The Right Property Management Company and Your Tenant

Blog Post

Thousand Hills Realty

Whatever kind of property investments you are in, whether you own a single condo unit or an entire apartment complex, managing rental properties can be challenging. Dealing with tenants can be one of the especially difficult tasks to be handled. However, having good tenants is key to keeping your rental properties in good shape and occupied for the long term. The right property manager will help you maintain a good relationship with your tenants and can help in the long run to reduce vacancy rates significantly. To be a successful property manager, here are some of the best tenant management tips for you to check out.

Take the tenant screening process seriously

Implementing a strict screening process with tenants is one of the best ways that you can ensure that you're getting a high-quality tenant. You will begin by asking the tenant to fill out a rental application form. The details provided should show whether the applicant qualifies as a good potential tenant or not. The right property management company will follow preset guidelines to assess how well-qualified an applicant is, and if the application should be approved.

Have a detailed lease agreement

The right property manager handles the tenant management proficiently, making sure that the lease agreement has all of the complete details. While it is a legal document, it should explain what the tenants and landlord can and cannot do, and what to do if the tenant has violated the agreement. The lease should cover items such as parking, visiting hours of guests, property use, lawn maintenance, property alterations, pest control, pet clause, and subletting. It should also mention the consequences for tenants, should rent not be paid on time or if it is not paid at all.

Manage the rental property professionally

As a professional property manager, good interaction with your tenants is essential. Be sure to have an open line of communication with tenants, whether in person, by phone or through email, and make sure all communication is handled warmly and with respect. The tenant should understand that the property manager will handle and take seriously any different issues that may arise at the property. The tenant should also know that the property manager will enforce all terms of the lease, including rental property maintenance, collecting rent on time, and pursuing the eviction process, should tenants violate the lease agreement.

Have a clear procedure for collecting rent

The right property manager can help make rent collection for your rental property more manageable. There should be a transparent system in place to meet an effective rent collection each month. The tenants should be given clear instructions about when rent is due and how they may pay. Advise them of payment options such as via bank transfer or online payment.

Encourage the tenants to get renters insurance

If the rental property managed by a property manager has property insurance, every tenant should get their own renters insurance. When tenants have this, it will ensure that their belongings are protected. The renter's insurance will also offer extra liability protection for the property owner.

Respect the tenant's privacy

Every tenant always has a right to privacy at the time he/she moves to your rental property. You should not enter the house without permission. If you want to make some maintenance and repairs or conduct an inspection, be sure to give the tenants notice at least 24 hours ahead of time. Only during an emergency should you access the property without permission. Try to check local rental laws so you will know when a landlord can enter the property and how much notice must be given.

Strategize increase in rental prices

A property manager can quickly think of a reasonable way to increase the rent. This is usually done due to factors such as increases in maintenance costs or fair market value. However, before you decide to increase the rent, verify if there are any rent control laws in your state, and make decisions accordingly.

Deal with bad tenants quickly

Even after a thorough screening process, there's always a chance that you may end up with an irresponsible and troublesome tenant in your rental property. These are people that may play loud music late at night or get drunk and disobey rules. If you wait to deal with this type of tenant, they may end up driving away your good tenants. Be sure to act quickly to resolve the problem.

Handle evictions properly

While most people don't expect their tenants to be evicted, the property manager may be forced to evict a tenant when the lease agreement has been violated. The first thing to do is to understand the local laws concerning eviction proceedings. Following the eviction proceedings will protect you from unnecessary lawsuits.

If you hire the right property management company, they can help you select the best suited potential tenants. The quality tenants will most likely be respectful of the home they are renting, pay rent on time, follow the rules as outlined in their lease, and hopefully renew their lease when the time comes.

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