In today’s blog, we’re talking about three things you can do to help minimize the damage to your Indianapolis area rental property.
The first and most important thing to do is to set clear expectations for your tenant up front. If you are a coach or a parent, you’ve probably noticed that kids will often meet your expectations, whether they are high or low. When they know what you want, they’re going to deliver. Tenants are usually the same way, so it’s important to let them know that you have high expectations for how they will care for and treat the property while they’re living there.
Documentation is always important. When the tenants move in, let them see you document every inch of that property. We recommend that you take at least 100 photos at the move in. Shoot a video as well that details the condition of the home’s interior and exterior. Do this with the tenant alongside you. Then, your tenants will see how important it is to you. Have a detailed checklist as well. Ours is six pages long, and we walk through the unit with the tenant and go over it, line by line. Have the tenant sign the checklist at the end so the condition is documented and everyone agrees how the property looks.
Periodic inspections are important in protecting the condition of your home. You might want to go in there twice a year or quarterly. When you get inside the property, you can see how things are doing. Sometimes you can catch a big problem while it’s still small, and that will save you a lot of maintenance money. If you have a contractor you trust and have a good relationship with, have them observe things when they’re there to take care of repairs or issues. Tenants are always on their best behavior when a landlord visits, but when a vendor comes over, they can usually see how things really are.
Remember that wear and tear is normal, and it will happen during the course of any tenancy. However, there are things you can do to minimize any real damage. If you have questions about how to preserve the condition and value of your investment, please contact us at Indiana Property Management Group, and we’ll do everything we can to help you