Having a good relationship with your tenant helps you keep long-term renters and gives you plenty of peace of mind as a landlord. What about with your property manager?
This is a relationship designed to let you live your life, stress a little less, and feel confident that your income will arrive on time and your properties will be taken care of. How do you make sure it’s a good one?
Find a Qualified Property Manager
Nothing ruins a working relationship like incompetence. The reason for having a property management company is to take care of things you don’t know about and don’t have time to worry about. Your property manager should understand federal and state housing laws, make sure rent is collected, field tenant phone calls, and find the best applicants to become tenants.
Finding a good property manager is the first step in your future success as a landlord and in establishing a good relationship. Don’t fall for pie in the sky promises. Check their track record with other property owners and vendors. How long have they been in business and what kind of team do they have? Make sure you’re comfortable with your pick before you hire them.
Understand Everyone’s Responsibilities
Nothing causes a relationship to break down quicker than thinking that the other person was supposed to do something and they didn’t. When you hire your property manager, make sure you understand your responsibilities and theirs. Ask plenty of questions and get everything in writing. Typically, property manager responsibilities include:
● Marketing the rental
● Taking and processing applications
● Managing tenants
● Communication with tenants and vendors
● Handling lease agreements and all paperwork
● Collecting rent
● Evicting for non-payment and other issues
● Maintaining properties and scheduling repairs
As a landlord, your responsibilities will be to approve work and expenses in a timely manner, follow Florida and federal law, and ask plenty of questions.
Communicate With Each Other
Where even the most professional relationships can go wrong is when people stop talking to each other. As a property owner, keep the lines of communication open. Meet with your property manager every few weeks or once a quarter so that you’re up to speed on what’s going on with your properties. At the very least, meet once a year.
Meetings aren’t enough. Don’t be afraid to pick up the phone or send a quick email with questions. When your property manager calls you, get back to them as soon as you can. You never know if they’re calling because the living room is flooding or something worse has happened. And yes, if you are concerned about something going on at your property or don’t understand a procedure, bring it to your property manager’s attention so they can address your concerns and answer your questions.
Maybe you became a landlord as a way to make more money or keep your beloved home until retirement. Whether it’s a financial or a personal decision, owning rental property is a business that thrives on good relationships. Good relationships with your tenants means you have better, longer-term, and higher paying renters. A good relationship with your property manager allows you to relax a little and focus on other parts of your life that matter.
If you need a property management company that understands the importance of building a good relationship, contact us at ERA American Real Estate.