Every relationship has phases. Some are longer than others, and occasionally, you might wish that you could bypass a phase or two. When it comes to the landlord-tenant relationship, there are four key phases that can lead to a successful renting experience.
Of course, each phase is subject to its own challenges and solutions, which is why we wanted to give you a quick guide as you begin to explore the world of real estate investing and cash offers for rental properties.
Phase 1. The First Walk-through
The first phase of the landlord-tenant relationship is the initial walk-through. During this stage, landlords and renters will both focus on making a good impression. The landlord should take the lead by opening up clear communications with a prospective tenant. In return, tenants will want to asses the landlord’s communication style. Is it clear, effective, and open? Can the landlord be relied on to answer questions and respond quickly?
As landlords complete the first walkthrough, they should also take a moment to assess how the tenant has behaved. Was the tenant professional? Did the tenant take notes? Did the tenant allude to any potential red flags on their application? By the end of the first walk-through, both the landlord and the tenant should have a good idea if the relationship is off to a good start.
Phase 2. The Application
As part of the application, landlords should ask for proof of income and at least three references. The landlord should also receive permission to run a credit check and if applicable a background check. The tenant should take the time needed to carefully fill out all aspects of the rental application.
As a general rule of thumb, they should have all of their documents ready before they begin phase one. Competitive markets will see multiple applications, which is why it is vital that tenants have their documents prepared, finances in order, and make a great first impression during phase one.
Phase 3. Moving In
Landlords should take time-date-stamped photos before a tenant moves in. These photos will be used to compare the state of the property at move-in, to its final state upon move out. During the move-in process, the tenant should alert the landlord of any potential damages or issues.
Whether it is a broken light bulb or a dent in a door, the key to a successful move in and subsequent landlord-tenant relationship is communication. With this in mind, landlords should clearly communicate regarding rents, their expectations of a good tenant, and their role in maintaining the property and completing repairs.
Phase 4. Moving Out
As a general rule of thumb, most landlords prefer to avoid high turnover. However, in the “renting game” it is inevitable that people will move in and out of properties. The key is once again communication. Tenants typically need to give between 30 – 60 days notice regarding their lease renewal.
Landlords should use this time to prepare the property for future tenants. In some cases, landlords might be forced to evict tenants. In the latter instance, it is important that landlords carefully follow the rules and regulations associated with an eviction. Unfortunately, one too many bad tenants can make landlords want to sell their homes quickly for cash offers.
The Landlord-Tenant Relationship Can Often Lead to a for Sale Sign
Whether a landlord has successfully rented properties for years, has had trouble with high turnover rates, or has had to evict a tenant due to property damage, most rental properties end up with a for sale sign in their front yard.
If you are tired of jumping through hoops as a landlord and want to sell your home quickly, then you should consider turning to HomeGo for a fast sale. HomeGo purchases homes in any condition, including properties damaged by trouble-making tenants. Contact a HomeGo representative today to sell your rental property with confidence.