Get More Income for your Property

Remember you are in the business of property management. This is an important fact to remember. Some landlords are passive; they struggle with tenant and property management issues. Some struggle with collections, letting tenants pay late and slide by on late charges. Some struggle with raising rents in fear that the tenant will move out and they will have to deal with vacancies. Some landlords allow tenants to have extra people move in and some allow their tenants to move in.

Property management requires the landlord have a lease or rental agreement that is enforced to the letter. Most landlords have a soft spot for others. To be a good manager you have to set proper criteria for management, follow it to the letter and enforce the provisions and protections provided in the rental agreement.

You need to have a good application for rental. Get one for each adult. This way you get all the data on the occupants.

Fair housing laws put landlords at risk. To be sure that you are not accused of discrimination you should set down a list of things you verify and a scoring system based on the answers to the verifications.

You need a strong rental agreement with penalties for non compliance. You could give a discount for prompt payment. If the tenant is late, then they would loose the discount and have to pay a late fee or pay additional rent for each day any outstanding balance remains unpaid. Charge pet fees, pet rent, extra person fees, collection fees, bad check fees, early termination fees and more. The extra cash flow from the fees could be a substantial amount. All the fees should be outlined in the rental agreement and go over them with the tenant at the signing ceremony.

Required by all landlords is the lead and paint disclosure. Be on the safe side and give them to every new tenant no matter when the property was built.

Have a thorough move in inspection report that gives details of any or all problems. The judge will not award any damages unless you have proof of the condition at the time of move in. Have the tenant sign the report and have photos and videos.

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