Maintaining a relationship can be very challenging, especially a Resident and Property Manager; However, it is vital that we maintain them and do it with both parties best interest in mind.
5 very important tips that can lead to a successful relationship between Resident and Property Manager:
As basic as it sounds this concept is often overlooked. Understand the terms and conditions in which you have accepted to rent the property, and ask any questions before signing!
No one wants to charge late fees or charge fees for returned check fees
The short-lived incentive is not as promising as it may look for Property Managers. It is a hassle to manage accounts each month, so a bounced check or late payment is very inconvenient and can cause fees charged to the Property Manager that are then passed onto the Resident. Also, both parties do not want to have an uncomfortable conversation regarding a late payment. It’s best to keep it simple and pay on time.
Pet stains are expensive!
We would love to allow pets in all of our properties! The big problem comes when a Resident moves out and there are huge repairs – which causes some of our Property Owners to refuse to allow pets in their homes. Pet stains can seep deep into the carpet and padding below, and an owner can not rent to the next Resident under those conditions. It is something that both owner and Resident should consider talking about to reach an honest understanding.
The deposit is not the last month’s rent
An owner is aware that asking a Resident for a deposit, first month’s rent and last month’s rent is entirely too much. That is why in most cases, (at RPM) the Resident pays a deposit and first month’s rent. However, the Resident is not to confuse that deposit with the last month of rent. The deposit is meant as a reserve to pay for any damages that may be done to the unit during the time that the Resident may have rented. If minimal to no damage is done the deposit is partially or fully returned, but you may not choose to apply it to the last month of rent.
Good Residents are valuable. One of the biggest costs associated with being a Landlord or Property Manager is the turnover process which can include loss of rent, cleaning costs, capital improvements, application processing, employee burden, etc. Therefore, it is in everyone’s best interest that Property Managers make Residents happy and that Residents abide by their Lease. We want our Residents to be happy so we can achieve a win-win-win!