Avoiding tenant damage is an important part of protecting the value of your investment property. Take the steps of screening tenants thoroughly, inspecting the property regularly and providing a home that’s in good condition from the beginning. These things will help you ensure your tenants treat the property the way they should.
The property must be in great condition when the tenant moves in. Good tenants will take better care of a property when it’s in excellent condition. If things don’t work when they move in, your tenants will make the assumption that it’s okay to let things go.
Tenants must be screened properly from the beginning. You need to get the right tenants in place who will take care of the property. Check rental history carefully while you’re screening because you don’t want to rent to people who have a history of not taking care of property. This is a critical part of the screening process that your property manager should be doing for you or you should be doing on your own. Ask the right questions when you’re investigating previous tenant behavior.
Conduct periodic inspections. Most property managers will do one or two inspections during the annual lease. This is important so they can determine whether there are problems at the house that aren’t being addressed or there is damage being caused.
Clear Pet Policy
When you allow pets, you need a clear pet policy. Tenants who allow their pets to cause damage often do so because they don’t understand there are penalties. It’s important to let tenants know from the beginning what your pet policy entails, and how much it will cost if there is pet damage left behind.
Clear Security Deposits Guidelines
Establish clear requirements for getting back a security deposit. The tenants need to understand what will happen to that deposit if they cause damage or don’t take care of the property. They will lose their security deposit and they need to understand there are other remedies to collect outstanding damages as well. In our experience, the most important part of this process is getting the right tenant in place. If you need help screening or protecting your property from tenant damage, please contact us at Mission Realty.
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