Even though the goal of every property owner is to receive rental income, that income is not unlimited. Eventually, you will need to replace your tenants and perhaps repair damage they cause.
But this doesn’t have to be a typical scenario. The property managers at Real Property Group have put together a few proven tips that have worked for our clients in the past. Implementing these will reduce the possibility of damage to the rental property and maybe even increase your rental profits.
Screen Your Prospects
A thorough screening process is supposed to identify high-quality tenants so you should never underestimate its importance. Apart from being able to maintain your property, quality tenants are known to pay their rent on time and comply with the terms of the lease agreement.
Screening involves asking your tenants for personal and financial information through a rental application form. Then you should use that information to contact other landlords to find the character of the potential tenant. You should also perform, perform credit history, sex offender, income history, employment, social security, and criminal background checks.
Remember to learn about the Fair Housing Laws which warn about possible discrimination against the tenants. Ignorance of the law is not a defense. Don’t find yourself in a court of law.
Create a Solid Lease Agreement
The lease agreement is the most important document in a landlord’s possession. It dictates the terms of the rental and also the obligations of each of these parties. In addition, the lease agreement must comply with local ordinances, state, and federal law.
The lease agreement should inform the tenant of the means to report any maintenance requests and issues. The lease agreement should cover all bases to reduce the possibility of property damage.
While it is possible to get a template on the web, the services of a property professional may serve you better. Real Property Group can create a comprehensive lease agreement for you. Our team has the experience needed to shield you from any pitfalls.
Regularly Inspect the Property
As per the lease agreement, the landlord is typically in charge of the maintenance of the common areas and the exterior of the property (in multi-rental properties). Be on top of things by designing and implementing an inspection schedule.
Frequent inspections allow you to detect defects on the property. Also, check whether your property is in adherence to safety, health, and building codes. Routine inspections reduce the rate of replacement and the costs implied.
Use the property inspections to check whether your tenants is complying with the terms of the lease agreement, including maintenance of the property and also helps you handle complaints in person.
Upgrade the Property
We recommend you replace the features of your property with heavy-duty fittings that can take more damage while still maintaining their aesthetical appeal. Some of the features that you can target include countertops, appliances, cabinets, and floor designs.
Not only will this reduce the possibility of damage but it will also minimize friction between you and the tenants on the issue of the security deposit.
Reduce Any Vacancy Time
As a landlord, you need to understand that the longer your property is vacant, the more it costs you in terms of maintenance and utility. Additionally, you are at risk of property vandalism and theft of your fittings and fixtures.
We understand that at times the property market may not be doing well resulting in longer vacancy times. You may need to put in place some measures to shield your rental property from potential damage.
- Perform regular visits to the rental property
- Secure all points of entry. This includes doors and windows.
- Consider the installation of an alarm system.
- If you live far or out of state, hire a home watch service company or a property management company to look after your property.
If you are having challenges in the marketing of your property, consider the services of the leading property management company in Missouri, Real Property Group. We are ready to offer a targeted marketing solution and increase the awareness of tenants in the area.
If you follow the above tips, you are bound to have a well-maintained property come the end of the lease term. But you must appreciate the amount of time and effort that it takes to maintain a rental property. You also have to put in place appropriate measures and policies to guide you renters.
Relieve yourself of the stress of self-property management by contacting the leading service provider in Missouri, Real Property Group. We are a full-service property management company, operating at the highest levels of service. We have the resources, expertise, and experience to manage the goings-on of your property.
Are you looking for a reputable property management service provider in the region? Get in touch with us. You will receive a free quote for your troubles.