Property & The Cayman Islands – Residential Edition
Edition 2 – Tips for Landlords when renting
As a landlord, managing all aspects of renting property can be laborious. We have gathered some tips from the PLUM team which will assist with ensuring this process is as smooth as possible, and that a good landlord and tenant relationship is maintained;
Who are your tenants?
You should ensure that you gather some information on your tenant and their financial situation by obtaining references and additional information by way of a tenant application. References are a great source of information when deciding on a tenant (references from employers and previous landlords) – screening potential tenants can assist with avoiding any potential problems such as missed or late payments, the tendency to attract unwanted guests, or potential to not take care of your investment.
Have a written agreement
Having a written agreement in place no matter the tenancy’s length of term, allows both parties to have the conditions of the relationship documented clearly. This sets expectations from the start and it is easier for each party to refer back to what they signed up for. An agreement should outline all of the terms agreed upon such as rental payments, term length, notice period and landlord & tenant obligations.
Retrieve a security deposit
No matter how diligent you are, you can never be certain that tenants will not fail to pay their rent or cause any damage to your property. Therefore, it is vital to have a backup in place in the form of a security deposit to make sure you don’t suffer a loss in any unfortunate circumstances. Additionally, we recommend that you keep a record of the property’s condition at the beginning of the tenancy by way of an inventory (photographs are important), in comparison to the end, which should be approved by the tenant at the start of the lease and reviewed by yourself before returning the deposit.
Make necessary repairs
Whilst the tenants have their obligations, so does the landlord. To eradicate any situations in which you are not providing a habitable space, ensure any necessary repairs are completed prior to the tenancy as well as being tentative to the tenant’s reasonable requests throughout. This will maintain a good landlord tenant relationship and increase the longevity of the property.
Why do I need a property manager?
Many landlords opt to have a property manager take care of their investment properties, or second homes, as they may not have the capacity to deal with the management themselves. Having the PLUM team on board would mean you have professional property advisors to deal with all aspects of managing the property. This would include repairs and maintenance advice from determining issues, obtaining quotations from trusted contractors, through to ensuring projects are completed to a high standard. We would also assist with maximizing the return on your investment and undertaking any difficult negotiations with your tenant on your behalf.
For any investment properties, by having PLUM on board, you will see returns come in each month without taking on any stress of managing the property yourself. For second homes, by having PLUM on board, you can rest easy knowing that your property is in the care of a team of fully qualified property professionals – we can provide great references from our current clients.
For advice about renting your property, or if you need help with rental management. Contact us now at firstname.lastname@example.org or call us on +1 (345) 916-6204.
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