Real estate investing is a complex business that requires careful consideration. While the numbers may look promising on paper, it’s important to remember that dealing with people can be unpredictable. One crucial step in the process is thoroughly screening tenants, including checking references and contacting previous landlords. Even with thorough screening, it’s not uncommon for even the best tenants to cause some damage to your property.
Tenants play a vital role in your investment plan, so it’s essential to have the necessary property management skills and strong interpersonal abilities. By understanding the potential consequences and taking proactive measures, you can minimize the risk of damage to your investments. If you find yourself dealing with tenant-caused damage in your Kentucky rental property, continue reading to learn what steps you should take.
Cause
The first thing you need to do if your tenants cause damage to your Kentucky rental property is to carefully examine the rental unit to determine the cause of the damage. Unfortunately, accidents happen; even the best of tenants may cause unforeseen damage that goes beyond the normal wear and tear that is a part of the expense of owning rental properties. Other damages can occur when tenants fail to maintain their housing correctly. And while dealing with repairs is a necessary part of rental property management, landlords could prevent damage from angry tenants for tenants.
Tenant Responsibility
Once your tenants cause damage to your Kentucky rental property and you have determined the cause, you will need to take steps to ensure the tenant pays the repair expenses they are responsible for following the terms outlined in the rental agreement. Often landlords deduct the total costs for such damages from security deposits at the end of the lease agreement. If the damage is extreme, you may need to take legal action against the tenants. Should your attorney or insurance company request the information, you will require photographic evidence and documentation of the damage and keep any estimates and receipts from the repairs.
Landlord Responsibility
If your tenants continually cause damage to your Kentucky rental property, you should examine your property management skills and responsibility in maintaining tenant communications. For example, tenants may learn that you simply do not respond to their calls, causing minor problems to become significant damage. Middle-of-the-night phone calls and disputes over parking spaces can become irksome, but these little things matter more than you may realize. Building solid relationships with tenants can help avoid issues with deliberate damage and help maintain the integrity of your property.
We Buy 502
Working with We Buy 502 makes it easy to be a landlord. Before your tenants cause damage to your Kentucky rental property, why not let the pros at We Buy 502 help you with your property management game? We Buy 502 knows the laws that protect landlords like you and can help you with your screening process, rental agreements, and every other aspect of managing your investment properties, lowering the overall risks of damage ever happening. From real estate investment and exit strategies to locating the best rental properties in Kentucky, We Buy 502 can help you build your skills; We Buy 502 makes it easy to be a successful landlord! We Buy 502 has a full-service team of the most highly regarded experts from every walk of the real estate industry. We Buy 502 can do it all or work with you to help you manage your properties. Let We Buy 502 help you keep your tenants happy and reduce your turnovers and repair expenses. Contact We Buy 502 at (502) 849-5950.