No matter how well-designed or comfortable a rental property is, and how desirable the location, it is unlikely to generate the expected returns or become a profitable venture if the manager is not able to manage tenants well and ensure a high occupancy rate.
When tenants are disgruntled they vacate when their lease terminates or in some cases, even before then. It’s not just the income which is affected by unpaid rents and the property remaining vacant but also the additional cost of marketing to find new tenants. To effectively manage tenants, a property manager needs to:
Adopt Healthy Practices in Rent Collection
As a solid and reliable real estate property manager collecting the rent begins far earlier than the date the rent falls due. The process actually begins at the time the tenant fills in their rental application. The various steps the property manager must go through is collection of proper rental references, initiating credit checks, and conducting an interview with the prospective tenant. If everything is satisfactory so far then processing the lease agreement is the next step. Your lease agreement must clearly spell out the following:
The date and time the rent is payable
Where it is to be paid
The penalty if the rent is not paid as stipulated
It may be that an otherwise honest and dependable tenant might go through a bad patch. A virtuous and considerate property manager should have read out the tenant by now and know instinctively how much latitude the tenant could be given.
Swift Response to Repairs and Maintenance
For a rental property to enjoy long-term rental occupancy and low tenant turnover which is the way to a consistent return on investment, efficient maintenance is a pre-requisite. This entails:
Ongoing and preventive maintenance
Timely repairs to correct malfunctions and problems
Remodel and construction
Ongoing and preventive maintenance of rental properties needs a complete knowledge of the property, its upkeep requirements, staffing needs for the job at hand, and the funding required to achieve the objective. The property manager has to perform a balancing act between costs, benefits, and results.
Timely corrective action is needed when something breaks or goes wrong. At times it might be an emergency like a malfunction in the heating system during winter which must to be attended to on a war footing. Other repairs and maintenance can be done on a schedule basis or in groups. The property manager must know the property and be able to satisfy the needs of the tenants while yet keeping a watchful eye on the expenditures.
Property Management in the Charlotte Region of NC
One of the oldest and leading property management companies in the area is Talley Properties. The firm has been providing rental property management services for over three decades now. Its specialty is in mid-range to high-end commercial and residential properties. A mark of its efficiency and effectiveness is the fact that the firm has, over the years, extended its area of activities and its footprint now covers many of the surrounding counties where it continues to render its exceptionally high standard of service.