Today, we are talking about how to protect your property. There are a number of things to consider when you’re concerned with protecting your home from potential tenant damage.
Tenant Selection
Protecting your property starts with tenant selection. It’s essential to thoroughly screen any potential tenants because you’re entering into a contract with them. If it’s a year lease, they’ll be in your house for some time and you’re going to need to work with them. A good screening process will help you make sure you’re renting to people who won’t damage your home. Verify their income, run a credit and background check and look for past evictions, unlawful detainers and unpaid judgments.
Pet Policy
Find out if your tenants are going to have dogs, cats and other pets in the house. Ask for a picture of the pet you approve so you know what animal will be living there, because you don’t want them to sneak in a different dog than the one you allow. Ask for a larger deposit when you have tenants moving in with pets. This is an important part of protecting your investment.
Property Inspections
Conducting regular inspections of the property is also important. Inform tenants that these inspections will be taking place. That way, they will expect it and they’ll be sure to take good care of the property. When tenants know you’ll be inspecting every few months, they will keep the place clean and presentable.
Landlord References
One thing that’s really important is checking landlord references. A lot of property owners overlook this. Before you sign the lease, find out what kind of tenants these people were in the past. Always ask how many people will be moving into the property and what they do for work. It’s also important to ask why they’re moving from their current home. That provides a lot of insight. If someone goes into detail about how horrible the previous landlords was, a lot of times they’ll end up saying the same thing about you. One bad experience means all landlords are horrible, but the common denominator is usually that bad tenant.
Renters Insurance
Requiring renters insurance is a good way to protect your property against tenant damage. This is especially useful if you’re in a condo or the tenant has animals. Usually, people think of renters insurance as covering a tenant’s personal property. But if your tenant has a dog and it bites someone, or the tenant causes a flood or a fire, the renters insurance policy will cover that liability.
If you would like to talk further about how to protect your property against tenant damage, please contact us at Elite Property Management.
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