One of the most difficult parts about owning rental property is finding tenants – especially good ones. So, when a tenant contacts you and says that they have to break their lease and vacate the property before the term of the lease has expired, it can be somewhat stressful.
However, in order to help yourself alleviate this type of a situation, there are some things that you can do in order to ward off these incidents from occurring. In some cases, you can even help to ensure prevention in the way that you write your lease.
For example, when creating your initial lease agreement, you should state clearly what will occur if the tenant does end up breaking the lease’s terms. For instance, in this case, you can require that the tenant find someone else to take over the lease before they are free from their legal obligation of the agreement. In writing the lease this way, you can help to protect yourself from a financial standpoint, as well as from having a vacant unit.
It is also important to state in your lease that the agreement is a legally binding contract. Therefore, you should let the tenant know that you can take them to small claims court in order to obtain the lost rental amount. In many cases, this may be enough to stop a tenant from breaking a lease.
However, should the tenant end up breaking the lease and vacating the property without giving any notice at all, then you will typically be allowed to keep their security deposit. And, even though you may not be able to easily track them down, you could still pursue them and take them to small claims court to obtain the remaining rent that is lost. The better option in this case, however, is oftentimes to seek a new – and better paying – tenant.
When it comes to handling day to day tenant matters, it can often be beneficial to have a property manager on board. That way, you can make the most of your time doing other things, while at the same time still benefiting from your real estate investment. For more information on how to partner with a property manager, Contact Us.