OfflineDo you want to get your rental units returned in good order with little or no work required on your part? This will help your bottom line and help keep more dollars in your pocket.
Before your tenant moves in you should give them a checklist and write down everything they see that is wrong or damaged in the rental unit. After returning the list to you put it in their file. Use it when you walk thru with them as they move out. If you find problems with them as they are moving out then give them an opportunity to do the repair (provided it does not interfere with your move in of the next tenant.
Typically you will have 30 days to refund the deposit. If they leave it "rent ready" give them their money as soon as possible. In some states a land lord may be responsible for unpaid utilites. Make sure ther are none before issuing a refund.
By using a check in list that is signed by the tenant, there is less questions about what was damaged when they moved in. Good Luck.
Roy Voeks
Official RE Coach
Roy addresses an important aspect of renting properties and that is for your renters to leave the unit in the condition they took possession!
Along with the check list that Roy discussed ... I’ll record a short video of the property. You can get a small video recorder for as little as $80 OR you can shoot video with your smartphone. This will allow you to have a stamp dated video showing any problems with the unit before the renter takes possession. I’d let the renter know that I videoed the house and would give them an opportunity to review it themselves for any possible problems. Just with the knowledge that the condition of the property had been recorded seemed to really make the rental process a lot easier with tenants.
Earlier in my real estate career I would take pictures of all the different rooms of my properties and have them on file with the application. That ended up taking too much time, so I started to record with a larger, hand held recorder. That ended up costing more money to buy the recorder & keep a copy of the digital media on file, so that is why I just record using a small flip recorder. Actually I no longer do it myself, I’ll have my property management company do it for me and it has been a great way to validate the condition of a property after the renter has returned the keys.
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drew really hits it on the head as well. Follow up is key and having documentation of every property prior to rending the property as well as after. If you need to go after a previous tenant than you have proof of any damages they created.
Renters are a huge money maker, they will bring in rent month after month which is money in your pocket. But if they don't take care of the property then all the money you made goes right back into it and you've made nothing.
Pre screening your tenants is so important it will avoid any of these problems. I use 4 main methods of screening tenants.
1. Credit check
2. Background check
3. Income verification check
4. Previous rental history check
and my favorite bonus #5, check their car. How they treat their car is most likely how they are going to treat your investment. I've used these methods for years and I've been very successful with rentals.
I always say Keep Moving Forward! Never Give Up On Your Dreams!
As Matt Larsen says "Feed the Need" - Edge 2013
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