Part One: Simple But Excellent Tips to Make Your Next Property Rental Experience a Positive One
There’s a lot to think about when preparing to list your property for rental. From getting the right tenant to getting an appropriate insurance, there’s actually a lot on the table for you to handle. Peace of mind is what you need.
Whether you’re a ‘weathered’ landlord or a first-time landlord getting ready to list your property, there are possible issues that may arise in the process thereby causing a frown on your face, your tenants’ or both.
As an owner of a residential or commercial property, it is important you read our topmost tips on noteworthy clauses to make every rental experience a positive one with a “happy ever after” ending.
- Get an on-point insurance for your rental property
Before commencing your search for a ‘perfect’ tenant, reaching out to a licensed home insurance broker to acquire an insurance plan for your property is the most sensible thing to do. Insurance policies addresses loss of rent, policies to be upheld by the tenant and by the landlord, loss/damage of properties, and much more.
Note: Absentee landlords living far away from their property or wishing to insure only the rental property but not their main home may find themselves banking on a high-risk insurance policy.
In the occurrence of emergency, your insurance plan may cover only your property hence you may consider making tenants’ insurance acquisition a mandate. Recommend that your tenant(s) acquire their own insurance to prevent liability suits or any other possible dispute that may arise.
- Pick a Worthy Tenant
Selecting the ‘perfect’ tenant for your rental property can be a daunting task. You hardly can discern who is who. But careful screening and selection of would-be tenant(s) will actually save you a lot of misfortune later. Asking for proof of employment and requesting for references from preceding landlords before agreeing to let tenant move into your rental space is a key way of picking a good tenant that won’t cause you unnecessary hassles tomorrow.
- Prevent Tenant Lease Assignment and Subletting
Some tenants can be full of surprises at times. They pull a “Commando” on landlords by subletting a rental property to a third party without even informing the original owner of the property. But not to worry, this can be banned. To prohibit a tenant from assigning the lease or sub-renting to a third party figure without your consent a section should be included in the rental agreement to shape the tenant’s limitations on occupancy.
- Keeping Up With The Upkeep
Keeping your rental property well-maintained minimizes the chances of encountering ‘bigger’ problem down the lane. Before a new tenant moves in, it is necessary to state the roles of the tenant in regards to repairs and maintenance. When anything goes wrong, no matter how enormous or minor, both parties already know who’s to swing into action.
A well-maintained property not only possess a longer duration, but it also gives your tenant(s) in Burbank a sense of self-importance in their home –so they are more likely to reverence and take good care of the rental space.
Stay tuned for Part Two in our next post!