Florida has one of the most robust real estate markets in the nation. This is promising for investors and property owners, but it also means increased competition.
Rental properties are profitable only if they stay occupied with rent-paying tenants. For situations where renters fail to do so, or cause property damage or other problems, landlords must act.
Unfortunately, this often requires eviction proceedings. The good news is that there are some things you can do to avoid this.
Below are five essential tips for eviction protection. Keep reading to find out how to safeguard your real estate investment.
1. Conduct Tenant Screening
One of the best things you can do to avoid having to evict a tenant comes before you sign the lease agreement. Thorough tenant screening can catch any red flags that could potentially lead to problems down the road.
Credit checks alert you to potential hardships that could lead to a tenant being unable to pay rent. Criminal background screenings can turn up any disqualifying events in the person's history, including violent behavior. Also, check references to find out what type of tenant they have been in the past.
2. Establish Clear Lease Terms
Another thing you can do to limit the possibility of needing eviction is to ensure the lease requirements are detailed and clear. This includes rules pertaining to rent payment and conduct on the property. The lease should also plainly state the consequences for each infraction.
Beyond the lease, it is important to communicate with your tenants. Do not hesitate to reach out regarding minor infractions.
This includes clearly relaying any fines they may have incurred, as well as deadlines for paying them. Although this may be unpleasant, it can set a precedent for how you will address situations that threaten rental protection.
3. Conduct Regular Inspections
Doing regular inspections on the property can help catch minor problems before they become major ones. It also helps foster a good relationship with tenants.
It is a good idea to stipulate the frequency of inspections in the lease. Regardless, be sure to give tenants ample notice of an impending visit.
4. Offer Flexible Payment Options
Making it easy for tenants to pay rent can go a long way toward avoiding situations that warrant eviction. This includes offering online options, if possible.
Provide a reasonable grace period for late payments. For tenants experiencing a temporary financial hardship, consider offering them a payment plan as an option.
5. Respond to Tenant Concerns
One of the best things you can do to encourage tenants to play by the rules is to address situations where they are the victims of wrongdoing. This includes behavior by other tenants, such as loud music or other disruptions. Protecting tenant rights is as important as enforcing lease rules.
Learn More About Eviction Protection for Your Property
Now that you know some essential eviction protection tips, you can have confidence that you and your investment are secure. A management company can further assist you in putting the right lease protection strategies into place.
PMI Daytona Flagler is a full-service real estate asset management company. We provide a variety of services, including eviction defense and advice. Reach out to us today to see what we can do for your real estate investment.
