There is a great deal to learn about the real estate investment business. While everything can look great about your investment property on paper, dealing with people is not so cut and dry as working with numbers. People have outside factors that aren’t so easy to deal with as well. But, whatever you do, do not skip any step in screening tenants, especially checking references and contacting previous landlords. Even with the most up-to-date and thorough screening processes, landlords can expect even the best tenants to cause some damage.
Tenants are the life bread of your business plan and you must understand what kind of trouble you may face if you lack previous property management as well as strong people skills. By taking the time to understand the consequences, you will know where to focus your time, energy and resources to avert damage to your investments before it ever even occurs. Read on to discover what to do if your tenants cause damage to your Conway rental property.
Cause
The first thing you need to do if your tenants cause damage to your Conway rental property is to carefully examine the rental unit to determine the cause of the damage. Unfortunately, accidents happen; even the best of tenants may cause unforeseen damage that goes beyond the normal wear and tear that is a part of the expense of owning rental properties. And while dealing with repairs is a necessary part of rental property management, landlords could prevent damage from angry tenants for tenants.
Education
Properly educating your tenant can go a long way as well. At Clear Property Management LLC we try to educate our tenants on the front end as we believe they are one of the best defenses on preventing damage to your asset. Even a short 5-10 minute introductory video can go a long way in introducing yourself as well as doing a brief tutorial of the property. Some tenants just simplied aren’t shown what a breaker box, shut off value or other general knowledge items are around a home. No fault of their own! Take the time, make a video, speak with your tenants and you will have a person in your home that takes pride in where/what they have.
Tenant Responsibility
Once your tenants cause damage to your Conway rental property and you have determined the cause, you will need to take steps to ensure the tenant pays the repair expenses they are responsible for following the terms outlined in the rental agreement. Often landlords deduct the total costs for such damages from security deposits at the end of the lease agreement. If the damage is extreme, you may need to take legal action against the tenants. Should your attorney or insurance company request the information, you will require photographic evidence and documentation of the damage and keep any estimates and receipts from the repairs. Don’t skip this!
Landlord Responsibility
If your tenants continually cause damage to your Conway rental property, you should examine your property management skills and responsibility in maintaining tenant communications. For example, tenants may learn that you simply do not respond to their calls, causing minor problems to become significant damage. Middle-of-the-night phone calls and disputes over parking spaces can become irksome, but these little things matter more than you may realize. Building solid relationships with tenants can help avoid issues with deliberate damage and help maintain the integrity of your property. This is also another time that there won’t be any question as the introductory video lays out parking, payment, etc.
Clear Property Management LLC
Working with Clear Property Management LLC makes it easy to be a landlord. Before your tenants cause damage to your Conway rental property, why not let the pros at Clear Property Management LLC help you with your property management game? Clear Property Management LLC knows the laws that protect landlords like you and can help you with your screening process, rental agreements, and every other aspect of managing your investment properties, lowering the overall risks of damage ever happening. From real estate investment and exit strategies to locating the best rental properties in Conway, Clear Property Management LLC can help you build your skills; Clear Property Management LLC makes it easy to be a successful landlord! Clear Property Management LLC has a full-service team of the most highly regarded experts from every walk of the real estate industry. Clear Property Management LLC can do it all or work with you to help you manage your properties. Let Clear Property Management LLC help you keep your tenants happy and reduce your turnovers and repair expenses. Contact Clear Property Management LLC at 501-642-0202.