SAN JOSE − When it comes to managing a rental property, preventative maintenance is essential. In addition to maintaining the physical aspects of the property itself, however, an equally crucial part of preventative maintenance is handling non-physical aspects such as prequalifying tenants and composing rental agreements.
Prequalifying your tenants
If you’re planning to rent out a home or apartment, one of the most important steps you’ll need to take is to prequalify your tenants. This includes looking into a tenant’s rental history and verifying financial aspects like income and credit history. By meticulously vetting potential tenants, you’ll be able to better protect yourself and your property from unanticipated problems.
Composing your rental agreement
Make sure your agreement covers all aspects of the tenancy, from the monthly payment rate to tenant responsibilities such as reporting maintenance issues in a timely manner. Additionally, any particular expectations or areas of concern (like stipulations about cleanliness, pets or noise level) need to be included in the agreement. Of course, prior to occupancy, you’ll also want to go over the details of the rental agreement with your tenants and make sure your expectations are clearly laid out for them.