According to the National Multifamily Housing Council, staggering increases in fraud have contributed to increases in evictions. Over 70% of respondents experienced increases in fraudulent applications and payments. The rise in false rental applications is exacerbating rental costs.
In fact, nearly 24% of evictions are connected to fraudulent applications and related failures to pay rent. With proper lease enforcement, you can avoid these stressful situations.
Not sure how to start enforcing lease terms? Read on for our property management strategies today.
Create Detailed Agreements
Create comprehensive lease agreements to avoid miscommunication. Otherwise, tenants will struggle to follow confusing rules and regulations.
Consider consulting a property management company that offers legal services. They'll ensure your contracts are well-drafted and easy to understand. Your rental agreements should cover:
- Rent details (how much, due dates, etc.)
- Duration of the lease
- Deposit information
- Rules for changes or repairs
- Conditions for leaving early
- Legal obligations and rights
- Pet policies
- Renters insurance details
- Renewal terms
- Late payment fees
The agreement will provide a framework for future lease agreement enforcement. Review the contract when you need to address disputes with tenants.
Communicate With Tenants
Give tenants multiple ways to reach you the moment they move in. Communicating with tenants can improve satisfaction rates. Happy tenants are more likely to renew their leases.
Ongoing communication will help you handle situations before they become problems. Remain transparent about your expectations. Promptly address lease violations to use a proactive approach.
Perform Routine Inspections
Schedule regular inspections of the property. Checking in will ensure tenants are complying with the lease.
During these inspections, assess the property's condition. Handle maintenance issues and recognize any serious lease violations. Routine inspections will help you maintain the property's integrity.
Tenant Compliance Tips
Be proactive about lease agreement enforcement. Make sure your rental agreement outlines the repercussions for breaching the rules. Violations could include:
- Late rent payments
- Unauthorized alterations
- Subletting
Enforcing the consequences will show renters you're serious about the contract.
Keep up with Georgia's landlord-tenant rules. Tracking new regulations will ensure you alter lease agreements accordingly. You'll have an easier time protecting yourself and your tenants.
Leverage Property Management Strategies
Consider partnering with a property management company for more tenant compliance tips. Leverage their expertise to handle disputes promptly and fairly.
Hiring a property management company will save you time and stress. They can engage renters and handle violations on your behalf.
You won't have to worry about enforcing lease terms alone. With help, you can find and retain great tenants to boost your profitability.
Ensure Effective Lease Enforcement
Proper lease enforcement can keep small problems from becoming major sources of stress. Apply these tenant compliance tips to ensure renters are following your lease terms. Remember, you can always ask for help from an experienced property manager.
Our team at PMI North Atlanta is committed to adding value to your investments. We have a strong track record of success and the awards to prove it.
Your local PMI property manager can handle lease agreement enforcement, evictions, and more. We can maximize your profitability. Contact us now for a free rental analysis.
