Being a landlord can be stressful at times. It involves more than simply collecting rent from whoever lives on your property. There is also the need to source the right type of tenant, keep up with them to ensure the rent is paid each month, and handle complaints, repairs, maintenance, and if necessary, evictions.

At some point or another everyone has heard about situations where a rental property was severely damaged by a tenant. A simple internet search will allow you to read many threads where landlords outline their worst tenant nightmares. Even though these unfortunate situations do happen occasionally, with proper tenant screening and property management, they can be avoided, even eliminated entirely.

By hiring an experienced and trusted property management company like Specialized Property Management Orlando, you will enjoy not only more peace of mind but increased profits. However, as the owner, it is still important that you are aware of the big risks ahead of time in order to safeguard yourself against any inevitable problems prior to them arising.

Tenant Screening Tips

Tenant screening should be thorough and consistent. At the very least, it must include:

• Checking credit. You don’t want to see any previous evictions or outstanding balances due to other landlords or property management companies. Look beyond the credit score. You need to check your full credit history to get an idea of how a potential tenant meets his or her financial obligations.
• Criminal background checks. It’s especially important to look for past criminal history that is violent or potentially damaging to your property. Someone who has been convicted of theft, assault, or arson may not make the best tenant.
• Verify employment and income. You want to be sure this tenant will be able to pay rent on time every month. Check that the employment information you were given is correct, and make sure the tenants earn at least three times the amount of rent each month.
• Talk to current and former landlords. This reference check will give you an excellent idea of how your applicants have performed in the past. Ask landlords if they paid rent on time, took care of the property, and followed the lease terms. Ask if they would rent to this tenant again.

Take your time with the tenant screening and make sure you do a thorough job. Otherwise, you run the risk of placing bad tenants in your home.

Be Aware of How You are Protected by the Law

Laws vary across states; however, landlords have certain legal rights in the event of disputes with tenants or property managers. The regulations are outlined on the majority of state government websites and having knowledge of them will place you in a more beneficial position, in the event that you need to terminate contracts or enforce certain clauses in the leasing agreement. However, this is not an indication that you should take legal action just because you can. When all is said and done, it comes down to being reasonable and fair. If the cost associated with the legal action outweighs the possible loss, then the decision will have to be made whether or not it is actually worth it.

Have Good Insurance

Damage may be done to your property that cannot be avoided even if incredible care is taken; therefore, you need to protect yourself and your property against these costs. A comprehensive insurance policy for property owners includes claims for a variety of insurable events. Not only does landlord insurance protect you if your property is damaged, but it also reduces the financial blow should a tenant skip town and stop paying his or her rent.

Inspections

Rental property inspections not only help you to verify that your property is being cared for respectfully, but also allow the opportunity to communicate with your tenant, and immediately address any concerns, repairs, or maintenance.

Hire Specialized Property Management Orlando

By working with our expert property managers in Orlando, you’ll have peace of mind knowing that you have our experienced managers, leasing agents, licensed maintenance pros, veteran accountants, legal professionals, and much more, to help you with whatever arises concerning your rental property.

My experience dealing with Jessica Rivera has always been nothing but exceptional. She is very good at her job and always a pleasure to speak with. We value our work relationship not only with her but your company as well.

Ken Marsh – Owner, Orlando, FL

Check out all our reviews, and call us at 404-596-8429 or contact us online for a quote!