Protect Your Furnished Apartment Throughout Tenancies
Leasing out a furnished apartment is a good way to attract young professionals, but you’ll also want to ensure that you protect the interests of your apartment by clearly stipulating terms of the agreement. Like any venture, leasing out a furnished apartment comes with its own set of risks, but experienced landlords find ways to protect themselves from potential problems. This guide aims to help landlords protect their furnished apartment interests in the long run.
Screen Your Prospective Tenant’s Background
A furnished apartment is quite an investment for any landlord because you’ve likely spent thousands of dollars to spruce it up for potential tenants. The last thing you want is a tenant with a poor track record in your furnished apartment, so your best option is to properly screen them before signing on the dotted line. If you’re working with an experienced property manager they will typically conduct an exhaustive investigation of the prospective tenant’s past, which may include getting in touch with previous landlords or the previous managing agent. A background screening investigation includes the following details:
Working history
Rental history
Credit checks
Criminal records
Bank statements
Referrals
A thorough screening from the managing real estate agency will give you enough insight into determining whether the tenant will keep your furnished apartment in good condition or not.
Draw Up A Specific Furniture Checklist As Part Of Your Property Condition Report
A property condition report is a vital part of your tenancy contract because it details out every aspect of your home before the tenant moves in. This is your chance to detail the condition of your furniture and number of furniture items before the contract starts so that you and your tenant have a clear understanding of every listed article inside. A written condition report will cover details like existing blemishes on furnishings to help you determine that no major damage has taken place during the tenancy. For instance, if a large chip is visibly noticeable in your bed (that wasn’t there previously) after the tenancy, you may be able to hold a part of your tenant’s deposit to cover the cost of repairs. But you must keep in mind that general wear and tear is part of any tenancy, so you cannot hold a tenant responsible for things like seat indentations in sofas and faded wood polish.
Organise For Quarterly Inspections
One of the best ways to protect the interests of your furnished apartment is to organise for quarterly inspections, so you have a clear idea of how the tenant is maintaining it over the course of the tenancy. This is a good way to help you maintain your peace of mind while allowing you to make recommendations if you think that something is amiss. These quarterly inspections help you put your best foot forward because tenants will be cognisant of your arrival and will keep the apartment in good condition throughout the lease agreement. You will also have the opportunity to inspect the home after the tenant leaves to assess your furniture for damage.
Protecting your furnished apartment interests requires some careful planning to help you enjoy a good relationship with your tenant.