Four Things to Never Let Your Tenants Do
Whether you’re a property manager or an owner managing your own property, handling tenants can be a challenging process that takes knowledge and skill. While it’s important to develop a good relationship with your tenants, you must also set firm boundaries regarding what they are and aren’t allowed to do. Like we say in our office, just follow the contract! What follows are four things to never let your tenants do:
- Make requests for improvement around the property such as painting. This does not include repairs.
- Ideally, the property should be in good condition from the start.
- You should evaluate what should be done during move-out before the next tenant moves in.
- When you get a request, as the property manager, you need to make the decision or let them know that such requests will not be granted. It can potentially lead to a continuous stream of things to do.
- Exchange services such as repairs for lower rent.
- This is rarely done well or completely.
- It is often done without a contract. You would need a contract with agreed upon colors, materials, and timeframe.
- The property could end up in worse condition and you and the owner have lost out on rent.
- Have the first late payment penalty waived.
- Property managers are hired to follow the contract. The fee for a late payment is in the contract so don’t waive it. If slack is given the first time, it will likely happen again.
- Do the property walk-through at end of lease with the tenant.
- The tenant wants the full security deposit back and will likely rush through the walk-through and try to get their money as soon as possible.
- You have two weeks to evaluate the property. You’ll want to go through at your own pace and carefully inspect everything, including the often-missed places, such as inside the oven and dishwasher.
- Wait for them to move out and handed over keys and compare the property’s condition with original property condition form from move-in.
To learn more about our concierge rental services and discuss the best plan for your rental property, call our office to schedule a private consultation at (808) 593-9826 or email firstname.lastname@example.org