If you’re a landlord, rental property owner, or real estate investor, knowing how to manage tenants is your #1 priority. That’s because managing tenants can be a real pain in the neck.
Between late rent payments, constant noise complaints, and unexpected damage to your property, it feels like nothing goes right.
But don’t worry – managing tenants doesn’t have to be hellish. There are plenty of ways to make the process easier and less stressful.
In this blog post, we’ll share some tips on how to manage tenants successfully and turn your rental property into a heavenly oasis for yourself and your tenants!
How to find good tenants
There are a few different ways that landlords can find good tenants. One way is to use online rental listing websites, like Zumper or Apartment List. These websites allow you to list your rental property and specify what kind of tenant you’re looking for.
Another way to find good tenants is to ask existing tenants for referrals. Many times, people who are already happy with their living situation will be happy to recommend someone else. Finally, some landlords choose to pay a referral fee to existing tenants for recommending a new tenant. This can be a great way to incentivize your current tenants to help you find new ones.
By using a combination of these methods, you should be able to find good tenants for your rental property in no time.
How to screen tenants
There are a few key steps you should follow when screening tenants, and each step is important in order to get the most accurate picture of a potential renter.
- First, you should always verify that the applicant has a steady income. This can be done by requesting paycheck stubs or tax returns.
- Second, you will want to check their rental history. This includes contacting previous landlords to see if the applicant paid rent on time and how well they maintained the property.
- Third, you should conduct a criminal background check. This step is important in order to ensure the safety of yourself and other tenants.
Fortunately, there are online tenant screening services that can help you with all of these steps. These services provide instant access to criminal background checks and credit reports.
In addition, they can help you verify employment and rental history. Using an online tenant screening service is an easy and efficient way to find qualified renters for your property.
How to collect rent
There are a few different ways that landlords can collect rent from tenants. The most common methods include collecting rent in person, mailing a rent check, or setting up an automatic withdrawal from the tenant’s bank account. Of these options, more and more landlords are choosing to collect rent online.
There are several reasons why online rent collection may be the best choice for both landlords and tenants. First of all, it is much more convenient than other methods. Tenants can pay their rent anytime, anywhere, with just a few clicks. They don’t have to worry about forgetting to mail their rent check or making sure they have enough cash on hand to pay in person.
Another advantage of online rent payment is that it is often cheaper than other methods. Landlords can save money on postage by not having to mail rent checks, and tenants can avoid fees for things like bank transfers or certified checks. In addition, online rent payments are usually processed more quickly than other methods, so landlords can get their money faster.
Finally, online rent payment is much more secure than other methods. Tenants’ personal and financial information is always kept safe and secure, and landlords can be sure that they will receive their rent on time every month.
How to deal with late payments
If you’re a landlord, you know how frustrating it can be when a tenant pays rent late. Maybe they had a financial emergency or maybe they simply forgot. Whatever the reason, late rent payments can put a strain on your cash flow and make it difficult to meet your own financial obligations.
There are a few things you can do to deal with late payments from tenants.
To begin with, you’ll need to decide if you want to assess a late fee. Late fees are usually a percentage of the monthly rent amount, and they can range from 5% to 10%. You could also charge a flat fee of $50 or $100. If you decide to assess a late fee, be sure to include that information in your lease agreement so your tenants are aware of it.
Once you’ve decided how to handle late fees, you’ll need to collect the late rent payment from your tenant. If they’re unable to pay the full amount immediately, you could work out a repayment plan with them. This is where you agree to let them pay the rent over a period of time, usually in installments.
Finally, you’ll want to take steps to minimize the chances of late rent payments in the future. One way to do this is by requiring that rent be paid electronically via direct deposit or online portal. This way, there’s no chance of a check getting lost in the mail or a tenant forgetting to pay their rent.
You could also consider offering a discount for tenants who pay their rent on time each month. For example, you could waive the late fee if they make their payment within five days of the due date.
How to handle damage to the property
It’s important to know the difference between normal wear and tear and damage caused by tenants.
Normal wear and tear is expected over the course of a tenancy and includes things like minor scuffs on walls or floors, light bulb replacement, and normal usage of appliances. This type of damage is not the tenant’s responsibility.
Abnormal damage is caused by neglect or abuse and includes things like holes in walls, broken windows, or excessive dirt or grime. This type of damage is the tenant’s responsibility and should be repaired at their expense.
Routine inspections of your rental property can help to reduce the amount of damage caused by tenants.
These inspections allow you to identify any issues early on so that they can be addressed before they become bigger problems. Inspections also give tenants a chance to fix any damage they may have caused so that they don’t end up being responsible for more extensive repairs.
How to evict a tenant
Even with the best tenant screening process in place, there may be times when a landlord will need to evict a tenant. Some common reasons include:
- Has not paid rent
- Caused damage to the property
- Creating a nuisance for other tenants or neighbors
- Using the property for illegal purposes
If you find yourself in the situation where you need to evict a tenant, there are some general steps you’ll need to follow. Every eviction case is different, so be sure to consult with an attorney before taking any specific actions.
Steps in the eviction process
In general, the eviction process looks something like this:
1. Give the tenant an eviction notice: This notice will state the reason for eviction and give the tenant a certain amount of time to remedy the situation. For example, if the tenant has not paid rent, the eviction notice will give them a certain number of days to pay up.
2. File an eviction lawsuit: If the tenant does not comply with the eviction notice, you’ll need to file an eviction lawsuit with your local court.
3. Attend the eviction hearing: Both you and the tenant will have a chance to present your case at the eviction hearing. The judge will then make a decision on whether or not to evict the tenant.
4. Execute the eviction order: If the judge rules in your favor, they will issue an eviction order. This order must be carried out by law enforcement. The sheriff or marshal will come to the property and physically remove the tenant from the premises.
How to avoid legal problems
When it comes to rental properties, the best way for landlords to avoid legal problems is by being proactive and well-informed. Familiarize yourself with your state and local landlord-tenant laws, and make sure you are complying with all applicable regulations. Keep up with any changes in the law, so that you can adjust your policies and procedures accordingly.
In addition to staying up-to-date on the law, another key way to avoid legal problems as a landlord is to purchase adequate insurance coverage.
Landlord insurance is designed to protect property owners from a variety of risks associated with renting out their properties. It can help cover the costs of legal fees if you are sued by a tenant, for example. Or, if you are held liable for damages caused by a tenant. Landlord insurance can also help cover the cost of repairs if your property is damaged by a tenant.
While no one likes to think about the possibility of legal problems, it’s important for landlords to be prepared. By taking steps to stay informed and protect yourself with insurance, you can help minimize the risk of facing legal issues down the road.
Are you looking to make it big in the rental property management business? Get your copy of Achieving Financial Success as a Property Manager: An Insider’s Guide today and become an expert in managing rental properties. This comprehensive guide provides all the strategies and information necessary to succeed in this exciting industry, so don’t miss out – get your copy now from your favorite bookseller:
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Written by J. Scott Digital freelance copywriting services.
