In order to maximize the owner’s investment, at DeGuire Properties, we believe the number one thing that property managers should focus on is placing qualified tenants. Everything starts and ends with the tenant you have in your property. You don’t want to just settle for anyone.
It’s important to be aware of and knowledgeable about fair housing laws. Do a thorough background check on any applicant for your property. This includes a credit check, a criminal background search, employment verification, income verification and the review of the tenant’s prior leasing history.
Ask questions of the potential tenant. Find out why they want to move. The answers you receive will tell you a lot. If they want a larger place for a growing family or they like a particular school district, these are both great reasons for relocating. But if they tell you about all their problems with a previous landlord or they didn’t like maintaining a home, these might be red flags that you want to be aware of. Be selective and find a good, strong tenant. This will prevent a lot of problems in the future.
Vacancies cost money. They can cost a property owner the equivalent of three months of rent. If your rent is $1,500, that’s $4,500 you can lose in a year. Vacancies can be eliminated tremendously through one word – communication. Communicate with the tenants and communicate with the landlord and the owner/investor. Treat tenants with respect and understand that they need to know the expectations. When you’re sitting down with a lease agreement, make sure the tenants walk away knowing their responsibilities.
Responsive to Maintenance
Landlords and property managers must be responsive to maintenance requests. Respond in a timely manner and keep a strong maintenance policy in place. That will limit a lot of issues and let your tenant know that you’re taking care of your responsibilities. Always use good, highly qualified vendors who are licensed, bonded and insured. You want them to work on a time flexible schedule and they must be trustworthy and reasonably priced.
If there is one thing to improve the profitability of a rental property, it’s placing good, qualified tenants in the vacancies. Once you have a great tenant, communicate well, take care of their issues and demonstrate that you appreciate and respect them.
Please contact us at DeGuire Paperless Property Management if you have any questions about finding and keeping high quality tenants.