Rental Property Management

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Having good tenants in any investment in real estate is the key to success. investing in real estate and the resulting management and can be a scary prospect but with the right purchase, a good rental property management team, and screened tenants you can have a profitable outcome.

Owning real estate for rental purposes can lead to problems when you have less than stellar tenants. The top 5 tenant problems to look out for and ways to avoid them are listed below.

Poor Maintenance of the Property

Irresponsible tenants will not report problems that need to be handled quickly. Poor upkeep can be a major cost in the long term. People will naturally value things that they own. Ask your tenants to be responsible for the place they live by reporting issues quickly and keeping the property in good condition. Your lease agreement should, in detail, cover what upkeep the tenant is responsible for and when they should contact the rental property management team.

Make an initial walk through of the unit with the tenant. Have the rental property management team hand out air filters every few months. This will save wear on your HVAC systems since many tenants will never think to change the filters on their own.

Late Payments and Bounced Checks

If a tenant is constantly late in making their rental payment or even bouncing checks, your cash flow is in serious jeopardy. To avoid these tenants, you will need to do a thorough screening before leasing the unit. You should verify the prospective tenants credit history and contact any references given. Keep good contact lines open with your tenants and offer a discount or reward for paying on time. Have a strict lease agreement and never be afraid to legally get your money.

It will take time and money for your rental

property management team to find the right person to lease to but in the long run you will benefit from having good tenants.

Illegal Residents

All residents who will be living in your property should sign your lease agreement and they all need to be screened. If you do not know who is living there, you cannot hold them accountable by the standards of your contract. It often happens when a tenant brings in a roommate and does not inform the rental property management team. Avoid this problem by charging additional fees for roommates, notice any new vehicles and unidentified people entering your property and inform you existing tenant of the policy on having new people move into the unit.

Illegal Actions

Activities of your tenants perform that are against the law can destroy your property value. You as the owner of the property are liable for all types of potential problems when you tenant is conducting illegal activities at your property. As soon as you suspect any thing illegal, contact your local authorities so they can do their job. Encourage your good tenants, especially in a multi unit property, to do the same.

Poor Management

Your investment may suffer if you have a poor or inefficient manager. Management companies should be interviewed to see what they cover. Have your lawyer examine a copy of their lease agreement. A good rental property management team will be alert and aware of their tenants needs and the maintenance needed every day. They should be in constant communication with the tenants and will keep you informed of major problems.

Managing your investment property and the tenants living there does not have to cost you thousands of dollars and huge amounts of time. With a few steps taken ahead of leasing a unit, you can enjoy your investment.
The original article is located at Rental Property Management.

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