Put it in Writing
Protect Yourself with Good Record-Keeping
Smart landlords know that verbal agreements can be the basis of many headaches. Why not put everything in writing up front, maintain the all-important paper trail, and save yourself time, trouble, and money?
Start with a solid rental agreement. It outlines all the terms and conditions of renting your property, and leaves little room to argue—after all, all parties show their consent to the terms with their signature.
The move-in/move-out inspection should also be initialed and signed by both landlord and tenant. Next, present your rules and regulations to your tenant, keeping a signed copy for their file and providing a duplicate for their reference.
For each tenant, establish a spreadsheet or log where you can record all the relevant information pertaining to their tenancy, such as the steps you took during the tenant screening process, the highlights of conversations, and the details on all correspondence: dates, subject matter, delivery method, and responses. Should you need to present evidence of complying with housing laws or your rental agreement, logs such as this will bolster your case.
Get into the habit of recording notes on every interaction with your tenants, to avoid the “he said, she said” accusations that can occur. Notes such as these are not the strongest evidence; however, the fact that you keep meticulous records will likely weigh in your favor.
Rental property records should be maintained for three to five years, depending on the state where you live and/or own property. Any records pertaining to injuries, evictions, or other legal matters should be maintained indefinitely.