Being a property management company specializing in single family rental homes and small residential rental property, we have helped hundreds of owners manage their homes and small rental properties. We have found similar mistakes that these owners have made while managing their own property. The following are the ten most common. We hope this report will help you become better rental property owners.
- Not screening each applicant
- Not following Fair Housing Laws
- Not keeping up on the home rental market
Besides the fair housing violation by screening some applicants and not others, you are heading for trouble if you don’t properly screen your prospective renters. Good tenants are a key to an enjoyable rental property investment. You should have each interested renter fill out an application, which should be screened according to credit, prior rental or ownership history, income, income stability and criminal history. Your criteria needs to be consistently applied to every applicant applying for the property.
Rental owners are losing millions of dollars every year because of ignorance and blatant violations of the Fair Housing Laws. It is against the law to discriminate against anyone based on Race, Color, Religion, Sex, National Origin, Handicap or Familial Status. This is a Federal Law. Minnesota State laws also includes marital status, status with regards to public assistance, and depending on the municipality your property is in, may also include affectional preference and age. There are some exceptions to the law if you are an owner occupant, however, it is best to consult with your attorney or HUD before you rent your home.
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