Three Ways to Handle Problem Tenants
Those working in the field of residential property management often say that a property owner will have at least two truly awful tenants over the course of an investment: not enough to discourage you from renting out your property, but enough to make you cautious when it comes to rental property management. These nightmare tenants might constantly be late paying rent, make an incredible mess, or even conduct criminal behavior on your property. Fortunately, if you take steps to circumvent these traits before they cause problems, you will likely find that you experience fewer difficulties. Some property owners choose to do this by hiring top property management companies to help vet potential tenants and attract great renters through better maintenance. However, others will want to do this by themselves. Whichever group you fall into, follow these three tips to prepare for your next problem tenant.
Every property owner knows that you should conduct a background check and credit check, ask for references and verify their income. But some don’t know what to look for: for example, if a tenant does not make at least three times the monthly rent, they are more likely to have difficulty making regular payments. Make sure you investigate every tenant thoroughly, and if you don’t know what you’re looking for, consider hiring an experienced property management company to help advise you.
Get Everything in Writing
While the kind of landlord who settles an agreement with a handshake is slowly go out of style, some property owners may still forget to include necessary components of a lease agreement. Remember to include rent price, the address of the property being rented, all promised maintenance services, your policy on repairs, your policy on late payments, and more, and make sure a lawyer helps you write it or checks your policies with a fine-toothed comb to prevent legal difficulties later on.
Be Strict and Mean It
Bad tenants are a challenge, but not taking the proper steps to discourage undesirable behavior can make a bad situation worse. If you are the non-confrontational sort, top property management companies will be able to assign you a property manager who can help ensure that your tenants do what is expected of them. However, levying fines for late payments and issuing plenty of notices can be extremely helpful when it comes to keeping tenants in line. And if your tenants are impossible-and have evidence of this- don’t hesitate to take steps to vacate the premises.
Owning and managing a rental property can be a challenge, but when it comes to profit and opportunity, it is also a great investment. If you can help yourself identify great tenants and keep the less-than-desirable ones in line, most of your headaches should disappear. For this reason, consider hiring one of the top property management companies in your area today, or try out the steps above yourself! Check out this site for more.