Property management is a job of detail and preparation. You need to prepare empty units to be shown to new tenants, you need to be able to fit potential tenants to the right unit, and most importantly, you need to be able to collect rents effectively.
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What to Do Before Showing a Rental Unit
As a property manager, you’re always showing prospective tenants empty rental units. The following list can be helpful as you develop your pre-showing routine of tasks to take care of so that each rental unit shows its best side:
| Remove all of the prior tenants’ personal possessions and trash after you have legal possession of the unit. | Inspect all closets and storage areas. Rods, closet dowels, hooks, shelves, lights, floors, and walls should be clean. |
| Check all plumbing (toilets, faucets, and pipes) for proper operation. The plumbing should have the proper pressure and drain adequately. Make sure that nothing leaks. Change out old angle stops and install leak-resistant supply lines. | Check all counters, cabinets, doors, molding, thresholds, and metal strips. They should be clean and fully operational, presenting no hazards. |
| Test all appliances for proper operation. Try out all the appliances and run the dishwasher through a full cycle. Verify that the oven’s drip pan, broiler pan, and racks are there. | Test each smoke detector and check all lighting and electrical outlets, including GFCIs and circuit breakers, for proper operation. |
| Examine all hardware. Confirm that the locks have been changed or rekeyed and are operational. Pay attention to all latches and catches, doorknobs and pulls, door stops, and sliding doors. | Check all patios, balconies, and entryways. They should be clean and physically sound. Railings should also be secure. |
| Test all windows, insect screens, and window coverings. They should be clean, unbroken, weatherproof, secure, and properly operational. All window locks should work as well. | Test the heating and air conditioning for proper operation. Be sure the thermostat, filters, vents, and registers are all in working order. |
| Check all walls, ceilings, and baseboards. The paint and/or wall coverings should provide proper coverage, without holes, cuts, scratches, nails, or bad seams. Look for signs of water intrusion and investigate and correct the cause of any such conditions. | Check the rental unit’s curb appeal, including the exterior landscaping, driveways, and walkways. Keep them as neat and tidy as possible. |
| Inspect all floor coverings. They should be clean and in good condition. The flooring should be properly installed, with no bad seams. | Perform a final walk-through of the entire rental unit for appearance and cleanliness. Recheck the unit every few days it sits vacant. |
| Check bathrooms. Thoroughly clean the toilet, tub, shower, sink, mirrors, and cabinets. Make sure the toilet paper holder and towel bars are clean. Put a paper sanitary ring around each toilet seat and a new roll of toilet paper in each bathroom. Look under sinks for moisture and address any noted problems. | * |
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How to Determine a Prospective Tenant’s Rental Needs
As a property manager, helping potential tenants find a place to rent is a large part of your job. One of the best ways to screen prospective tenants is to figure out what they need in a rental and gear your sales pitch accordingly. Some questions to ask over the phone to help you assess their needs include those in the following list:
| When will you need to move in? | What, if anything, is wrong with your current rental property? |
| How many bedrooms do you need? | Why are you looking to move? |
| How many people will be living in the rental? | Where do you work? |
| What size rental unit are you looking for? | What do you do for a living? |
| What would you feel comfortable with as a monthly rent? | What types of pets do you have? |
| How long do you intend to live at this property? | When can you drive by the rental property? |
| How much parking space do you require? | How can I reach you by phone? |
| Where are you living now? | * |
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How to Collect Rent Effectively
It’s your job as property manager to collect rent. This routine task can be made fairly straightforward by instituting some basic policies and following them for every tenant. Use the tips in the following list to devise and hold to your own rent-collection policy:
Have a written rent collection policy and go over it with each adult tenant prior to move-in.
Institute a firm policy that rent is due on or before the first of the month.
Always follow your rent collection policy, starting the first time the tenant’s rent is late.
Provide the tenant with electronic funds transfer or with stamped, preaddressed or business reply envelopes to make it simple for him or her to pay the rent on time.
Refuse partial rent payments. If you feel that you must accept a partial payment, have the tenant sign a partial rent payment agreement and personally serve new legal notices for nonpayment of rent.
Accept only one check for the entire rent if more than one tenant is living in a single rental unit. This strategy helps you collect the rent more efficiently and reinforces the fact that each of your tenants is legally responsible for paying the rent.
Enforce and collect all charges for late and returned checks or dishonored electronic payments.
Accept only cashier’s checks or money orders if a tenant has two returned checks or dishonored electronic payments.
Consider incentives to encourage prompt rental payments. Be sure that all incentives are offered to all residents equally.
Promptly serve all legal notices to protect your legal options, even if you believe that your tenant will fulfill his or her promises.
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Source:http://www.dummies.com/how-to/content/property-management-kit-for-dummies-cheat-sheet.html
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