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Tip #284: No News is Good News?

 A common landlord mistake is to believe that as long as the rent keeps coming, all if well in your rental business. If this is your mantra, think again!

Failure to pay rent is not the only rental problem that you need to monitor. Tenants who are paying rent could also be manufacturing drugs, running an illegal daycare, hoarding pets or any other inventive way of wrecking your rental property.

Unfortunately, the only way to make sure your business is running smoothly is to check in regularly with the tenant. If every other month seems intrusive, adjust the schedule, but don’t wait unit the end of the lease term — or until the police call — to find out what’s been going on at the property.

Devise a property inspection schedule and include it in the lease so tenants know that it’s coming. That can deter damage, and crime. Also, remember to notify the tenant a day or so ahead of time so you don’t break any rules.

See last week’s Landlord Quick Tip.

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