In today’s episode of Landlord’s Corner, we are explaining the importance of keeping your property well maintained in order to protect your investment. There are several different ways to do this.
Keep Your Property in Rent Ready Condition
First, make sure your property is in rent ready condition before someone moves in. This means it has to be properly cleaned, with the carpets and paint in good condition, and everything functioning properly. This will attract the best types of tenants who are more willing to keep the property in that type of excellent condition going forward.
Conduct Thorough Tenant Screening
The second thing you want to do is screen your tenants thoroughly. This is a crucial step in maintaining and protecting your property. Conduct a full background check including credit, criminal history, debt to income ratio and rent to income ratio. You also want to look for any previous unlawful detainers or evictions.
Use a Strong Lease
Execute your lease with precision once a tenant is approved. Make sure the lease is in your favor and that it is comprehensive enough to cover the situations that may come up. When the lease is signed, conduct a thorough move in inspection. Take lots of pictures and have the tenant write out and sign off on the property’s condition before moving in.
Conduct Periodic Inspections
Many owners don’t want to inspect their property while the tenant is living in the home, but it is very important that they do. We do that here at SJA, and it makes a big difference. This is an opportunity to catch any problem that comes up and address those issues before they spin out of control. It might be a water leak or a lease violation. We do a 40-point inspection, and we are always happy to share our form with property owners who would like a copy.
Collect an Appropriate Security Deposit
Make sure you have collected a security deposit that’s large enough to cover any potential damage. When you do your move out walk through, reference the pictures you took during the move in with your tenant’s signed document. You can charge for damage exceeding normal wear and tear.
By following these simple steps and maintaining good communication with your tenants, you can keep your property well maintained. It’s an important part of using this rental property as a great investment vehicle now and in the future.