Everyone has heard the landlord horror stories. If you are currently renting out property or you’re thinking about renting out property, someone has surely told you about some nightmare scenario where a house was trashed or an illegal drug ring was being run out of a rental home’s basement.
There are certainly things to be wary of, but with the right tenants in place and a great lease to protect your property, you won’t have to worry about your biggest fears coming true. These horror stories are easy to avoid, especially if you’re working with a great Danville property management company.
Tenants Not Paying Rent
One of a landlord’s biggest fears is having a tenant who doesn’t pay rent. This is a terrible problem, but you can also take some early steps to avoid it. Start with a strict and rigorous tenant screening process. Your background check should include looking for past evictions and checking credit reports for overdue debts to former landlords and property managers. Talk to current and former landlords to find out if rent was ever late.
A good rent collection policy will also protect you. Provide a way for tenants to pay rent online so it’s easy to collect on time. Be strict and consistent with late fees and other penalties. If you discuss your expectations up front and your tenants have been well-screened, there’s no reason to believe that your tenants won’t pay rent on time.
Tenants Damaging Your Property
Another common landlord fear is that your tenants will completely trash your property and leave you with thousands of dollars of repair to make. This is possible of course, but really only likely if you place bad tenants or you neglect to inspect your property whenever possible. When you talk to a potential tenant’s former landlord, ask if any property damage was left behind. Find out if they received their full security deposit back.
Be sure to collect a security deposit that will cover any potential damage. In California, you cannot charge more than the equivalent of two months of rent. But, if you have at least one month’s rent in the bank, you will likely be able to cover any damage that’s left behind. Make sure you’re getting inside the property whenever possible. If a maintenance request is made, go with the vendor and make sure everything appears to be in order.
Professional Danville Property Management
There are many excellent reasons to work with a professional Danville property management company. One of the best reasons, however, is peace of mind. When you’re working with experienced and local property managers, you won’t have to worry about these landlord horror stories. You’ll know that your tenants are being well-screened and your home is being properly maintained. Property managers establish and maintain positive relationships and good communication with tenants. We protect your investment and your interests.
If you’re still worried about the worst horror stories you’ve heard and the most implausible what-if scenarios, contact us at Stowers Real Estate. We’ll provide you with additional information that should put your mind at ease.