4 Important Rules You Should Have for Tenants
Owning rental property is an excellent revenue stream that builds your net worth now and in the future. Yet, with this lucrative revenue stream comes some challenges, especially concerning potential tenants.
However, with these four tenant rules clearly defined in your rental agreement, you will have a better working relationship for long tenancy rates and protect your property from extensive damages.
Pay Rent on Time and in Full
First and foremost, you have a rental property to make money. Without regular, in-full payments, you can incur more costs than profit and fall prey to being taken advantage of by less honest tenants.
Of course, life happens, and unexpected circumstances like accidents, layoffs, or payment processing may interfere with receiving your rent payment on time. However, if this is a rare occurrence, it is understandable to work with your tenant if they are responsible and have a good track record.
Don’t let this rare forgiveness become a habit. You could be in for an expensive lesson in owning rental property: state payment expectations, penalties, and consequences on your dually signed rental agreement.
Keep the Property Clean and Free of Damage
Property maintenance is another part of owning real estate that has to be planned for and executed quickly. If your tenant understands that you not only expect notification about issues but that you welcome them, they are more likely to contact you right away when something happens.
Sometimes, you may schedule routine inspections, maintenance, and repair to ensure your rental systems are functioning correctly and avoid any unwanted or unnecessary problems. Other times, the tenant discovers an issue or may have inadvertently caused damage, and the sooner you handle the repair, the less likely it is to bloom into a more costly and time-consuming problem.
Additionally, depending on your investment property, part of maintenance is removing trash, keeping the interior and exterior of the house clean, and removing yard debris. Again, having precise instructions for your tenant ensures they understand the standards you expect them to follow.
Respect Neighbours by Keeping Noise Levels Down
Your tenants also have a responsibility to their neighbours. Everyone wants to enjoy their home in various ways, sometimes with music or having guests over. Or other times, it is an all-out party or a loud disagreement that increases the noise.
By stating your rules about noise pollution and acceptable times of day for music etc., your tenants can enjoy their home without causing complaints from the neighbours. Not only will the neighbourhood appreciate these boundaries, but you’ll have less hassle while allowing your tenants to live a little.
Inform the Landlord Immediately if Something is Wrong
Giving direct instructions about wear and tear or outright damages provides your tenants with steps to follow. Knowing you can trust each other means they will care for your property as if it were their own, and you know it is in good hands.
Include your contact information and an emergency phone number in your contract should a problem arise after hours. Set the expectation that you want to be informed when something isn’t working immediately, when to expect a resolution, and how you determine any applicable charges.
Bonus Tip: Entrust Property Management to Professionals
Having a comprehensive and legally binding tenant agreement is crucial to successful and lucrative rental transactions, which is why you want to use the services of Emerald Management & Realty Ltd. in Calgary, AB. Their leading experts have the skills and contractor network to care for your rental property and tenants’ needs.
Enlist Emerald Management’s professional property management services today. Request a proposal online or by calling 403-237-8600 now!
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