Renting out real estate is one of the most successful ways to improve your income. New York landlord-tenant laws are more complex than property laws in many other states. This means that being a landlord in the state is not without some amount of risk.
For example, say a renter initiates a landlord-tenant dispute claiming that your property is unsafe. They refuse to pay any more rent until you give in to their demands. You know you did nothing wrong, but you must still decide how to move forward. Any option you choose is going to cost you money.
If you take the right steps, you can avoid landlord-tenant disputes like the example above. Below are a few tips to help you take a more professional approach to your role as a responsible landlord. These tips can help you mitigate your financial and legal risks as well.
- Make certain to perform regular maintenance to keep your property safe and habitable.
- Consider investing in insurance to help you mitigate the expenses associated with landlord-tenant disputes.
- Develop a fair tenant screening process that does not discriminate against any potential renters on your own or with professional legal counsel.
- When you perform maintenance and make repairs, be sure to address the outside of your property as well as the inside.
- Do proper background checks on any employees you hire to help you manage your property.
All of these tips can help you reduce your financial and legal risks while also helping you avoid costly landlord-tenant disputes. Building a partnership with a real estate law firm is a great way to remain protected while also serving as a fair and friendly landlord.