Additions to Your Lease Agreement That Might Have Positive Effects On Your Tenant Screening Process
Sep 24
The job of a landlord can be complicated and arduous at times, particularly when there are holes in their screening process for finding quality tenants. Many landlords are motivated by the promise of profit and good investment, but inexperienced in the discipline of screening tenants effectively and having confirmed tenants agree to reasonable terms in their lease agreement. It is our aim at Tenant Background Search to provide the tools to prevent mishaps before they have a chance to damage your community or property for good. If prevention isn't possible, it is at least wise of us to learn from the experiences of others and not pay the "stupid tax."
Establish Timelines for Landlord Entry - Inspections of rental properties are an excellent idea because they can provide a layer of transparency that helps prevent damage to your property and other issues from occurring. These inspections should be outlined in the lease agreement from the onset of your relationship with your tenant. This clarity provision can create an environment in which you as a landlord see the lowest property damages possible because of your involvement. That being said, it is important that other instances that would require landlord entry be outlined as well. In general, tenants should be given 24 hours notice before they can expect to see their landlord or contract workers in their unit or property. The only exception provided for is in the event of an emergency scenario or in the case of a tenant asking to see the landlord on his or her own timeline.
Consider a Reporting Policy for Rent Payments - Newer technology allows landlords to report on-time rent payments to credit bureaus. This is a very helpful tool for both the landlord and the tenant... provided that payments are actually made on time and in full. The landlord can utilize this reporting policy to enforce on-time payments and decrease the burden on their shoulders of hunting down checks from tenants. Knowing that the payments will be reported each month without exception is a strong motivator for tenants to be on time. Tenants will also enjoy the credit benefits of being reported on so often as a positive tenant. Renters don't often enjoy the same benefits as homeowners, but in this case, they can enjoy similar perks.
Guest Policy and Subletting Rules - It is key to establish a guest policy and subletting rules from the beginning of a lease agreement. Guests that are either unwanted or unscreened can really pose a problem to landlords, as well as other tenants. If a guest is going to reside on your property for an extended period of time, they should go through a similar screening process to your tenants who are actually on the lease agreement for the place. Additionally, the potential for sublet conflicts should be headed off and addressed with a policy in the lease agreement. Vacation rentals, such as Airbnb and VRBO should be addressed in this section as well.