Are unauthorized people and pets in your rental causing excessive wear and tear to the property? As a landlord, how are you supposed to deal with this?
As a landlord, there are measures that can be put into effect that will, at best, prevent such unauthorized occurrence and, at least, allow for early intervention that can minimize damage to your property. These measures, described below, should be taken by anyone renting property. In the event that they don’t work, and the property suffers damage, there is still an opportunity available to you to reduce your losses.
Document the Property’s condition. Before entering into a lease agreement, document, with repair invoices, photographs, and maintenance receipts, the condition of the property. Doing so provides you with evidence of damage or neglect should they occur.
Incorporate Terms in the Lease Agreement. A good lease agreement should cover all possibilities that could result in damage to and misuse of your property. One can’t be too thorough in drafting these protections into a lease agreement.
Specific stipulations such as limitations of the length of guest stay, additional rental charges per person or penalty fees associated with lease agreement violations may serve as a deterrent. Once terms are clearly understood by tenants, they may be less likely to violate them. Such written and signed terms also protect you legally and give you the right to proceed as dictated by the agreement terms.
Schedule Regular Property Inspections. As part of the lease agreement, include terms that you will regularly inspect the property for routine maintenance. Tenants who know that you will periodically visit the property will be more prone to take better care of it. This also gives the landlord an opportunity to inspect the property and to document any evidence of abuse and damage. Early intervention may result in significant cost savings in the long run.
Hold an “As Is” Sale. If, despite all of your plans and precautions, unauthorized people and pets on your rental property could not be prevented and you incurred significant damage to the property, you do have a viable alternative that can save you the expense and hassle of renovating the property. In many of today’s markets, “as-is” sales have become more common. All cash real estate deals have increased over the past few years at a phenomenal rate. All-cash investors are typically not deterred by a less-than-market-ready property because they have resources available and deep pockets. In states like Oregon, one can sell a Portland house quickly, without the time and expense required to renovate the property or go through the time and red tape involved with more traditional sales.
By taking measures to prevent or detect unauthorized pets or people at your rental property, you may be able to deter or minimize property damage. Check your local market re: all cash “as-is” sales; you may find that like in Oregon, you can sell a Portland house fast.
How do you protect your rental property from unauthorized use?
Do you have a piece of property (house, lot, or land) you’d like to sell fast? Fill out our Sell Fast Form and get a cash offer within one hour of us viewing the property.