While rental property management isn’t exactly rocket science, the truth remains that it is not always as simple as you might think. With years of experience and trial and error, the top property management companies know what works and what doesn’t — and what critical mistakes to avoid. Here are just a few:
Opting Out Of Rental Applications
Tenant screening — especially in its earliest stages — is a must. Once a tenant has signed a lease, the residential property management company and tenant are more or less stuck with each other for the term of that contract or agreement. Of course, you are able to evict tenants if necessary, but there will be a lot of legal legwork to do and it’s not easy. Save yourself the trouble by adequately and thoroughly screening new tenants. Know what is and isn’t permissible (and, for that matter, legal) to ask on the application. It is perfectly within rental property management’s rights to request social security numbers, credit history, and employment and income information.
Being Too Rigid Or Too Flexible
There is a fine line between being too rigid and too flexible when it comes to the tenant-property management relationship. To start, let’s talk about rent. Many industry experts agree that it can be too much to expect the rent on the first of the month, every month. Tenants may get paid on the last day of the month, the first day of the month, or even a few days after. Giving tenants about three days to a week of wiggle room is generally viewed as a good thing. Allowing more time without penalty or any kind of late fee, on the other hand, may simply cause problems.
Successful leasing and renting often entails treading very carefully — and that means carefully screening applications before letting them sign a lease and striking the right balance about policies and payments once they have. Get more info here. Helpful links.
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