Indiana has seen nearly 73,000 eviction filings over the past year.
If you're an Indianapolis landlord, you never want to have to evict one of your tenants. That being said, when your investment property is being put at risk, you have to take action.
There are several ways landlords can mitigate risk to their investments and lower stress levels. Tenant screening is a very important part of the process and you should always collect a security deposit for insurance against poor behavior. What's even more important, however, is lease enforcement.
When you write up a lease agreement, it's important to cover all your bases. Keep reading and learn how good lease management can make your life easier.
Lease Enforcement Explained
All landlords need to create a lease agreement before inviting tenants into their property. A lease agreement outlines the various rules you want your tenants to live by. It includes information about rent payments, property maintenance, utilities, and more specific rules unique to your rental.
Having a tenant sign this legal document makes it so that both parties know what to expect from one another. As a landlord, you should be able to turn to the lease agreement to settle any issue that might arise with a tenant. That's where lease enforcement comes into play.
Why You Need to Enforce a Lease
With proper tenant screening, you should be able to find a quality renter who understands and abides by your lease agreement. Of course, there are never any guarantees that a tenant won't violate your lease.
When this happens, you'll need to enforce the terms of the lease to ensure the tenant doesn't do anything egregious. If you fail to enforce your lease, the tenant's actions could start to spiral and hurt your investment property.
Handling Lease Violations
So, how do you handle lease violations?
Every landlord and/or property manager has a unique approach to lease violation. It might involve sending the tenant a letter informing them of the violation and how to rectify the situation.
For something like late rent payments, your lease might mention late penalties. Enforcing the lease will involve collecting the late fees from the tenant.
In the worst scenarios, where the tenant is refusing to abide by the terms of the lease, you may need to file an eviction. In Indiana, you send a particular notice informing them of your intention to evict them if they don't fix the situation.
Nonpayment of rent is served with a 10-day notice to pay or quit. Other lease violations are served with a cure or quit notice, which gives them a reasonable amount of time to fix the violation.
How Property Management Helps
Lease enforcement is an important aspect of being an Indianapolis landlord. That being said, many landlords find tension in enforcing a lease agreement. If this is the case with you, it might be time to hire property management to help.
PMI Meridian Management is a full-service property management company that can help you with everything from tenant screening to lease enforcement, and more. Contact us today to find out more about lease enforcement and how we can help your rental property thrive.
