Are you struggling with lease enforcement?
When you enter a lease agreement with a tenant, you hope that you won't have to deal with any lease issues until it expires. Unfortunately, there's no guarantee that this will happen. It's not uncommon for tenants to violate their lease, forcing you to act.
However, enforcing a tenant lease is easier said than done. Chasing down a tenant who is defaulting on rent, for example, can drain your energy and leave you stressed. Read on to learn about some of the common lease enforcement mistakes landlords make and how to avoid them.
Having No Lease
It's true that some landlords don't have any lease agreements with their tenants. Some are simply negligent, and others somehow find themselves in this situation. For instance, if you've had a long-term tenant who hasn't given you any issues, you might overlook getting them to renew a lease when it expires.
Unfortunately, working without a lease agreement is one of the biggest mistakes any landlord can make. A lease is a legally binding contract once signed, and it helps protect your rights and property.
More importantly, without a lease, there's nothing to enforce. You can't tell your tenant to get rid of their loud dog if you didn't specify that no pets are allowed on the property. Nothing stops them from defying your order.
Ignoring Minor Lease Violations
If rental lease violations were federal crimes, there would be misdemeanors and felonies. While more serious violations, such as rent delinquency and deliberate property damage, will not go unpunished, you might be tempted to look the other way when a tenant is guilty of a minor violation. That would be a mistake!
For effective lease enforcement, there's no big or small lease violation. Otherwise, ignoring the smaller violations will only send a message that you don't really care about your property.
Being proactive and taking the necessary steps whenever there's a violation is the right approach to lease enforcement. It lets your tenants know that you're not one of those landlords who tolerate bad tenant behavior as long as the rent is being paid.
Failing to Engage a Property Manager
Lease enforcement is a full-time job. Yet, as a private landlord, you might not have the time to respond to every lease violation. Perhaps you even live out of town and commuting to the property is making you sick.
In this case, failing to hire a property manager to help with lease enforcement is a mistake. A local manager is best placed to respond to lease violations at your rental property and take the necessary enforcement measures.
Stay on Top of Lease Enforcement
A rental lease agreement doesn't count for much if the landlord isn't interested in enforcing it. If you're making an effort, thumbs up! But steer clear of these lease enforcement mistakes.
If the job is overwhelming, PMI Best Assets is here to assist you. Based in Davie, FL, we're a full-service property management company. As part of PMI, a franchise that has been in business for over 20 years, we have access to the technology and experience to help investors like you become successful rental property owners.
Contact us for more information, and explore our blog for more landlord advice.
