How you engage with the rental leasing process determines how easy or hard your life is as a landlord, especially if you operate a luxury property.
It's so important to set the right tone for a tenancy. There are amazing candidates out there, but there are just as many who can cost you your sanity, so separating the good from the bad requires a thorough rental leasing process.
Today, we're going to guide you through each aspect of renting out your property. Follow our tips, and each tenancy will be seamless and stress-free.
Your Rental Leasing Agreement
Your rental agreement lays out the groundwork for your relationship with a tenant. In it, you'll explain what's expected of your tenant to avoid any confusion on either end. It also acts as a legal document to help you protect your investment property.
There are plenty of lease templates online, but it's best to customize your own and be as thorough as possible. Cover everything from payment due dates, security deposits, and late fees to your right of entry and any other rules you'd like to implement in your property.
A rental agreement signed by both parties provides a framework for the tenancy. If any of the rules are broken, you can take further action as a landlord, but it also gives the tenant a clear picture of how to operate while living on your property.
The best way to make your life easier is to have a good tenant selection process. Make sure that your rental applications are thorough and that you utilize the best screening techniques.
Ask for banking and employment information, call references, and perform criminal background checks. The more due diligence you do, the more likely you'll have good tenants in your units. Better tenants lead to fewer vacancies and more profitable rental property.
As a landlord, it's in your best interest to make it easy for your tenants to communicate with you. An online tenant portal provided by a property manager allows tenants to make rent payments, request maintenance, and other tenant services with ease.
It benefits everyone because all of the necessary information about the lease is organized in one easy-to-reach place. For the landlord, it reduces paperwork and streamlines communication, allowing you to enact your lease procedure more effectively.
Easy Rent Collection
It's also in everyone's best interest to make rent collection simple. Give your tenants multiple ways to pay based on their preferred method. Older tenants, for example, may still prefer to use checks, while younger ones will prefer electronic money transfers.
Eliminating barriers to rent collection makes for timely payments. It's also smart to give tenants a grace period for rent payments. State in the rental agreement when late fees come into play and how much they are.
Hire Miami Property Managers
If you really want to make the rental leasing process seamless, you'll consider hiring property management services. A full-service property management company will help you craft a lease agreement and handle all tenant relations.
From handling maintenance requests to collecting rent and dealing with problem tenants, LRM can help you better run your luxury Miami rental property. Contact us today to learn more about our services.