Apr
25

Do You Have Nightmare Renters in Your Chicago Real Estate?

April 25, 2011

key to chicago real estateAn ounce of prevention is worth a pound or cure, especially if you are renting Chicago real estate.  Make sure that you have covered yourself in the event that your renters try to take advantage of you. Sam Tamkin, guest author at the

Equifax Personal Finance Blog, warns of tenants who don’t know how to perform simple home maintenance, tenants who are uncooperative and tenants who cause significant damage to your home. Where’s your protection? In the lease!

Tamkin’s recent article, “

Real Estate Investing: How to Handle Nightmare Tenants,”recommends that you get permission from potential renters to check credit reports and scores. Interview potential tenants personally, too, so you’ll know a little about who will be renting your property.

Consider including a provision in your lease that holds the tenants responsible for simple home maintenance.  Have you ever gotten a call in the middle of the night about smoke detector batteries, or a clogged toilet? Tamkin says you can eliminate these inconvenient calls charging service fees when renters call you for unnecessary visits to the home.

Damage deposits help to cover the case of significant damage to the home. Make sure to get a pet deposit.  Even if a tenant assures you the pet won’t cause any problems, you’ll want to charge a hefty fee anyway. Pets’ behavior can change when they move, when they get sick or when things just are going their way. Your carpet or hardwood floors may pay a price that damage deposit can cover.

In other cases, Tamkin says problems with your tenants may boil down to a need for increased communication. Tenants who seem uncooperative – perhaps in meeting scheduled appointments for home maintenance – may have conflicts in their personal schedules that can be worked out. If you have problems, they probably do, too, so be sure to listen.

For more tips from Tamkin, visit the

Equifax Personal Finance Blog. You may have a “nightmare tenant” story you want to share, too!

About The Author

Read All Stories By Carol Morgan

Carol Flammer is a public relations and social media marketing expert, strategist and consultant. With 20 years of experience, Carol has established herself as the “go to” for real estate and construction products public relations and social media. Carol is president of Flammer Relations, Inc., and managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Atlanta and Chicago.

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