Whether you’re the landlord and managing your own property or if you’re a property manager handling someone else’s property and tenants, the following simple suggestions should always be followed. If you adhere to these guidelines things will run more smoothly for you and your tenants.
- 1) Screen Tenants – every single prospective tenant should be screened with a written application that lists their employment history, references, and authorization to check their credit report. Then, you have to follow through and check references, current and past employers and their credit worthiness.
- 2) Have Everything in Writing – in addition to having your lease in writing you also need to have any additional clauses or agreements formalized in writing and signed by all parties concerned.
- 3) Respond to Tenants – whether your tenant is complaining or calling to ask a question, you need to respond to them immediately and then follow through. If a repair needs to be made it should happen as soon as possible, if there are disputes you need to resolve them as well as you can.
- 4) Be Fair with Security Deposits – Be fair and reasonable when assessing damage and withholding security deposits, return any amounts due to the tenants as soon as possible, and give them a clearly documented itemization for any amounts withheld.
Follow these basic suggestions and you’re on your way to becoming an effective property manager who will be respected by your tenants.