Being a real estate investor is a learning process. We all learn from our mistakes, sometimes it can be a costly lesson. There is a great deal to learn about the real estate investment business. While everything can look great about your investment property on paper, dealing with people has its ups and downs. Whatever you do, do not skip any step in screening tenants, especially checking references and contacting previous landlords. Even with the most up-to-date and thorough screening processes, landlords can expect even the best tenants to cause some damage.
Tenants are the key component of your business plan, and you must understand what kind of trouble you may face if you lack previous property management and don’t have strong people skills. By taking the time to understand the consequences, you will know where to focus your time and energy, and resources to avert damage to your investments before it ever occurs. Read on to discover what to do if your tenants cause damage to your McAllen rental property.
Cause
The first thing you need to do if your tenants cause damage to your McAllen 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 or their pets.
Tenant Responsibility
Once your tenants cause damage to your McAllen 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, which means spending money and time. 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 McAllen 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. Night weekend phone calls and disputes over parking spaces can become annoying, but these little things matter more than you may realize. If you maintaing good communication with your tenants and are proactive you can build a solid relationships with your tenants. As a result, it can help avoid issues with deliberate damage and help maintain the integrity of your property.
Dolfin RGV
Working with Dolfin RGV can help you sell your investment property. Before your tenants cause damage to your McAllen rental property, why not let the pros at Dolfin RGV help you exit the game? Let Dolfin RGV take over the property and you can get rid of the headache and move on. Contact Dolfin RGV at (956) 904 5234.