Troublesome tenants is something that keeps most property owners up at night. Some states that are tenant-friendly such as California and Arizona make it much more difficult for rental real estate owners to deal with tenants who are being unreasonable or causing problems. There is a way to protect yourself though: clearly and properly defined lease terms to protect from issues such as unpaid rental fees, property damage and more. Landlords or real estate professionals are usually the people putting together lease forms, but these forms can be added to in order to protect by using additional statements and stipulations.
Lease Form Tips:
1. For tenants who are always late with rent, and this is the top complaint from property owners, a stipulation such as: Eviction processes will begin on the first day after the grace period that rent has not been received. That simple line is an incredible motivator to keep inconsistent tenants paying on time.
2. Another great motivator are late fees such as: Tenant shall pay (a percentage) of the total monthly rent in late fees after the grace period has ended. The thought of having to pay more if late will, more often than not, keep people paying on time.
As a residential or commercial rental property owner, it is absolutely essential to protect yourself from troublesome tenants. Rentals today range from homes that cannot sell to standard residential apartment buildings. Home owners are even renting out their homes while renting an apartment themselves. Having a binding contract is essential when others are utilizing the buildings you own. To make sure you're not being taken advantage of, make sure there are proper stipulations to be agreed upon. Doing so will save you money, heartache and stress down the line.
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