Nearly 50% of landlords have asked tenants to break their leases early at some point. This unexpected vacancy causes a loss of revenue, especially if the rental unit remains unoccupied.
While this course of action may be necessary for many reasons, it's certainly a situation you want to avoid. This article will review the best practices and mistakes to avoid as a landlord.
Keep reading to learn about the most important do's and don'ts of rental leasing.
Do Learn Local Laws
All states have laws regarding landlord-tenant relationships, but these laws vary from state to state. Familiarize yourself with your state's laws to prevent any future legal issues. It's also a good idea to check if your city or county has regulations that differ from state law.
Do Screen Tenants Carefully
About 40% of landlords say they always conduct background and credit checks on prospective renters. Tenant screening is an important part of the rental leasing process that should not be skipped. Careful screening will help you find trustworthy tenants who are less likely to cause problems.
Do Maintain the Property
Make sure the rental property is move-in ready and make any necessary repairs quickly once the tenant has moved in. Keep all common areas and outdoor spaces well-maintained. This will go a long way towards building a good relationship with your tenants.
Do Communicate with Tenants
Make sure your tenants know how to contact you and respond quickly to their requests. Listen to any concerns they may have.
On the flip side, make sure you have contact information for all your tenants so you can communicate any of your concerns. Open lines of communication are key to avoiding problems that could lead to lease termination.
Don't Rush Writing the Lease Agreement
Take your time when writing your lease agreement to avoid any mistakes that could lead to future problems. Before asking a tenant to sign a lease, carefully review it to make sure it adheres to local laws and that nothing has been left out.
Don't Make Verbal Agreements
Any agreements or updates to the lease need to be made in writing. This protects both you and the tenant and will help prevent any future disputes.
Don't Violate Lease Conditions
Make sure you know all the conditions you've written into the lease and that you uphold them. Lease violations can be anything from not maintaining the property to entering a unit without notice. This can cause a lot of legal issues, so it's important to make sure you don't violate the lease.
Get Professional Rental Leasing Management
When renting a house or any other property to tenants, follow the do's and don'ts we've laid out for you. But there's one more important "do" of rental leasing that we haven't mentioned yet: Do work with a property management company.
Blue Ribbon Property Management is an industry leader with over 30 years of experience. Our team has dedicated property managers, leasing managers, and maintenance technicians to handle all your needs.
Ready to take your investment property to the next level? Get in touch and let us know how we can help.