Screen Well and Don't Discriminate I believe you can eliminate 90% of your potential issues by setting high standards and screening applicants thoroughly. But in order to accomplish this, you must have a structured screening process that doesn’t discriminate against any of the protected classes. Have a rock-solid lease and stick to it If it’s not in writing, then it doesn’t count. Your ability to be successful inn property management is highly dependent on the strength and fairness of your lease. If you don’t use a written lease, then I want to encourage you to change your ways. Even if you only want to do a month-to-month arrangement, it should still be in writing. Be fair, honest, and make timely repairs .Whether you operate a maid service, build homes, run a law firm, or make the best gluten-free bread on the planet – every successful business knows that quality and trust are the cornerstones of customer satisfaction. As a property manager, if I am fair, honest, and make timely repairs, I will be able to retain residents for longer periods of time, and be able to command more rent for my rentals. It’s really that simple. Only withhold the deposit for actual, itemized damages Occasionally, something bad will happen. Perhaps it’s a tenant who fails to give proper notice of leaving, or maybe he abandons the lease completely, leaving you with 2 month’s of unpaid rent. It’s so important that you only withhold the deposit for actual, itemized damages (material or financial). This can be rent, late fees, or the cost to make repairs to excessive damages. You can’t withhold a deposit just because you are mad, or because the tenant found a loophole in your lease. You need to be able to prove the damages with receipts or a contract/lease.
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