As a landlord, the risk of damage to rental properties by tenants is one of the biggest concerns you’ll have to face. Damage to rental units weakens your investment and costs you money, but reducing the risk of property defacement can be as simple as following a few basic steps.
To prevent damage caused by tenants, complete a thorough screening of potential renters, draft a strong lease agreement, and conduct regular inspections.
Should you need experienced assistance, a property management company can work with you to obtain the best results for the protection of your investment.
Attention to Tenant Screening
First, screen for high quality tenants. Your ideal tenants will pay their rent on time, take excellent care of your home, and lease the property for multiple years. A thorough tenant screening process keeps you from making poor tenant decisions and reduces the risk of damage to your property, making the time and effort spent on thorough screening a worthwhile investment.
Credit and criminal background checks are necessary tools and an excellent place to start, but also make sure you take the time to speak with the interested renter’s current and former landlords for reference. Ask other landlords if the tenant maintained the rental property well and if there were any issues with on-time rent payments. Finally, determine if the prospective tenants had their full security deposits returned, and if they did not, find out why deductions were made and what damage may have occurred.
If conducting a thorough screening sounds like too much time and effort, a property management company can take the workload off your hands and help you find your ideal tenants through optimized screening processes.
Providing a Strong Lease
The lease is the first place you and your tenants turn when questions arise about the condition of the rental property or who is responsible for certain maintenance activities. A lease agreement is your opportunity to express your exact expectations for how the property will be maintained and what the consequences will be for any damage that the tenant or the tenant’s guests may cause. Create a strong, legally enforceable lease that reflects your city and state’s laws and requirements while giving your property the protections it needs.
Before your tenants move into your rental property, take the time to review the lease requirements with them. This will assure that your tenants understand what is expected of them and show them your dedication to the maintenance of the property.
If you would like assistance drafting a strong lease, find an experienced property management company that can provide you with a clear and carefully worded document.
Conducting Regular Inspections
Regular inspections are an excellent way to ensure that your tenants are following the terms of the lease and properly maintaining your property.
Conduct a monthly drive-by of the rental and schedule an inspection of the inside of the property once or twice throughout the tenancy to verify that it is being well-maintained. This will give you the opportunity to look for any damage as well as inventory maintenance items that might need attention. You should also let your tenants know that you will be inspecting the property certain times throughout the year, so they consistently do their best to maintain the rental.
A property management company can schedule and conduct inspections for you, if your time or availability might be an issue.
By paying careful attention to tenant screening, providing a strong lease, and conducting regular inspections, you can reduce the risk for tenant damage to your rental property.
If you have any questions about preventing tenant damage or would like more advice, please contact 208.properties today.