Managing property isn’t as easy as you’d think—there are a lot of things even the best landlords forget. Keep your business running smoothly by keeping these ten tips in mind.
1. The Golden Rule
We’ll start with the basics: treat tenants how you’d want to be treated—with the utmost respect. Whether it’s a rent delay or consistent complaints, responding with respect can be a challenge. A great way to deal with repetitive requests is to learn what makes your tenants tick and work proactively to solve those problems. Communicate clearly and empathetically with everyone to work through each problem.
2. Keep your promises
If you say it’ll be fixed on Tuesday, fix it on Tuesday. This means properly resourcing. Make sure you have a trustworthy resource that will fix it right the first time. Roto-Rooter is always available 24/7 for plumbing, water excavation and maintenance. Simply call 1-800-GET-ROTO.
3. Be picky
It’s easy to accept prospective tenants because you need the income, but some tenants turn out to be terrible. If one person presents a plethora of issues or demands early, it could be a sign of an unruly resident. Review your rent procedures and background-checking services and reference the latest guidelines from the U.S. Department of Housing and Urban Development.
4. Make it pretty
You can keep your property in tip-top shape by keeping up with ongoing problems and working to prevent new ones. Swift repairs and preventative maintenance by qualified professionals like Roto-Rooter can save you a lot of money in the long run.
5. It’s all business
Make sure you are running your property like a business. Using a move-in/move-out report will minimize problems before they happen. Include your house rules as part of the leasing process and be clear about your expectations.
6. Prepare your personnel
When onboarding a new employee, an orientation booklet and training can be imperative to getting the right result. Ideally, you should incorporate this into the interview process. One of the most common complaints in apartment management is often directed toward one specific employee.
7. Work the floor
If you can’t work the floor, you can’t manage the floor. Staying present on the premises and being involved in day-to-day activities can go a long way in understanding your property. Speak regularly with employees, contractors and tenants to stay aware of everything.
8. Write it down
Make sure to get everything in writing. A written lease or a month-to-month rental agreement will record important matters, including tenant complaints and repairs as well as the notices you’ll need to give to enter a tenant’s apartment.
9. Safety first
Make sure your property is secure. There are a few things you can do to deter criminals from picking on your property. Some easy steps include ensuring ample amounts of lighting as well as maintaining a trimmed landscape.
10. Be transparent
If there are environmental hazards such as lead or mold on the property, make sure to tell your tenants. Landlords are liable for many tenant health issues, especially those resulting from exposure to toxins. Your residents will appreciate your honesty.