There are five common mistakes that a lot of landlords make, and today I am going to let you know what those mistakes are, so you are less likely to make them yourself.
In Minnesota, we have 21 days to return a security deposit with interest, or provide a disposition of the deposit. This is an important deadline that responsible landlords cannot afford to miss.
Move in and move out condition reports are essential. Make note of how the property looks at the time of move in so that you can compare it to how the property looks at the time of move out. Before your tenant moves in, check out any damage in the home and document the condition of the property. If things are in great shape, such as the flooring, woodwork, screens, etc., you want to make sure that is written down. You’ll document the condition again when your tenants move out. Have pictures and videos so you can provide before and after documentation if it’s needed. This goes hand in hand with the security deposit because it will help you avoid disputes over damages versus wear and tear.
You have to give your tenants a lead based paint disclosure on any property that was built prior to 1978. There is a pamphlet you must provide as well as additional paperwork. If you do work or updates to the property that requires you to disturb more than six square feet on the interior or 20 square feet on the exterior, additional disclosures and information are required as well.
Maintenance issues must be handled in a timely manner. You might want to save money and do it yourself, or you might put off maintenance requests and issues. Tenants will evaluate this when deciding whether to stay or move out. Handle all maintenance requests in a timely manner and get the work done properly. Don’t try to save a few bucks here and there. Your tenants are your customers and they have expectations. Give them what they need.
Move in Ready
Moving into a new home is stressful for tenants. Don’t make the stress worse with appliances that don’t work or a property that isn’t clean. Do a final inspection before they move in. Test everything, clean everything and make sure appliances and lights work. This might seem basic, but a lot of landlords miss this step.