The thing landlords fear most: damage to their rental. Yet, depending upon the type and location of the property itself, damage often comes with the territory. There are, however, measures that any manager can take to help protect the property and the owner’s interests for the long-term. Here, we take a look at the top six.
Damage Proofing Rentals:
- Screen Applicants. The importance of screening cannot be emphasized enough. Through a thorough background and references check, a tenant’s history is easily discovered. Whether or not he/she has had issues with former landlords, has a problem with non-payment, or has even been evicted are all items that can be quickly uncovered. Calling on past landlords, running a credit check, and verifying employment can provide a reliable personality snapshot to be used in determining suitability. In this case, a little effort now can help prevent significant challenges in the future.
- Put it in Writing. The contract is the best place to include any notices, obligations, responsibilities, etc., to and of future tenants. This is the opportunity to clearly define the condition to which a unit and surrounding property must be maintained, as well as the applicable penalty that may arise in the event the conditions are not met.
- Get a Deposit. Look at the deposit as a safety net. In the event damage occurs and there is no way to seek retribution from the tenant, his or her deposit can be applied to repairs, keeping insurance or out-of-pocket to a minimum.
- Foster Relationships. An absent landlord who pays little mind to his tenants is most likely to have tenants who feel neglected, and will treat the property as such. Be involved. Take an interest. Foster a sense of community. If you know where your tenants are and what they are up to, they will sense your awareness and recognize the lack of freedom to do whatever they want to the property. Additionally, an involved and caring landlord has better chances of earning respect, which encourages loyalty from tenants who wouldn’t want to do harm to someone who cares for their well-being.
- Follow Through. If your contract threatens legal action in the event damage is done to the property, you need to follow through. Not only does this help you attempt to recoup lost costs, but it also sends a message to current and future tenants that you’re true to your word.
A Great Property Management Company
The sixth measure any owner can take to help damage-proof her property is in the hiring of a good management company. Having a party in your corner who knows how to construct the best contract, vet all applicants adequately, and monitor the goings-on of the property on a consistent basis helps ensure its viability and return for years to come. Class A Management is here to help you. Call us today to learn more at 817-295-5959, or send us an email to info@classamanagement.com.