How to Protect your Rental Property from Being Trashed by the ‘Tenants from Hell’
Renting out your property can be a hard decision to make. You’ve put in a great deal of time and savings to keep your home in good condition, and when it comes to finding the right tenants, the struggle can be very real. You’ve heard the horror stories, seen the revolting evidence, witnessed the blatant disrespect. So how do you vet your tenants to ensure they’ll take good care of your property? We take a closer look…
Previous rental references are essential for any tenancy application. Written references can be supplied by the applicant from their previous landlord or rental agency. However, it is always best to follow this up with a phone call to double check the authenticity of the reference. Many real estate agents require up to two previous rental references, and ask for personal and professional references in the application to strengthen the end results.
Sifting through applications can be a lengthy process, especially if your property is in a popular area. Leave it up to an agency to use their expertise and experience to weed out bad applications and present you with a selection of fully vetted possible candidates. RE/MAX Profile have a stringent 21-point application process for renters that hold your best interests in mind. We triple-check possible tenant’s identification to ensure complete validity and security.
Regular Routine Inspections
Once your tenants have settled into the property, regular inspections should be carried out to ensure the continual upkeep of the home. After all, you want to make sure that everything written on paper in their application is true, and rest assured that your property is being looked after and that everything is functioning properly by conducting inspections. If your agent can’t confidently say that your home is in good hands, you should consider finding a new agent who will source tenants you can trust with your biggest investment.
(Trashed rooms, stolen property, foul odours and burnt surfaces are just the tip of the iceberg…and it happens a lot more often than you think!)
At RE/MAX Profile, we will conduct inspections on your behalf. This not only saves you time but also provides you with professional agents with industry knowledge. With decades of experience, we’ve taught our agents to master their detection skills, and we know which nooks and crannies to inspect to assess the real welfare of your property. Lax tenants won’t slip through our fingers! After every inspection, we send you photo updates of your property along with reports, so that you can assess its condition yourself.
Entry and exit condition reports
Conducting entry and exit condition reports before a tenant moves in, and when they move out, between new tenancies is an absolute must. These condition reports will be physical evidence of any damage that has occurred during a particular tenancy. You always want to make sure that you can prove damages owed to you.
When filling out these reports, no detail is too small! Is there a scuff on the sideboard in the spare room? Write it down and don’t forget to take a photo! Hiring a real estate agent to conduct these reports for you, will give you the upper hand in any damages disputes, because they will be able to spot any faults in every nook and cranny of your property. When it comes to retaining bond money from destructive tenants, you want to have as much detailed evidence as possible.
Another effective way to ensure that you won’t lose money on your rental property is to apply for Landlord’s Insurance. This type of insurance will cover you against any malicious damage, vandalism or theft by tenants. Certain policies will also cover you for legal costs, should tenant’s attempt to take you to court. These cases may seem severe, but do occur frequently in this industry.
(All it takes is one careless real estate agent and a bad tenant to cost you everything you’ve worked so hard to achieve.)
If you’re looking for peace of mind, it’s best to have preventative actions in place from the offset. Minimise risk by letting an experienced rental agency such as RE/MAX Profile manage your property. We are experts in risk management strategies when it comes to rental properties, and rarely ever go to court – which, despite what you may think, is quite common in the rental industry! We take meticulous care when looking over tenancy applications and conducting inspections, and aim to make communication as efficient and easy as possible for you.
If you’re looking for a rental agency to manage your property as if it were their own, look no further than RE/MAX Profile. Contact us today to discuss your property’s needs.