Trusted Real Estate, Business and Asset Protection Attorneys

3 useful strategies for managing tenant property damage

On Behalf of | Oct 25, 2021 | Real Estate Transactions |

Ideally, agreements between landlords and tenants would always run smoothly, with tenants leaving the property as they found it at the end of their lease. However, this is frequently not the case.

It is not uncommon for lease agreements to be breached, leading to potentially severe financial consequences for both parties. One common dispute relates to property damage. Property damage can result in significant financial losses for a landlord, as they will likely have to carry out repairs before acquiring their next tenant. Outlined below are three useful strategies for managing tenant property damage.

Inspect the property before the lease commences

It may be extremely useful for you to conduct a thorough inspection of the property before a tenant moves in. This will give you an extensive idea of what sort of condition the dwelling is in. Consequently, in the event of property damage, you will have a more accurate understanding of the extent to which your assets have been harmed.

Set an appropriate security deposit

Having a security deposit in place can be a useful means of recuperating losses in the event of tenant property damage. This fee should be paid upfront before the tenant moves in, and should be measured against the value of the property and the potential costs of any repairs in the future.

Keep accurate records

If you plan to try and recuperate losses caused by tenant property damage, it can be beneficial to have accurate accounts. For example, all bills, quotes and estimates should be put aside for safekeeping. This will also show that you have taken great care to repair the damages in a way that is cost-effective, which could potentially bolster any legal claims in the future.

Understanding how to manage disputes as a landlord could be in your best interests. It is important to note that you have legal rights in Florida.