Have you had problems with tenant damage to your investment properties? Since Jacobgrant has been in the property management industry for many years we’re going to share some solutions for tenant property damage.
Carefully screen your tenants for the following red flags in their rental history.
Has the potential tenant previously damaged properties that they rented? That’s an immediate red flag. You’ve worked too hard to have an appealing rental property to let someone damage it, taking money and time away from you.
Frequently a rental history with evictions is an indication of a problematic rental past that could include destruction of rental property.
Look for reliable rent payments. Late payments are an indication of someone that isn’t reliable enough to be responsible for your investment property
Spell out your expectations for your property in the lease agreements for your properties.
Be sure to have detailed descriptions of what damages are unacceptable. Be clear on what the condition of the property should be upon move out. Explain the procedure for requesting repairs to the property and how long it will take for repair personnel to take care of them.
Be sure the security deposit is substantial enough to give the renter pause before intentionally or unintentionally damaging your property. It’s no different than a down payment on a loan. People are less likely to default on the loan If they have skin in the game.
Regular property inspections and timely repairs of complaint items.
Regular inspections of the property indicate to the renter that you are concerned about the condition of your investment. Inspections and repairs of normally wearing items also communicate to the renter that you are concerned with their happiness in your property.
Things in homes naturally wear and fail. Respond in a timely fashion to tenant complaints about broken items in your properties. An attentive attitude towards repairs communicates a concern about the property and the tenant’s well being. Entering your rental to complete repairs is another opportunity to check on the condition of the property and assure that it isn’t being abused.
Lead by example
Invest in the appearance of your property. Why should a stranger care about your investment if it doesn’t look like you care about it yourself? Complete a thorough move out inspection of the property after the previous tenant leaves and make a list of any holes from wall hangings and other cosmetic items. Go down that list and check things off as they’re repaired to assure yourself that you have a property that is ready to be rented and lived in by quality tenants. When you show the unit to a potential renter show them point by point how well cared for your property is. Give them a clear indication with your attitude and demeanor of how much you care about the property. If you don’t seem to care they won’t either.
Problems with damage to your investment properties are bound to occur. People live in them and people make mistakes. If you have been managing your properties yourself you might want to consider having your properties managed and maintained for you. Having an experienced firm manage your properties can relieve the stress of owning them. Download our property management kit and learn how we can address your concerns.