Owning a large rental property, like a multi-unit, multi-floor apartment building comes with a number of responsibilities. You need to manage the employees who clean and maintain the building, as well as those who are in charge of finding and vetting new renters. On top of this, you also need to protect your company from tenant disputes and liability claims.
The latter can certainly put you in financial distress if you are unprepared. Here are a few tips that can help proactively protect against tenant disputes and liability claims.
Check the Wording in Your Leases
What exactly do your leases say? They should provide information about what the tenant is responsible for, such as treating appliances properly and keeping the place clean. It also should have details about what the leasing company manages, such as plumbing and heating problems. Rules, like the number of people allowed per unit, which types and sizes of pets can live in the building, and more should also be clearly stated in the lease.
Thoroughly Vet Your Renters
How do your leasing agents examine your renters? Checking things like credit reports, past rental history, current salaries, and, if necessary and allowed, criminal backgrounds, can help you avoid having renters who are likely to complain about the quality of the building. It also ensures that they can pay the rent, thereby helping you keep your maintenance staff paid and supplied. Having dependable renters in place makes a significant difference when it comes to tenant disputes. As far as liability claims are concerned, those who pay on time are more likely to pay attention when walking around the building, making slipping on a wet floor less likely.
Take Care of Your Building
Maintenance is crucial. You need to keep the lobbies and communal areas of the building clean. If the floor is wet, place a caution sign on the floor. Also, things like appliances that are the landlord’s responsibility should be properly maintained. By fixing windows when they break, being prepared to produce keys for new locks, and maintaining the outdoor landscaping, sidewalks, and parking areas, you’ll eliminate the number of tenant disputes that your company may face. Responding quickly to issues is one way to mitigate the number of disputes, ensuring that your tenants know that you’re taking care of the property.
Have the Right Insurance Policies
Most landlords know that they need to have coverage on the property itself. This provides coverage should the building get damaged in a windstorm, rainstorm, or fire. It will also pay for repairs and more. However, liability insurance for apartment complexes tends to get overlooked. Making sure that you have one of these policies that includes the right amount of coverage which will protect your company’s bank accounts from liability claims and tenant disputes, as it will pay for legal fees, medical bills, and more.
Have Questions? Contact Charlotte Insurance
Want to learn more about insurance plans that can help landlords with tenant disputes and liability claims? Contact Charlotte Insurance. Our agents can explore and explain all available options and put together the insurance coverage plan your building needs.