Last Updated on January 25, 2024 by Admin
Being a landlord may be an excellent way to invest in a stable asset and earn a passive monthly income. However, it’s a mistake to underestimate the amount of effort and input that it requires in the long run.
Between dealing with maintenance issues, taxes, and insurance claims, property owners and landlords alike often have a lot on their plate. But of all the responsibilities a landlord has, ensuring smooth lease enforcement is one of the most important.
Making sure your tenants (as each of them comes and goes) are paying their bills on time, are happy with the state of the property, and treating it with the appropriate level of respect are all crucial elements of being a landlord.
Here, we’ll look at 11 tips for lease enforcement that can make your rental property as lucrative as it is manageable.
1. Run comprehensive background checks
First things first: make sure that you have a very clear idea of who your prospective tenants are before you agree to rent your property to them. The best way to ensure that your lease will be respected in future is to take on tenants that you trust to a reasonable degree
Running comprehensive background checks (i.e. searching for them online, asking for valid references, and assessing both credit and tenancy history) before signing any tenant on is paramount for a happy, mutually beneficial long-term lease.
2. Keep clear records
Once you have tenants occupying your property, it’s imperative that you record every major—and sometimes even minor—interaction with them.
Everything from complaints about maintenance, rent increases, or any discussions about the property or your tenant’s relationship with it should be documented. This small action might seem tedious at the time, but in the event of a dispute, it will be exponentially valuable.
3. Anticipate problems before they happen
Don’t wait for disasters to happen before you deal with them. Assess the state of your rental property and its existing lease regularly to identify potential problems before they occur.
If there are outdated, vague, or unenforceable clauses in your lease, rewrite it to ensure that it is watertight and legal. Your lease should clearly state all terms and conditions, including tenant obligations and rent payment schedules. Similarly, if your rental property has any potential issues that may affect your tenants, get these fixed fast. A small problem can quickly grow to become a large and often expensive one.
4. Require rental insurance
Requiring your tenants to invest in rental insurance prior to moving in is one of the best ways to promote a smooth occupancy. This type of rent covers a lessee’s personal belongings and their liability in the event of unexpected damage or loss.
If you want to be able to enforce a clean and smooth lease agreement, keeping the lines between what you and your tenants are responsible for is a huge advantage.
5. Address violations promptly
If your tenants violate the lease agreement or policies, you need to address this quickly and in writing. This requires that you monitor your property and stay in touch with any neighbors, businesses, or other local organizations
The quicker you address a violation, the faster your tenants can rectify it, especially if it’s one that is causing damage. This gives tenants a chance to correct their behavior, while still holding them accountable and enforcing the lease.
6. Never make handshake deals
Handshake deals—that is, deals made without any solid legality or documentation—do not serve anyone. Stick to your lease agreement, follow the rules, and ensure that all agreements with tenants are in writing.
This will make lease enforcement so much easier in the event that something does go wrong, as there will be no room for misinterpretation of your intentions or agreements.
7. Check-in with your tenants
It’s your responsibility to ensure that tenants are secure and satisfied with their occupancy. The only way you can do this is to remain in communication.
Every two months or so, you might consider giving your tenant(s) a call or sending them an email to find out if there is anything that they want you to know, whether it’s a complaint or an expression of gratitude.
You can also use that opportunity to bring up any issues on your end that could be resolved through conversation. Happy tenants mean smoother and less problematic lease enforcement.
8. Don’t view being a landlord as a hobby
Even if you have another job that you consider your “main” job, it’s advantageous to view being a landlord as a business. This can help you take lease enforcement more seriously and motivate you to stay on top of all relevant paperwork and responsibilities that arise.
9. Make sure your housing codes are up to date
When you own any property, it’s essential that you stay up to date with the local housing codes. These codes inform both landlords and tenants about the legal requirements relating to construction, property rehabilitation, maintenance, and health and safety—all of which are things that influence rental agreements and leases throughout occupancy.
You can ensure your housing codes are always up to date by following government sites online or enquiring with your local municipality for more information.
10. Hire a property manager
While it’s certainly possible to balance landlord responsibilities with other life or work responsibilities, it isn’t always easy. Outsourcing professional help is a decision that many rental property owners make, and for good reason.
A property manager can take over everything from managing contractors and overseeing maintenance, to finding real estate leads when you’re looking for new tenants, collecting rent, and enforcing policies. This gives you peace of mind,as you can rest assured that your rental property and its tenants are being looked after.
11. Be responsible
At the end of the day, ensuring smooth lease enforcement and being a successful landlord is about taking responsibility for your role and being disciplined about the paperwork and managerial tasks associated with it. If you can do that, you and your tenants should be just fine.
A Strategy for Success
Being a landlord and maintaining a strong grip on lease enforcement may not always be easy. However, it can become a more simple and effortless part of your life with the right strategy in mind.
By getting everything in writing, screening your tenants thoroughly, and taking firm responsibility for the health and safety of both your property and the people who rent it out, you can become a very successful landlord—maybe even one who can invest in multiple properties going forward.
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