Madison Management Helps Manage Property Effectively Keep You From Being Sued

Every property owner constantly lives under the fear of being served with a notice if something goes wrong. The embarrassment associated with it won’t end with the suit, once your reputation is spoiled, finding good tenants who will pay you the rent your property deserves becomes difficult too. When you own multiple properties managing them all by yourself can get pretty tough.

There’s no document or rule that can save you from getting sued however there are stages to follow as a landlord to reduce the likelihood of being sued. Here are the stages followed by Madison properties while managing a property for their client.

Pick your tenants well

The first and the most basic step is to screen your tenants. This may sound like it’s not too important but choosing the right tenant will save you a lot of energy, time, money and hassle. Call and have a chat with your prospective tenants irrespective of whether you’re hiring a property management firm or doing it yourself. Ask questions if you have any after all it’s your property.

Make the lease as detailed as possible

No matter whether your tenant is a close friend or a relative who have just started their own business, always get their signature on the lease. You wouldn’t want to go to the court because your lease lacked or missed some basic rules. The more you have everything in writing the fewer chances of getting involved into legal matters.

Record every communication

There are times when the lease isn’t enough to prove yourself right, therefore it is very important to record every conversation you have with your tenant, this includes documents, phone calls, emails, text messages, etc. The best of tenants can turn their backs on you when they want to save themselves. If at all the tenant claims you have made a promise or tries to threaten you, the records will come handy.

Get acquainted with the law

When you’re entering the real estate industry it’s necessary to acquaint yourself with the laws. Your failure to do so can lead you in trouble. However, not every landlord can get to the crux of it and there are times when you may find yourself in situations where you don’t know what to do. Therefore it is best to hire a trusted and renowned property firm like Madison management and focus on other things in life.

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I am John Daniel, A US based Real Estate Professional and Blogger. With experience in real estate of more than 10 years, the above mentioned article is solely based on my experiences with madison management .