One of the questions we often get from potential landlords is about whether they can expect a tenant to take care of their rental property.
The answer, of course, is yes – you can expect a tenant to take care of a property just like a homeowner would. However, some tenants are better at this than others.
Pay Attention to Property Condition
You can set the tone by making sure your property is in good condition prior to putting it on the market. When your property is clean, well-maintained, and shows well, it will attract people who like to live in those conditions. Properties that are dirty and cluttered with older carpet that’s fraying in places will only attract people who are okay living like that. Tenants may not take care of it the way you want them to.
Conduct a Thorough Move-In Inspection
You’ll want to do a thorough move-in inspection on or before the date the tenant moves in. Document what you can, and take detailed notes and a lot of pictures. It’s not easy to go back into the property once a tenant lives there. There are restrictions, and you’ll need a good reason to go back into an occupied property.
Sign a Strong Lease
Make sure all the tenant’s responsibilities are included in the lease. You want your tenant to know what you expect. Collect an appropriate security deposit as well, so you are covered in case of damage. We charge a little more than the equivalent of a month’s rent. For example, if the rent is $4,000 a month, we will charge a security deposit of $4,200.
There is always risk with any business. Renting out your home is a business. No one can guarantee 100 percent that a tenant will care for your property like you do. But, if you have a good product, you can set the right expectations from the beginning.