Spell Everything Out For Your Tenant
By JD Esajian on September 16, 2013
One of the most important things you can do as a landlord is to know your tenants. Before they ever move in, they should be screened and you should be confident you will receive your rent every month. When they get into the property, it is equally important to spell out the terms of the lease and what is expected. Some of the items may seem obvious, as far as smoking on the property or allowing pets, but you will learn not to treat your tenants as if they should know everything.
Parking, water, electric, what items you will cover if broken and how or where to send rent money are just some of the issues that come up in the average lease. On or before move in day, spend an hour and go over with your tenants what your expectations are. Tenants will play dumb about parking on the grass or flushing things they shouldn’t down the toilet unless you tell them. If you make it clear, there will be no misunderstanding.
You can be fair and friendly with your tenants, but you have to know where to draw the line. If you allow the rent to be received by the 10th of every month, you had better believe you will receive it after the first on a consistent basis. Make it clear how, when and where you will receive your rent and what the consequences are for late payments. If you threaten a $50 late fee, or the start of immediate eviction if received by the 15th, you had better follow through.
The relationship with your tenant will only be as good as the communication is. Cut things off before there are any problems by spelling out exactly what they can and cannot do. Assume they have never rented before and need to know everything. This eliminates any confusion down the road.