
27
Mar
Mar
March is National Asset Management Awareness Month, making it a great time to recognize your asset management professionals. But, if anything, it’s an excellent time to learn how improving your asset management practices can play a part in your overall mission and revenue goals. So, read along while we review all you need to know […]
06
Dec
Dec
When you own rental properties, there are several documents to draft, sign, store, and manage. That said, when you’re dealing with sensitive or legal documents, it’s crucial to store them securely and efficiently. After all, the privacy and safety of your tenants are top priorities So, what’s the best way for landlords and property managers […]