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Landlords - Rental Property Protection Techniques
Landlords - Rental Property Protection Techniques
By [http://ezinearticles.com/?expert=Brian_Gregory]Brian Gregory
Even seemingly good tenants can leave a landlord with a monstrous mess on their hands, after the lease agreement ends and the tenant has vacated. Security deposits will only go so far in protecting landlords, as well; between non-paying tenants, children accidentally kicking holes in drywall, wild high school parties while Mom and Dad are away, pets ruining carpets... the bills add up. With a little bit of foresight, however, landlords can protect themselves from most of these lease agreement nightmares.
Leasing Protection Tip - Use Durable Materials
Do they cost more? Usually, but the cost is an investment, in protecting your rental property from the inevitable barrage from tenants. Carpeting is a good place start; thick pads will add longevity to the carpets, and reduce noise that may lead neighboring rental units might complain to you. Further, dark colors and complex patterns help hide stains caused by your tenants, so that future tenants won't demand new carpeting every time the lease agreement turns over. Door mats also help reduce the amount of dirt and mud tracked into the rental property.
If you use cheap smoke detectors, you've probably noticed that annoying beeping sound they make when low on batteries. Do you think you can count on your tenants to replace the batteries, instead of just removing the batteries altogether?
Interior walls take all kinds of abuse, leading to scuffs, crayon marks, and worse. Semi-gloss paints are far easier than matte paints to clean, however, reducing the need for new paint jobs before each new lease agreement.
Leasing Protection Tip - Aggressive Tenant Screening
In their haste to sign a lease agreement and stop hemorrhaging money on a rental vacancy, many landlords will do only perfunctory tenant screening, leading to poor tenants. Careful tenant screening with an extensive rental application will prevent most cases of tenants defaulting on the rental payments, trashing the rental property, selling drugs on the corner, calling the local news crew to report on their "tyrannous landlord," and bring a lawsuit against you for failing to include an obscure state-specific legal clause in your lease agreement. Check their income, credit, job stability, housing stability, and the cleanliness of their current residence before signing a lease.
Leasing Protection Tip - Use State-Specific Lease Agreements
Each state has different requirements for lease language, addendums, and disclosures, which means you absolutely must use a state-specific lease agreement. Further, every state has limitations on what a landlord can charge for security deposits, late rental payment fees, etc, which often leads to landlords violating state laws and becoming easy prey for opportunistic tenants. Try an online landlord forms service that helps explain your state's leasing laws, as well as providing state-specific landlord forms.
Leasing Protection Tip - Prevention, Prevention, Prevention
When issues pop up, whether with your rental property or with your tenant, the faster you act and wrap up the problem, the less damage will be done. When tenants call you to report the furnace is acting funny, send an HVAC contractor that day to look at it. When tenants express a problem to you, confront them immediately and directly, no matter how much more convenient it would be to go back to working on something else, because if you work out problems with tenants quickly and early, you can usually avoid a lawsuit before it becomes one.
Leasing Protection Tip - Be Prepared for the Possibility of Eviction
If your tenant fails to pay rent, serve them with an eviction notice immediately, and be familiar with your local jurisdiction's eviction procedure; your tenants will most likely scurry to bring the rent current, and will think twice before paying their cable bill before the rent again. Knowing a landlord-tenant attorney that you can call in case you have any questions is another good preparation to make, because sooner or later all landlords have to serve eviction notices and file for eviction, and when they do, being prepared will help save a great deal of money in lost rent.
It's not always easy, or cheap, to be a landlord, but with preparation and prevention tactics in place, landlords can increase their return on investment and minimize damage caused by tenants. Know your state's laws, know your jurisdiction's procedures, and good luck leasing!
Brian Gregory is a landlord, real estate investor, writer, and master brewer. He travels regularly, and contributes educational content to online resources for landlords such as Real Estate Pro Articles and EZ <a target="_new" href="http://www.ezlandlordforms.com/documents/">Landlord Forms</A>, an online provider of state-specific <a target="_new" href="http://www.ezlandlordforms.com/">lease agreement</A> forms and state landlord-tenant law summaries.
