Landlords have ample incentive to keep their respective properties in prime condition. For one thing, a rental property that’s fallen into disrepair is liable to have trouble retaining existing tenants and attracting new ones. Secondly, regarding necessary maintenance, repairs and renovations as unimportant is liable to result in building code violations. Landlords who are looking to prevent harm from coming to their rentals would do well to heed the following pointers.
Have the Property Inspected on a Consistent Basis
Having your rental inspected by a certified professional on a consistent basis can benefit you in a number of ways. For one thing, this will ensure that you’re made aware of new and emerging issues before they’re able to become much larger problems. The longer certain issues take to be discovered, the more damage they’re likely to cause – and the more fixing them is likely to cost.
Secondly, getting various issues diagnosed and addressed in a timely manner helps provide a more comfortable living experience for tenants. Unsurprisingly, not many renters are keen on living in places where large issues are ignored for extended periods.
Staying on top of repairs and renovations can also prevent you from incurring harsh fines and various other penalties from your local government. As such, regular property inspections are particularly important in municipalities that utilize high-quality code enforcement software.
Hire a Dependable Property Manager
If you lack the bandwidth to properly juggle the many day-to-day tasks synonymous with rental property ownership, consider recruiting a dependable property manager. This person will take point on every aspect of property management, including keeping an eye out for potential problems and ensuring that all maintenance and upkeep issues are promptly addressed. Additionally, even if being a landlord is your full-time occupation, a good property manager can effectively relieve you of some of your burden and helps things run more smoothly.
Be Thorough When Screening Rental Applicants
Taking on high-risk tenants can result in considerable damage to your property, especially if the individuals in question have a history of destructive behavior. Furthermore, depending on where your rental is located, evicting problematic tenants can be a drawn-out, unpleasant experience. Luckily, you can dramatically reduce your likelihood of taking on such tenants by being as thorough as possible when screening rental applicants.
Regardless of how positive an impression a rental applicant makes via text or email, over the phone or in-person, you should never forgo the screening process. As many landlords learn the hard way, being able to present oneself in a favorable light doesn’t necessarily mean that someone will make a reliable tenant. So, if your current screening process leaves a lot to be desired, there’s no time like the present to step things up.
When screening a rental applicant, make sure to take a close look at their credit, confirm that they make enough income to comfortably afford rent and get in touch with any references they provide. You’ll also need to look into their criminal background – if any – and carefully consider the nature of any crime(s) of which they’ve been convicted. For example, if they’ve been convicted of an offense that could prove harmful to the property or other renters, it may be a good idea to pass on them.
Similarly, you should take some time to review their rental history – provided they have one – and take note of any evictions or landlord complaints. If this person has a history of causing damage to rentals, taking them on as a tenant may prove to be a costly mistake.
If you’re uninterested in tackling the screening process on your own, consider handing it off to your property manager (assuming, of course, you work with one) or other office staff. You may also want to think about working with a dedicated screening service.
It’s only natural that landlords would want to keep their respective properties in good shape. Considering how much capital goes into purchasing and maintaining a good rental, there’s little wonder as to why property owners would want to protect their investments. Additionally, the more harm that comes to a rental property, the less livable that property is likely to become – and the more value it’s likely to lose. Fortunately, keeping a rental property in prime condition is much easier than many landlords make it look – particularly if they have the advice outlined above at their disposal.
Ingrid Maldine is a business writer, editor and management consultant with extensive experience writing and consulting for both start-ups and long established companies. She has ten years management and leadership experience gained at BSkyB in London and Viva Travel Guides in Quito, Ecuador, giving her a depth of insight into innovation in international business. With an MBA from the University of Hull and many years of experience running her own business consultancy, Ingrid’s background allows her to connect with a diverse range of clients, including cutting edge technology and web-based start-ups but also multinationals in need of assistance. Ingrid has played a defining role in shaping organizational strategy for a wide range of different organizations, including for-profit, NGOs and charities. Ingrid has also served on the Board of Directors for the South American Explorers Club in Quito, Ecuador.
