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GUIDE TO PROPERTY MANAGEMENT

06 Feb
Leo Chrenko February 6, 2019 0
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I have learned a lot over the years when it comes to property management. Our guide to property management provides you with some great tips to help you better manage your properties.

Attracting You Tenants

  • Decide the rental rates of your property ahead of time
  • Make a rental ad that stands out and is unique
  • Take good pictures with a proper phone or camera of the property
  • Market the units online through local area sites or other sites
  • Make for rent signs to market in your local area
  • Have an open house or a showing to attract renters

Screening Your Tenants

  • Have them complete a phone questionnaire before you show the unit to them
  • Complete the showing of the unit
  • Follow up with those that show interest in the rental
  • Have those that are interested complete the rental application. Charge a fee if you wish to cover any costs you may have
  • Do a background, credit, and criminal check
  • Ask previous landlords about the tenants if the tenants have rented before
  • Get a landlord verification form from a previous landlord if they won’t answer over the phone about previous tenants
  • Makes decisions that are based upon your rental standards about tenants
  • If a tenant is accepted reach out to them to schedule their lease signing meeting and move-in date
  • If you decline them send a standard letter that indicates you declined them

See also: The Ultimate Guide To Tenant Screening

Orientation for New Tenants

  • Meet with the new tenants to complete the Lease Agreement.  The lease needs to be signed and initialed on each one of the pages.
  • Have them give you a security deposit, pay the first months rent, and sign a Utility Transfer Agreement.
  • After property walkthrough, they should sign a move-in inspection report and fill out emergency tenant contact information document.
  • They should sign a pet agreement if they have a pet.
  • Do not forget to provide them with property management contact information, in case they would like to reach you during their tenancy.
  • Give them the keys to the property.

Checklist for Office Processes

  • All tenant information should be added to the rental management system you use
  • All lease signing documents should have a copy made and then send these to tenants within one week
  • Create a new tenant file so you have one for each of them

Reaching Out to Your New Tenant

  • After one week, call the tenant to see how they are doing and if they have any issues with the property.
  • After three weeks send them a reminder about your rules and policy you have.

See also: Property Management: A Beginner’s Guide

How to Keep Tenants

  • Show appreciation for tenants that pay rent on time. You could have a contest and send out some small token of appreciation for long-standing tenants.
  • Create a work order when tenants call about issues and take care of the problem as quickly as you can.
  • Inspect units on a periodic basis to ensure things are working well and address any issues you find
  • Explain rules for rent collection and eviction and stick by these rules. Let tenants know how its handled so they can’t make excuses
  • Make template letters to send to tenants so you don’t waste time and tenants are informed quickly about issues

Moving Out

  • Fill out a form for moving out so you know what needs to be fixed in the property before you have new renters. Take pictures as you look through the property
  • Once things are looked at you need to access the normal wear and tear and charge what you feel is necessary, if anything to the tenant and subtract this from their security deposit
  • Mail security deposit to the tenant’s new address within 15 days
  • Once the property has been examined, get the property turned around for new renters
  • Clean the unit prior to new renters and have a go through before you rent it again
  • Once it’s ready again take a picture and put it up for rental once more

In Conclusion:

Sounds like a lot of work?

We are not your ordinary managers, we are your partners with a common goal: To maximize and safeguard your property. Get ready to experience first class property management at an affordable price. Because with Bolld Real Estate Management being a landlord has never been easier.

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