Avoid Landlord Pitfalls and Nightmare Tenants
Being a landlord can certainly be a rewarding experience. Collecting rent from your tenants can be great for your bank account. However, there are some headaches that accompany the responsibility. The majority of your tenants will abide by the rules in the lease. But, there will most likely also be instances where you find yourself in the middle of a nightmare. A realistic picture can help you to avoid some common pitfalls and the occasional nightmare tenant.
Pest infestation
It may make you queasy to think about, but many landlords will have at least once instance of pest infestation. The rural aspect of the Durango, Colorado area means that we get to enjoy and appreciate the beauty of nature. However, that also means a variety of insects and pests are in the area too. As a landlord, you will need to ensure that your rental property is legally habitable. As such, pest infestation needs to be addressed as early as possible. If the infestation is due to poor housekeeping by the tenant, an adjustment to the security deposit could be required. Check your local laws regarding the responsibility for tenants and landlords regarding extermination and security deposit adjustments.
Abandoned Property
When your tenant moves, they should typically bring their property with them. However, that is not always the case. The reason a tenant moved can help to determine what you can legally do with the tenant’s property. Landlords are not required to store the abandoned property if the tenant has been evicted. When a tenant leaves at the end of their lease, the rules are different. Landlords must hold onto the abandoned property for a minimum of 30 days since they last spoke with the tenant. Maintaining communication with a tenant can help to reduce the risk of ending up with a tenant’s abandoned property.
Tenant Screening Tips for Landlords
Landlords need to screen tenants in order to get the best possible tenant for your rental property. Having a potential tenant fill out a rental application provides a wealth of helpful information for the screening process. Background checks and credit checks can help to identify potential red flags in prospective tenants. Speaking with professional and personal references, as well as previous landlords are essential for tenant screening.
Enforcing Rules and Regulations
Working with your tenants during tumultuous times can be a good deed that some landlords may regret later. A lease is a tenant-landlord agreement. However, there may be instances where allowing a little flexibility can turn into a nightmare. If your lease states that there will be a late fee if the rent is delivered late, enforce this rule. If such a rule is not enforced, it essentially gives the tenant permission to pay whenever they feel like it. This is not a good premise when entering into a landlord-tenant relationship. Your tenant may mistake your kindness for a weakness. Remember, this is a professional relationship and your tenant is bound to the agreements in their lease.
Conclusion
Being a landlord entails a variety of responsibilities. Knowing the rules and regulations of your the state where your rental property is located can keep landlords busy. Add in effective tenant screening processes and the ability to enforce a lease, and being a landlord can be overwhelming. Fortunately, property managers are skilled in these areas and more. Let the folks over at The Property Manager take some of the work out of owning a rental property.
References
Handling a Tenant’s Abandoned Property in Colorado
Tenant Tips for Pest Infestations in a Rental
Tenants from Hell: Five Tips for Managing Terrible Tenants
The Best Tenant-Screening Tips
