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How to Lease to Frequent Travelers

Many companies employ expert staff to fulfill important contracts, and there are many such professionals who are looking for a comfortable and convenient place to stay. This is a lucrative segment for property management to consider, since these professionals are sometimes paid handsomely and the company is usually ready to reimburse their employees for the price of the renting charge.

 

Even though this presents a salient opportunity for a property manager to decrease vacancies, maintaining current contact info and collecting the rent can sometimes be challenging. 

 

To simplify these challenges, property management will need to maintain a proper contact record, plus certain protocols for protecting the property from legal and other issues. For instance, how to respond to an emergency when the tenant is a traveling nurse who is away on assignment to some foreign land. It is therefore essential to design special riders, agreement information, or terms and conditions in the lease for such tenants. Here are certain situations to consider while designing special riders.

 

Different Communication Platforms

 

When the tenant is going to remain away from the unit for a month or more, and that too frequently, then it is important to have multiple contact points. Property manager should be able to communicate with the tenant through written correspondence, phone, email, or by texting. This way, there will always be some platform available to communicate when the others have failed. Secondly, contact information must be updated at least once in three months to ensure correct information is available in the tenant's file. Having an online portal would be the best way for facilitating payment of rent and updating current contact info.

 

Accessing Tenant's Vehicle

 

There could be many situations where the vehicle of the tenant will have to be moved. It could be due to resurfacing of the parking lot, or during general maintenance of the building. Consider whether tenant should leave the key of the vehicle in the custody of some local person, or whether the vehicle should be stored off-site. If neither is possible, then fix the responsibility for towing and storing the vehicle.

 

Protocol when the Tenant is missing

 

First, determine when the tenant would be considered missing, if he has not returned to the unit when expected. If the property manager is unable to reach the tenant directly, then lay down a procedure for contacting interested parties of the tenant, or the police if you have too.

 

Protocol when there is Property Damage or Natural Disasters

 

A natural disaster, or plumbing problem, or fire originating from another unit can damage the unit of the tenant who is away. Under such circumstances, there should be a protocol in place to access the unit for preventing, or repairing such damage.

 

Policy for Guests

 

Tenants, who are away for a long time, usually employ house sitters or engage services that will take care of their plants or pets. Property management should design policies that will take into account the requirements of such tenants, but at the same time protect the property from issues of sub-letting. Secondly, proper security procedures should be in place to keep track of people who are entering such a unit.