It's estimated that there are approximately 22 million landlords in the United States, meaning there's plenty of competition between property owners to find tenants. This is especially true in popular locations like Reno, Nevada.
Once you rent out your property, it's essential to understand how to enforce your lease. This could mean the difference between whether your rental property generates the desired amount of income or falls short of your projections.
We've put together a brief guide full of landlord advice on tenant management and lease enforcement. Let's explore the key information you should know.
Stay Within the Law
One of the most common lease enforcement mistakes landlords make is breaking the law during the process. It's crucial to stay informed on relevant rules and regulations so you can avoid legal issues.
For example, a landlord might illegally change the locks on a home after a lease agreement has been breached. Though it can be tempting to take action as soon as possible after a breach, this can have substantial consequences.
Keep Your Lease Clearly-Worded
You can only enforce terms that are clearly worded. If the other party can argue about the lease's ambiguity, you might find yourself in an extensive legal battle.
Under no circumstances should you write a lease on your own. This is sure to cause issues down the line.
Know Your Capabilities
As a landlord, there are certain steps you can take for lease enforcement. Offering a written warning is one of the most common.
This should be as detailed and clear as possible. If you choose to give a verbal warning instead, document this incident.
You can't be too careful with lease enforcement, so stay as organized as you can. The more evidence you have of their wrongdoing, the better.
Don't Wait to Take Action
The longer you wait to enforce your lease, the less chance you have of a successful outcome. If your tenant(s) violated the lease terms, take action as soon as possible.
For instance, consider a scenario where your tenant is late on rent. Let's assume that the lease also dictates you can take action as early as 72 hours after the missed payment. Waiting two weeks to do so can make the situation more complicated.
Work With a Professional
A professional property management company can streamline lease enforcement. Not only do they have the tools to handle it, but you can keep yourself out of the conflict. However, it's imperative to find the right property manager.
See what past clients have had to say about their experiences. You should also see if they typically manage properties like yours. With enough research, you'll find the ideal option for your needs.
Don't Neglect Lease Enforcement Responsibilities
It can be difficult for some people to handle lease enforcement. After all, many of us don't enjoy confrontation. Working with a property management company can take this responsibility off your hands and resolve issues that arise.
Ready to get started? Get a free rental analysis from PMI Diversified Properties today. Our team has everything it takes to make handling your rental property as easy as possible.
