Renting out your house includes a lot work; yearly maintenance, property management, paper work and most importantly dealing with tenants. Unquestionably, you are sure to involve yourself with a difficult tenant at least once in your life.
So, here are some tips that will help you get through these challenging times.
Compose a strong legally binding contract that includes every detail in a thorough and comprehensive way. Leave no area for doubt or uncertainty and create leases with rigid policies that apply to everyone equally. Send out regular reminders for those who regularly miss the deadlines ahead of time to avoid potential problems.
As a landlord it is your duty to keep the property as safe as possible for the tenants by fixing or repairing any major issues However, it is a good idea to state the maintenance requirement in the contract so that the tenants are aware of what maintenance is included and what is not. This will avoid confusion if the tenant requests for any excessive necessities or upgrades.
Tenants could indulge in subletting their apartment/house for a few days. Do inform them that such a practice is forbidden and do not encourage these requests. Tenants are allowed to have guests over for a few days, however if they decide to extend their stay, the landlord should be informed.
Some tenants are hard to deal with no matter how much levy you give them and the simplest way to avoid these problems is to hire a property manager so you can relax and leave all the management to them. Property managers are generally calm, proactive, and rational and they keep everything documented. We at Coldwell Banker offer agents that are specialized in property management who can perform all the necessary duties required by the landlord.
In conclusion, don’t forget to include a rigid screening process for all your tenants and make them familiar with the lease. Make sure you are well aware of who your tenants are, and ensure you have everything documented. If you are looking to hire a property manager, contact us today and leave all your problems to us.