If you?re new to the multifamily housing world and making your first foray into the business of being a landlord you?re going to want to establish some rules before you even think about renting your property.
If you?re doing the property management yourself you should research what rules are common and what rules are discriminatory. You want to establish fair rules that fit with your standards but ones that do not discriminate any renters or potential renters.
For landlords who?d rather have a property management company handle the ins and outs of the business you?ve got an easier road ahead when it comes to establishing rules for your renters. As long as you get an experienced property manager they?ll know the ins and outs of renter rules. The only work you need to do there is make sure you agree with their predefined rules and if you?d like to add a couple of your own you?ll have to iron that out as well.
In addition to establishing your rules there should also be a written explanation of how rule violations will be handled and the process for dealing with complaints from other tenants regarding rule breakers.
All of this information should be presented up front and in the lease. This ensures that the tenants and the landlord and/or property manager are on the same page and should make things go more smoothly.