Akron has one of the hottest real estate markets in the country. That is promising news for investors, but it also means increased competition. Property owners must use all available tools to ensure reliable income and to protect their investments.
Lease enforcement is a major part of this. These are policies and procedures that ensure the terms of the rental agreement are followed, including actions to take when violations occur.
Below are the top lease enforcement tips and strategies for Akron landlords. Keep reading to find out how to get the most out of your real estate assets.
Do Thorough Tenant Screening
Tactics for optimizing lease enforcement start before a lease agreement is signed. Doing proper tenant screening decreases the chances of having issues down the road.
Conducting some basic checks on credit and criminal history, as well as experiences with past landlords can be very useful for identifying red flags. It also is going to reduce the chances of turnover and vacancy rates.
Have a Comprehensive Lease Agreement
The next step is to ensure everyone is on the same page. Have a lease that clearly lays out the rules and resident responsibilities related to the property. This includes payment terms and consequences for any violations.
Make sure there are specific clauses related to maintenance, noise restrictions, or suitable use of the property. Specify penalties for late payment or violations.
Conduct Regular Property Inspections
Routine inspections are a valuable tool for landlords. First, they let you catch signs of damage from tenants.
If you have done thorough tenant screening, these incidents are rare. There are other reasons inspections are useful, though. Identifying signs of wear and tear or other issues with the property is a big one.
Symptoms of a pest infestation or needed HVAC, plumbing, electrical, or infrastructure repairs are better caught sooner rather than later. Doing so gives you the chance to address minor problems before they become major ones. This translates to better retention of property value and happier tenants.
Have Legal Knowledge
Another key to ensuring good lease enforcement compliance is to have a grasp of the Ohio real estate laws. Should issues arise, you need to know how to protect your property without violating tenant rights.
Understand the law as it relates to mandatory notice for property inspections and the tenant eviction process. Have a firm understanding of where the lines are drawn for both tenant and landlord legal rights.
Hire a Professional
If any of the tasks above seem overwhelming to you, consider enlisting the help of a professional property management company. They can take the reigns on all these tasks, as well as some others.
Experienced managers can put together property management guidelines. They can handle everything from marketing and tenant screening to grounds and building maintenance and accounting and financial services. They can give you legal advice and handle disputes with tenants.
Learn More About Lease Enforcement Tactics
Lease enforcement is an important part of being a property owner and landlord. An experienced management company can further advise you on the best policies and procedures for doing it well.
PMI Cuyahoga Valley RAL is a comprehensive commercial and residential property management company. We offer various services, including marketing, tenant placement, lease enforcement, and more. Contact us to schedule a free consultation.
