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Property Management – Encino – Policies you MUST Include

ENCINO PROPERTY MANAGEMENT

8 Policies You as as an owner or property manager MUST Include in your Rental Agreement

All owners and property managers want to avoid the situation in which a tenant finds a loophole in your rental agreement and takes advantage of you or your property. Below are 8 guidelines that were developed by seasoned real estate investors to help make sure you’ve covered all the bases and are protected against any major liabilities.

1. Always run background checks on new tenants – Tenant Background Search handles tenant credit checks so you can make an informed decision about who has the ability to actually pay you rent each month.

2. Online payments are easiest – Always set up a way for your tenants to pay online, whether it’s through your bank or using PayPal. Having easy options to send money make tenants much more likely to pay on time.

3. Move-In Contingency – Define clearly the financial ramifications of a tenant not moving in on the agreed upon date, as well as specific instructions on the move-out process as well.

4. Security Deposit – Make your security deposit a higher amount than the monthly rent so your tenant doesn’t try to move out early saying they’ve already paid you for the remaining time period.

5. Move-In Checklist – Property management must always provide a full checklist of household items and their current condition and ensure that your new tenant agrees with your assessment. Things like; there are doorstops in each of the bedrooms, there are no punctures or holes in any of the drywall and no stains or noticeable marks on any of the floors/carpeting. This will need to be re-visited when the lease ends or the tenant decides to vacate.

6. Building Maintenance – Spell out in very specific terms which party has the responsibility of maintaining the premises. If the tenant is responsible, dictate a list of duties or items that should be attended to and at what frequency. Also include a clause that states that if the tenant is unwilling or unable to continue these duties, property management will take over for a specified fee that will be added onto the monthly rent.

7. Visit Your Properties – If you cannot personally check in on your property once every couple of months you should find someone who can do it on your behalf. You don’t want any surprises at the end of the lease when you are trying to find new tenants.

8. Decorations – Make specific instructions for what you will and will not tolerate in terms of interior decorating. Any major projects like hanging flat screen televisions or excessively large pictures should be discussed before being undertaken.

By protecting yourself against simple misunderstandings with your current or future tenants, you put yourself in a position to create much more rewarding relationships with your tenants. You need to be diligent when it comes to your property, but a lot of headaches can be avoided by creating very clear and understandable rental guidelines.

by Jeff LeVan

Since 1946 the Carnahan name has had a reputation for honest and ethical Real Estate Property Management services in the San Fernando Valley, Santa Clarita Valley, Burbank/Glendale, Los Angeles, Westside and Conejo Valley areas.

The reason for our success is helping owners like you when they need it. Below is a partial list of property management services we provide to help you protect your real estate investment.