Owning a home comes with a set list of liabilities that you know you are getting into upon purchase. However, owning a rental home or a group of rental homes, puts you at risk for a whole new list of liabilities on top of the obvious risks that come with owning a home.
Meeting your mortgage and keeping up to date with your insurance and taxes can be time-consuming, but as a Dallas rental property owner, there are at least 5 major liabilities that can be put to rest by using a residential property management company like Huntahome.
Managing your own money is a personal risk , but having the responsibility of managing rental income when the mortgage is due puts you at risk. If a check is lost or not collected on time, then the responsibility ultimately falls on you to pay your lender on time.
Yes, you could evict the tenant but that would open up another set of legalities that you do not want to handle alone.
With residential property management working for you, your rent will be collected efficiently on a scheduled timeline that works to ensure that your tenants are not at risk of being evicted, and that you are not at risk for mismanagement of rental funds.
Security deposits are liabilities in themselves. These funds belong to the tenants and not the property owner or manager. These funds are escrowed on behalf of the tenant to cover any expenses at move-out for their responsible damages. Texas rental property codes have strict requirements on how these funds are managed. They are required to be inside state lines and not commingled with any outside funds. As an Accredited Management Organization (AMO), Huntahome has a trust account that is designated for all security deposit liabilities. These funds are safe and remove all liability away from the property owner.
Many property owners don’t know the rules and regulations associated with equal housing opportunities. It’s important to leave the rental applications to the property management professionals. Huntahome processes hundreds of rental applications and has a strict set of requirements to protect all parties involved. Since we’re in charge, the owner is not at risk for selecting based on race, color, religion, sex, national origin, disability and familial status. In addition, the applicant’s personal information in kept private and secured.
When you rent out your property, you should expect your tenants to be the on their best behavior and especially on the right side of the law. Sadly, some tenants can put on a good show and slip through the cracks. This presents risk because the property owners is now exposed for any criminal acts that a tenant may perform. Strict tenant screening provided by a licensed residential property management company can help with weeding out the risky renters and getting the right tenants into your property.
General Tenant Personal Injury
When renting out a home, there are a lot of safety factors that you as an owner can be held liable for. If your rental property has a dangerous condition that has not been fixed or has been fixed poorly, you could be in violation of rental safety laws without even knowing it.
Working with a Dallas property management company, you have access to the legal knowledge that comes with years of expertise. Before hiring your property manager, make sure that they are knowledgeable about prevention of tenant personal injuries due to dangerous circumstances that could arise in any home.
Reduce Your Ownership Liabilities Today with Huntahome
If you are a Dallas property owner that is thinking about leasing your rental property to possible tenants, it is important that you understand what liabilities you are placing yourself in front of.
By working with Huntahome, you are partnering yourself with one of the top Dallas property management companies that can keep you protected. We have years of experience with helping rental owners deal with the threat of rental liabilities.
For more information on the services that we offer, or if you have any general questions about rental liability reduction, give us a call today.