When you own a rental property, it is inevitable that a tenant will damage it, intentionally or otherwise, or even during an emergency. But this doesn’t mean that a landlord lacks control of the situation. There are still ways that they can protect their property investments from damage caused by tenants.
At MN Property Nerds we want to see nothing more than the growth of your investment, and minimizing damage is one of the best ways to do so. Here is a recommended list of actions that may reduce the likelihood of tenant damage in your rental space:
Finding great tenants means setting up an organized screening procedure. As a new landlord, you may be overly excited to welcome a new tenant and may only conduct a basic tenant evaluation.
Extensive tenant screening lets you eliminate problematic tenants early on. You also gain crucial information when you take the time to call up former landlords to inquire whether the prospective tenant left any damage to their property or not.
Knowing if the applicant took responsibility and paid for the damage or had it repaired and replaced is also significant as it shows a pattern of responsible behavior. This gives you an insight into whether or not they can be trusted to maintain your rental property.
A leasing agreement is a contract that protects you in case a tenant files a lawsuit in the future. The document outlines the terms and conditions to guide tenants on their rights, duties, and the policies governing the rental.
If a tenant has broken the property rules, you can take action. Tenants must be aware of and understand the stipulations stated in the leasing agreement. Otherwise, conflict can arise.
On the first day of moving in, most tenants will be moving their bulky furniture especially if the property is unfurnished. Large families also tend to have many possessions to move inside the rental.
So, it’s best to document the state of your property before they move in. Otherwise, you’ll be left dealing with the scratches and damage caused by tenants when they transfer different large items inside your property. You can also minimize the risks by asking the renters to disassemble heavy objects or use furniture lifters.
Some tenants can be too busy to spot signs of property damage. Others may only report when the damage is noticeable. So, to save on repair costs, a landlord should be proactive by conducting regular inspections.
This will also help to determine whether maintenance is needed and if the rental remains compliant with the safety and health codes.
When you create your inspection guidelines make sure to include: a seasonal inspection, a drive-by inspection, and a move-in and out inspection. Remember to always send proper notice to the renter before running a routine inspection check.
Invest for the long-term. Rather than picking flimsy materials as your furnishings or cheap appliances, opt to buy quality versions. This will give you plenty of savings in the long term since you pay less on repair and replacement costs.
Durable materials also help maintain the home easier and slow down wear and tear. Think of this when making a decision on what appliances, kitchen countertops, and flooring to purchase and install in your rental home.
Vacant rentals produce no income, so a portion of your investment returns are lost. Furthermore, you also face security issues with an empty unit. Trespassers, vandals, and burglars are attracted to vacant homes.
You can avoid this situation by viewing your vacant property often and marketing it vigorously. You need to be vigilant and inspect the interior and exterior of the property. In addition, you also need to improve your security system by purchasing alarms and motion sensor lights to alleviate unlawful entry to your property.
When you have tenants staying for a long while, you may take things for granted. At times, you might not even perform property inspections. However, it’s vital that you stay vigilant and follow routine maintenance.
Exempting long-term tenants from property inspections may equate to higher repair costs. You may neglect to find out that a property issue has grown into a large-scale problem.
Your tenants will appreciate it more and view you as a great landlord when you still keep up regular maintenance checks even if they’ve stayed for a long time. It will translate as making the space more habitable and comfortable for them.
These tips may minimize the tenant damages you’ll experience in you. If this sounds like too much effort, you can engage the services of professional property management companies such as MN Property Nerds to ensure that your rental is well-maintained.
We are a trusted local firm committed to providing high-quality services to further raise the value of your rental home. We’re well-versed in excellent property management.