When tenants move into your property, they will attempt to do several things that will lower the value of your property and make it undesirable for future tenants to rent. You need to have a policy in place that the tenant knows about when they rent your property. Here are 3 tenant policies you need to implement at all your investment properties.
If you have tenants that own an automobile, sooner or later that car will break down. The tenant may attempt to save money by fixing the car while it is sitting in the parking lot or driveway of the property. They will most likely be doing these repairs at night when they get off of work. This process can stretch out for a week or a month. During this time you have a broken down automobile sitting on your property.
Another situation is that they let the property sit because they are not able to pay for the new tag for the car. Since the car cannot be driven legally, they just leave it sitting on your property.
You need to have a policy that prohibits tenants from doing maintenance on their car while on your property. You should also include that they cannot repair other people’s car also. Any car that cannot be legally driven should be removed from the property.
Tenants are required to put their trash in their trash can and then put these trash cans at the street for pickup. Some tenants will just throw garbage bags in the general direction of the trash can or will use other tenant’s trash cans when theirs is full. You need have a policy that dictates how trash should be handled.
You will invariably get tenants that like to have a good time on the weekends and some that just like to party every day. When they party they can make noise that bothers the neighbors or other tenants. Your policy should address noise issues.
Successful landlords are able to keep their tenants satisfied and get them to rent for a long amount of time if they have a policy in place to address automobiles, trash and noise.