Are you a landlord concerned about difficult tenants? Are you worried about possible property damage or other problems with your tenants? Maybe you are overthinking, and you will never encounter these problems. Still, knowing what you must do if you experience all these can benefit you in the long run. Property management is not easy, but with knowledge and experience, you can have a smooth journey. Things can be tougher if you have multiple rental properties. So, here are some actions to take before and after renting your property. So, let's have a look.
Some tenants can make your life difficult by making late payments, creating excessive noise, or worse, damaging your property. So, instead of facing these problems, opt for a thorough tenant screening. This way, you could be able to select the right tenants. Various online property management platforms offer an AI-blockchain-powered screening program to make the job easier for you. Such a program can also evaluate whether a tenant can afford the monthly rent or not? Such a piece of information could help you immensely to avoid problems of late rental payments.
Start with making a detailed list of all the items in your rental property. This will be especially helpful if your property is well-furnished. It would be best to take photos of each room of your rental property from different angles. This move will help you evaluate the extent of damage in a worst-case scenario.
Your tenancy agreement is the document that can protect your interest as a landlord. So, it must be legally sound. It must include all the necessary details, such as the rental price, payment mode, security amount, property address, etc. Also, the start and end date of the tenancy, whether or not it is possible to do early tenancy termination or the person responsible for conducting small repair works (if any), and so on.
Having clear communication can resolve many problems. So convey your expectations clearly and try to be a good listener. If your tenant is not paying the rent on time, immediately call to ask the reason and then follow up. If you do not take action, your tenant will think that it is easy to stay without paying the rent month after month. Make sure to communicate via mail about late payments to have some written record as proof. If you are tired of reminding them repeatedly, convey that he must be ready to risk an early eviction. Establishing clear boundaries, such as a policy of no pets or no nails on the walls, can prove helpful for avoiding unpleasant experiences due to difficult tenants.
Even if everything is going smoothly, you must make a rule of conducting routine inspections of your rental property. This can be twice a year or more, depending on whether you fear any potential property damage or not. The move will help you to resolve the maintenance issues before things go out of hand. For more clarity, you can compare the before and after photographs to evaluate the damage (if any).
Lastly, if eviction seems the only option, go for the same and once again have complete control of your property. Moreover, it is best to have an online property management platform that you can access anytime! With the help of such a platform, you could learn to come out strong as a landlord.