There are a few things you can do to protect yourself against damage to your property. Today, we’re discussing the importance of talking to your tenants before they move in, inspections, and what kind of information you need to have on the application.
Setting Expectations
Go over every detail with the tenant when you’re reviewing the lease. Tell them in writing what you want them to do. That might include changing light bulbs, air filters, fridge filters, and sprinkler heads. You also want to talk about what they shouldn’t touch, like the air conditioning and electrical systems. While you don’t want them working on those things, they should understand it’s critical to report all issues directly to you or your Phoenix property management company.
Conducting Inspections
Inspect the property right before you give the tenants the keys and again when they move out. Take pictures, and try to get a video as well. With a video, you can zoom in and get all the details. Then, you can look at the move in video and the move out video side by side. Nothing will escape your attention this way. You also want to conduct inspections during the course of the tenancy so you can catch problems early and notice any lease violations. If you notice a problem, don’t wait until the end of the lease and plan to take it out of the security deposit. You don’t want to do that, because you’ll end up eating away at the security deposit that you might need to pay for other damages at the end. Issue a 10 Day Notice to the tenants, and they will be obligated to fix the problem at their own expense. In Arizona, the maximum security deposit you can collect is the equivalent of 1.5 the rent. I encourage landlords to collect that much so there is always enough to pay for damage.
Collect Pertinent Information
Be prepared from the beginning. When the application comes in, make sure it contains all the information you may need at the end of the lease if you need to go to collections. That includes social security numbers, dates of birth, and bank account information so you can garnish wages if necessary.
Hopefully you will never have to worry about this because you’re doing a good job with your tenant screening. If you have any questions about property damages or property management in Phoenix, please contact us at Service Star Realty.
