A Complete Guide on Property Management

 

Property management has earned a bad reputation in the market due to its wrong implementation of policies. However, you can become a better property manager when you understand how to avoid some of the most common mistakes and learn tips to retain your tenants. We know that you have a line of responsibilities that you need to attend to; the secret to success is finding the right balance.


Essential Tips for the Property Managers to Keep Their Tenants Happy

 

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Property Managers are aware that replacing tenants regularly can be costly. It includes outstanding expenses such as admin fees, check-out and check-in costs, inventories, void period, and fees for the letting agent. If you find a tenant who will take good care of your rental property, you have to keep them happy and encourage them to stay. Here are some essential tips that property managers should keep in mind to keep their tenants happy and increase the retention of tenants.

 

Provide Them with the Necessary Tools

 

During the start of their tenancy, you should highlight your tenant's expectations. Does the contract constitute a clause that pertains to noise reduction that they need to keep on their mind? Or perhaps they need to undertake maintenance, such as taking care of the garden. Your rental property is also different from the other properties, so make sure that you walk them through your property first and provide them with practical information. A good property management company should offer them guidelines on how electric, gas meter, or boiler systems work. By providing them with the necessary information during the tenancy, you will feel more confident that they can take care of your property.

 

Never Get Too Friendly

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Every month, you can give your tenant a courtesy call to check how they are doing on your property. It is also an opportunity for them to ask you questions regarding your property. However, avoid being too friendly and make sure to keep a distance. While some property managers like to visit their tenants regularly to check their property, some tenants will feel like they are being harassed. Tenants treat your property as their home that they want to enjoy, and they don't want to live under constant pressure from their property manager.

 

Address Their Concerns Fast

 

Whenever possible, you should respond to the e-mail and call of your tenant quickly. Though you are not expected to provide an immediate solution to their concern, a short response on your part will assure them that you were able to receive their message. Property management companies claim this is essential so your tenant will not feel ignored or neglected.

 

Allow Pets

 Guide on Property Management

Property managers usually are concerned that the pets might damage their rental property. The cost that comes with replacing carpet at the end of their tenancy is a thing that you need to think about. However, if you allow their pets, they will think twice before leaving your rental property since not many rental properties allow pets.

 

Local property management companies know that having a long-term relationship with a reliable tenant is essential. After you find a trustworthy tenant, you need to make sure that they stay happy during the duration of their tenancy. It will encourage them to stay on your rental property.

 

 

What to Do if Your Tenant Has A Dog in Violation of Your Lease?

 

Pets can lead to different issues and concerns for the property managers. Some of the common complaints that you might receive from the other tenants will include vicious animals, loud barking, and pet odors. As the property manager or landlord, you should be responsible for dealing with this issue. Although most of us love these four-legged creatures, the other tenants may not want them in the rental unit. If your rental agreement includes a clause prohibiting pets, you need to inform your tenant that they are violating the lease and take appropriate actions.

 

What Can Property Managers Do If the Tenant Sneak Their Pet in Their Rental Property?

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If your lease does not allow dogs or cats, it may look that sneaking your dog may be worth all the risk, especially if the property management does not regularly visit the property. Unfortunately, this may lead to severe problems such as the issues we will mention below.

 

Fines

 

Property managers can impose fines on tenants who sneak their furry friends without their approval. The penalties that the landlord can charge to their tenant will depend on the number of pets. In addition, some landlords will charge you depending on the day that the pet lives on the property. However, you can only charge your tenant if the fine is covered on the lease. If the amount of penalty is not stated on your lease, the tenants have the right to file a claim in the civil court to recover the cost.

 

Pet Removal

 

If your lease does not contain a pet clause, it does not necessarily mean that the tenant can bring a pet in without permission from the property management. The landlords still have the legal right to remove the pets from their rental property. In some cases, the tenant will be asked to move out of the house should they choose to keep the dog. Once they decide to move during your lease period, they might have to pay fines and penalties, or you may go through an arrangement that will allow them to terminate the agreement.

 

Eviction

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Some property managers will choose to work it out with their tenants once they find out that they have broken the lease agreement. However, many landlords will choose to evict their tenants once they find out they are sneaking their dogs into the rental property. If you decide to evict your tenant, you may charge them for the remainder of their payment.

 

Finally, you can also talk to your tenant and add a pet to your rental property the right way. Most property managers will allow pets' inclusion, especially if they are on good terms with them. If you agree to this term, make sure it is in writing. You may also add a clause that pertains to the weight limitation and pet rent that you can use to cover the damages caused by their pets.

 

Common Mistakes Property Managers Make When Renting Property

 

Property management is not as daunting as it may seem. However, it still takes some experience and knowledge to become a successful landlord. If you are someone who can learn from the mistakes of others, then this article will provide you with great help. Even those landlords who think they know enough about managing rental properties will realize that there is still an area that needs some improvement. Listed here are some of the most common mistakes that often occur in your property management practices.

 

Neglecting the Marketing Process

 

Your property will not attract tenants if you have no idea how to market it. Property Managers need to ensure that their property is included on the property listing if they want it to be noticed. There is a considerable amount of property listing on the market, and you need to educate yourself on how to create a good listing to attract good tenants. All small details count, such as quality photos, good title, and comprehensive description. Think about the title carefully; you need to make sure that it highlights the advantages of your property. When adding the description of your property, add only the accurate and up-to-date information.

 

Underestimating the Expenses

 Guide on Property Management

The property managers are legally responsible for keeping their property in perfect condition. You should never forget about the maintenance expenses. An accident that can occur on your property due to poor maintenance can lead to expensive legal claims. Maintenance is an integral part of the rental process. Ensure that you will allot a portion of the income to cover the maintenance. In most instances, things on your property can suddenly get broken. You are obliged to make repairs and fixes in a limited time frame. You may also need to apply for a landlord insurance.

 

Assuming That There Is No Void Period

 

If you apply for a loan to purchase the rental property, you need to evaluate whether you can pay the mortgage during the void period. You need to consider things that will increase the possibility of renting your property fast, such as being flexible on your rental rates and lifting your pet policy to widen your reach. You can also liberalize the tenant screening process or soften your property management policy.

 

Treating the Property as Your Home

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Beginners in the rental industry usually commit this mistake. They typically treat their rental property as their residential property and often create decisions based on their personal preference. Although some property managers will find it hard to change their perspective, this is still a must. You might be crazy about red carpets and yellow walls, but there is a possibility that your future tenants may not prefer it. Decorate your rental property in a way that will meet the preference and tastes of your prospected tenants. Opting for classic furniture and neutral color will increase the possibility of finding a tenant fast.

 

Take advantage of the tips we provided and increase the revenue of your rental property. Knowing the common mistakes that property managers will commit will help you avoid them.

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