"Tenant in custody after argument and shooting at Knoxville apartment." 6 News On Your Side posted this story after police responded to a landlord/tenant dispute. Chances are this escalated from a lease agreement breach.
It is the last outcome you want as a property owner, but one you can avoid using lease compliance services. Non-compliance lease issues include failure to pay rent, excessive noise, and illegal activity.
Unfortunately, sometimes, eviction is unavoidable despite your best efforts to resolve them. It can be costly, depending on legal fees. You'll also lose rental income during the eviction process.
Using lease compliance services can help save you money and the hassle of dealing with bad tenants. It ensures landlords and tenants meet their legal obligations. We outline some essential ones that simplify property management and give you peace of mind.
1. Lease Auditing Services
Lease auditing analyzes and verifies lease terms, payments, and charges. It ensures landlords meet their contractual obligations and follow applicable accounting standards. Regular lease audits help:
- Identify billing inaccuracies
- Optimize property performance
- Ensure regulatory and legal compliance
Identifying issues in these areas before they become major problems can result in cost savings for property managers.
2. Tenant Screening and Verification
Auditing is one of many lease compliance services that can save you money. Tenant screening is another. It will help you choose the best rental candidate for your property.
It allows you to review an applicant's:
- Rental history report
- Credit report
- Criminal background check
A thorough screening process can help you avoid lease violations such as non-payment of rent.
3. Lease Administration Services
After choosing the best applicant, lease agreement enforcement can ensure a smooth tenancy. It's one of the many functions of lease administration, which also include:
- Contract and compliance management
- Document and data management
- Lease data reporting and analytics
- Regular property inspections
Lease administration can reduce the likelihood of disputes and other lease agreement issues.
4. Compliance Training and Education
Effective lease administration can be complex, requiring relevant training to ensure accuracy and the best results. Training should be a key factor when hiring a property management company. You'll want a company that prioritizes continuous professional development to ensure they:
- Better understand your needs
- Improve tenant retention and satisfaction
- Know the key risk areas of lease agreements
They should also be knowledgeable about property lease regulations and tenant compliance solutions.
5. Legal Support and Consultation
Legal support and consultation are specialized areas that ensure your lease agreement is fair and adheres to local and state laws. Access to this expertise is crucial if there are lease compliance issues. Property management companies with this expertise will help you better understand Tennessee's Uniform Landlord Tenant Act.
Lease Compliance Services That Simplifies Property Management and Protects Your Investment
Lease compliance services can help you save money by avoiding tenant issues, including eviction proceedings. It provides essential services including tenant screening, lease auditing, and administrative services. It can also give you access to legal support and a highly trained property management team.
However, you can only enjoy these benefits by hiring a reputable property management company. PMI Knoxville is a full-service real estate asset management company. We provide comprehensive services that go beyond simple property management tips.
Our state-of-the-art technology allows us to maximize your profitability while protecting your investment. Contact us to learn more.
