Education and news for smart DIY landlords!
Running a rental property business makes you prone to theft. Tenants and people you hire to help you manage your rental can also steal from you. Here are some real-life scenarios:
Whether or not it is the employees or tenants that steal from you, you need to protect yourself. Landlord Prep shares useful tips below.
One way to tell how a tenant will behave in your property is to take a look at his past. Thorough background checks are a must as part of the screening process. Double check the tenant’s identity, employment, previous rental experience, and credit report.
We’ve been constantly mentioning the importance of screening tenants. But if you hire a property manager to handle day-to-day landlording responsibilities on your behalf, check their background as well. Speak with the employee’s former employer. Ask for personal references. Know the local rules first about obtaining credit history since many states don’t allow it.
Landlords who protect themselves from bounced checks and potential theft in drop boxes use money orders. However, money orders can also be stolen and cashed. This leaves tenants and landlords arguing over who was at fault. Also, tenants find money orders inconvenient, and this leads to late rent payments. Introduce other payment options such as online payments.
Throughout the tenancy, periodic inspections are important. Periodic inspections allow you to check the condition of the rental. Let tenants be aware that you are watching, and that you are the kind of landlord whom they shouldn’t cross. Maintain a professional relationship with your tenants.
If you ever catch someone stealing, report them to the authorities and be sure to get reimbursed. Also, it helps to build rapport with property owners near you. Exchange phone numbers. That way, they can alert you if they notice anything suspicious.
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