The way tenant problems are solved can make or break a successful investment. The best way is to prevent them before they ever happen. Here are a few of the common ways professional property management can be proactive to create an environment with tenants that give you the highest return on your investment.
Incidentally, the most common concern faced by tenants is also the most costly. Damages or the lack of maintenance on the property can quickly eat into your equity. The one secret on how to avoid major damages is to first recognize that the most severe problems start out merely as minor problems that go unnoticed or unattended. Maintenance issues need to be addressed as soon as possible. Rental home owners must provide the tenants with the facilities that they promised and tenants must take care of the property per the rental agreement.
Before allowing tenants to live in your property, you must get the rental agreement signed by them. It is essential to mention your terms and conditions in the contract. Once the tenants sign the deal, they cannot refuse to follow your terms and conditions without penalty or consequence. However, the terms and conditions should comply with property laws because state constitutions take precedence over conflicting terms in the contract.
Many professional property management companies don’t communicate all the terms and conditions in the beginning. Properly set your client’s expectations. Simple expectations like changing the air filter, or even knowing where the emergency water shut-off valve is can make the difference between a costly repair or not. Therefore, landlords should communicate not only the terms and conditions verbally, but also expectations for caring for the property.
Some tenants may irritate their landlords by indulging in conflicts with neighbors or other tenants. Some may have a knack for getting under your skin. The best solution is always to use honey and not vinegar. Keep calm and treat everyone with kindness. Remember that just like owners worry about tenants, tenants worry about owners or landlords too. It is in your best interest as an owner to treat all tenants with the utmost respect in providing the quiet enjoyment of their home. It will help you to address the problem effectively and obtain a positive outcome.
Sometimes it gets ugly. Let’s be honest. This is a rental business and there are just some people in this world that no matter how much kindness they are shown, will keep trying to take advantage of the situation. Property owners who do not want to deal with difficult tenants should hire an experienced property manager who knows when it is time to be firm. A qualified and experienced property manager not only deals with tenants but also helps you with the maintenance issues and rent collection.
Some tenants continue to irritate the property owners and managers without any solution in sight. When certain terms of a contract have been violated or a lease agreement expires, landlords can ask tenants to vacate the property with proper notices given within the specified time period as per the agreement and state laws. A notice that doesn’t go out on time can reset the clock and delay evictions.
Here are a couple of things to remember. Even if verbal notice is given, always accompany it with written notice just in case. When move-out day comes and a tenant decides not to vacate, you don’t want to be stuck with a bad tenant for another 30-60 days while notices need to be served. In some states, this can take much longer.
You can handle this as an owner. You can learn the time frames and the ins and outs of property management or you can hire professional property management that understands the time frames, how to set expectations, and how to avoid problems before they happen. You can have less worry in your life and a more secure investment without having to do any of the dirty work.