First of all, how trusting are you willing to be of whomever you rent to? If you have a high trust level, then you can't afford to not be picky. In today's economic world, there are more and more folks looking to rent, for a various number of reasons. One of the best things you can do to protect your investment is to run a credit check. Decide beforehand what you are going to be looking for, and let your applicant know that as well. Some managers only look for evictions, while there are some that will scrutinize everything on that report, and will also only accept a certain credit score or higher. Also, ask for personal as well as business referrals on the application. How many is up to you, and you can check as few as you want, or all, it's up to you. If an applicant avoids putting anyone down, then you should red-flag them. I know one manager who will ask for a banking referral as well, and that's usually the only one he contacts.
What about those that are just starting out that might not have credit or prior rental experience? Yes, you should give them a chance too. After all, we all have to start somewhere. You might want to offer them a shorter lease option just in case - or even be willing to work with them on the security deposits, explaining to them that you are willing to give them that chance, but if things don't work out, then they will be asked to leave.
Being a great property manager will result in various things, a couple being the ability to maintain a low turnover, as well as having those properties vacant for a shorter period of time. Remember, an empty unit means no income, and that's something you want to avoid at all costs. Are you going to be the type of manager who is hard to get in touch with, avoids the tenants (except for when the rent is due), doesn't want to make repairs, or are you going to be the one that the tenant is comfortable contacting at any time for any reason?
Hopefully you are the second choice. To have low turnover and maintain a great reputation, you need to maintain your properties. If a tenant contacts you with a problem or question, get back in touch with them as soon as possible (preferably within 24 hours). If something needs fixing, then fix it. On that note, you also don't want to be the type that is always "nosing" around. Respect their privacy. Just because they are living in your property does not mean you have the right to violate their privacy. Obey the laws in your community/state as well. This will protect you as well as them.
Wolfgang_O
0 comments:
Post a Comment