THE PROPERTY
Inspections
- Have you been in the property in the last 3 to 6 months?
- Do you have sufficient photos of the property during that inspection?
Does your tenant have renters and liability insurance?
THE LEASE
When is the next lease end date? We do not recommend leaving tenants on a month-to-month agreement.
- Avoid lease end dates because of seasonally low tenant pool: January, February, March, October
- Best lease end dates because of seasonally high tenant pool: May, June, July, August
Animals (3 types) – Separate yourself from liability use Petscreening.com to keep a record of all animals
- Pets – You can charge pet rents and deposits
- Service – Protected, cannot discriminate or charge extra
- Support – Protected, cannot discriminate or charge extra
THE TENANTS
Keeping or declining renewals on tenants
- If a tenant has 3 or more late payments in the last 12 months, we don’t recommend renewing them.
- If a tenant has bounced payment in the last 12 months, I would recommend considering not renewing them.
- Have they damaged the property?
- Have there been any lease violations? Unauthorized animals or tenants?
Market rent rates
- Always conduct a market search to find current rent rates.
- Use Rentrange.com, rent-o-meter.com, and rentler.com to find current rent rates.
- Typically rent rates will increase up to 5% per year.
