3 of the Most Common Tenant Complaints (And How to Address Them)
Sunday, January 21, 2018When working in local property management, whether using a property management company or managing the property yourself as the owner you have to deal with tenants, as well as any issues they may have. Some of these problems may be easy fixes, while others may be a little bit harder to problem solve.
When it comes to handling rental management tenant problems, there are different ways to handle each individual issue. Let's take a look at a few of the most common tenant complaints and how to handle each one.
Condition Complaints after Move-inIt is very important for you as the landlord to record the condition of the property right before the new qualified tenant moves into the property. It is also important to educate the tenant that their initial report on the property at move in may be maintenance that will be taken care of for them or it may be statement of condition items that will be recorded so as not to charge this tenant at move out. This can lead to tension right at the start of the lease if not handled correctly.
So what can you do about these complaints? Make sure you have good records on the condition of the property, photos and video. Educate the tenant at the lease closing that they are welcome to go through the property and record items they would like for the landlord to have in their records but that all items may not be considered maintenance that needs repair. By letting the tenant know this in advance can help start the landlord/tenant relationship in a positive way.
Maintenance IssuesMaintenance problems are the most common form of a complaint from tenants when they're looking for property for rent. To ensure these complaints are handled in a timely fashion and that work orders are assigned appropriately, it's crucial to create a formal system for submitting maintenance requests. Fortunately, property management tools have improved greatly in recent years, and most tenants will be happy to file complaints online. Once they file the request, it's essential that you respond to the issue as soon as possible. Give your tenants a specific time frame in which the issue should be resolved. If you decide to, follow up with the tenant a few days later to make sure that the issue was resolved to their satisfaction.
Communication IssuesFor successful property management, you need strong communication skills with all of your tenants. You and your team need to be willing to answer any questions your tenants may have and have an answer ready for them, no matter the hour or time of day. You need to make sure someone is at your tenant's disposal in case of a late-night emergency. Of course, no single person can be on call 24/7, so you need a plan for communicating with tenants around the clock.
Dealing with tenant issues in terms of property management can be difficult, but as long as you have an open line of communication, are willing to go out of your way to make adjustments if necessary, and show them you care, your tenants will love living under your roof. About 63% of non-homeowners felt that 2017 was a good year to buy a home, so if they love renting under you, they may love buying under you as well.
3 Things You Can Do to Become a Successful Property Manager
Friday, December 8, 2017
Property management is the perfect position for you if you love real estate, enjoy working directly with clients, and have always wanted to help people find the home of their dreams. It's a great way to meet new people and to become more familiar with different communities in your area. Tenants are always asking people for help in finding a property management company.
While being a property manager can be a fun job, there's also a lot to do to make sure that you're successful in this growing career. Let's take a look at a few ways in which you can become a successful property manager.
Become a "People Person"
As a property manager, you're going to be dealing with a lot of different people from all walks of life. It's important that the tenants you are dealing with like you, respect you, and can trust you. In order to become a "people person," it's important that you learn how to communicate, listen, be sensitive, and treat tenants with respect -- even if they aren't always giving that same respect back to you. By taking these steps, people will want to work with you and share your name with others who need help finding a property management company.
Be Professional, Be Organized
Another way to be a successful property manager is to make sure that you are staying organized at all times. When you have new or existing tenants, you want to make sure that you are friendly. However, it's extremely to important to make sure that you understand the difference between being friendly and being a friend. You don't want to be too buddy-buddy with your tenants, as they may feel like they can walk all over you or get you to do things because of your relationship. You also want to stay highly organized in case a tenant has a question about something in their lease or a problem in their unit. Work requests and outstanding tickets can quickly pile up in this line of work, so it's important to have a system beyond digging around for paperwork.
Have a Great Attitude
No one wants to deal with someone who is grumpy when looking for houses for rent. If you want your tenants to know that you're serious about your relationship and that you really want to do everything you can to make them happy, then the attitude you display is key. About 27% of Americans feel that real estate is an excellent investment, but the relationships you cultivate are extremely important in this industry. While your mood and stress levels may not always be great, your attitude should be.
Having a great attitude, making sure you're organized, and being a people person are all to become a successful property manager. If you have property for rent or are looking to get into home rental property management, you can do so by following the tips listed above. There are always people out there looking for help in finding a property management company, which is why this industry can offer a promising career for those with the right skills.
How to Have a Good Relationship with Your Tenant
Monday, October 30, 2017
As a property manager, it is extremely important to keep your tenant happy. Your tenant is the one who is responsible for keeping your property intact and paying you money to rent out your space.
This is not about catering to the tenants, this is about a positive relationship encouraging the tenant to stay year after year. Tenants can choose their landlords just like they choose their rental home. In order to keep a good, healthy relationship with your tenant, there are a few things you can do as a rental management service. Let's take a look at a few of them.
Be Open from the Beginning
If you're upfront and willing to discuss any issues that your tenant might have, they will definitely be happy. Before they even sign their lease, take a moment to go over every single detail with them. Doing this will prevent them from running into any surprises later on. It's also important to only make promises that you can actually keep. If you tell your tenant that you're going to get them a new stove, you need to get them a new stove. This will all help you when you have potential tenants who are looking for houses for rent. They will know you stand by your word and that you are honest.
You may have your own set of rules for your tenants. This could include no painting of the walls, no hanging things up with nails, and no smoking. However, if you intend to have your tenant stay long-term, it might be a good idea to see if you can amend your lease allowing the tenant to make the rental property their home. Doing this will keep your tenant happy and give them a reason to stay when presented with other options of houses for rent.
Respect the Privacy of Your Tenant
One easy way to build a good relationship with your tenant is by respecting their privacy. It's understandable that you may have to make some visits to their residence, but if you let them know in advance so they can expect you, you won't be risking them thinking you're entering whenever you want.
As a property owner, it's very important to be honest and to have an open communication policy. Tenants love to have someone they can trust, come to with issues related to the property for rent, and who won't break promises.
About 63% of non-homeowners said they believed that 2017 was a good year to buy a home, but many Americans are still choosing to rent. If you withhold a good name in terms of property management, and if past tenants refer you as a local property management expert when someone they know is looking to rent a home, your chances of leasing out your houses for rent will be much higher.
5 Common Mistakes First-Time Home Investors Make – And How You Can Avoid Them
Monday, March 27, 2017
In any market, successfully navigating through the complicated world of real estate investing can be a daunting task for first-time investors. Although purchasing an investment home is an excellent way to add value to your portfolio, it’s crucial to avoid the five most common mistakes first-time home investors make before signing on the dotted line. Don’t commit to a property and risk losing money until you ask yourself:
- Am I ready to be a landlord?
If you think being a landlord simply involves buying a property, collecting rent, and banking your monthly profits, think again. As seasoned landlords know, dealing with tenants often requires flexibility and a willingness to communicate at inconvenient times. You should also be prepared for worst-case scenarios like emergencies, police interactions, and missed rent payments.
- Do I have enough cash for the investment?
Make sure you have a good credit rating, plenty of money for an appropriate down payment, and the means to pay the mortgage in the event of unforeseen circumstances. Since mortgage insurance won’t cover investment properties, you need at least 20% down to secure traditional financing.
- Where should I buy my investment home?
Before you commit to a property, do your homework. Aside from the location and rental rate for the area, research the quality of the neighborhood and its school system, property taxes, and crime rates. Other important factors to investigate include the job market, available amenities (e.g. nearby parks, gyms, malls, movie theaters, etc.) and the number of listings and vacancies.
- Have I prepared for the unexpected?
Depending on the location and type of property, you may get hit with unexpected costs. For example, if the home is part of an HOA (Home Owners Association) in an area prone to natural disasters, you could be charged an assessment for roof repairs in the aftermath of a hurricane. A good rule-of-thumb for cash flow is to take the average rent for the neighborhood and subtract your monthly mortgage payment, property taxes (divide by 12 months), and insurance costs (divide by 12 months). From there, add a generous allowance.
- Have I done my homework to make sure the property is worth investing in?
Generally, the best investment property for a beginner is a residential, single-family dwelling or a condominium. Condos tend to be low-maintenance since the condo association typically handles external repairs. On the flip side, they usually come with lower rental rates. Single family homes attract longer-term tenants and higher rentals but require more maintenance. Either way, be sure to obtain accurate information about the length and scope of any repairs needed to make your investment home an attractive, comfortable place to live.
Don’t let your investment home become a money pit. Now that you know the 5 most common mistakes first-time home investors make and how to avoid them, you’re on your way to becoming a successful rookie investor and landlord.