One of the main functions of property management agents is to ensure proper management of tenants. You have invested in property to make profits. In order to do so, your tenants need to be managed properly and the occupancy needs to be maintained at a high level.
One of the primary tasks of property management agents is to keep the tenants satisfied. When tenants are not happy they would vacate the property even before their lease runs out. This reduces rent collection and increases marketing costs. You would need to again spend on marketing to get new tenants.
Effective Tenant Management
Good management property agents understand that effective tenant management involves good rent collection practices, consistent and fair enforcement of rules and regulations, regular communication with the tenants and responsive and timely handling of repairs and maintenance.
A management property agent needs to consistently perform in these areas to ensure that there are less dissatisfied tenants, high occupancy rates, low marketing costs, and high return on investment.
Rent Collection Practices
So let us see what rent collection practices are all about. A good real estate property manager understands that collecting rents does not begin on the date that they are due, but on the day that the tenant filed out his or her rental application.
Property management agents are required to check on past rental references, perform credit checks, and interview the prospective tenants. This is done to ensure timely collection of rents. If all the checks are positive in results, then the property manager goes on to sign the lease agreement.
The lease agreement prepared by the property manager has to be very clear about on what date and time the rents are due. This helps avoid any misunderstandings later on. The lease agreement also has to clearly specify where the rents would be due. Another thing that it should specify is what happens in the event that the rent is not paid as per the requirements. Good management property agents take care of these details to establish a good relationship with tenants.
Good property managers also understand that a good tenant might fall on bad times. So he establishes a clear understanding with the owner beforehand as to how to deal with such a situation. He or she knows how much room to give to a tenant.
Responsive Handling Of All Repair And Maintenance Work
In order to maintain good relationship with the tenants and to keep them satisfied, property managers need to ensure timely and responsive handling of all the repairs and maintenance. In order to do this job in a proper manner, management property agents should have a thorough knowledge of the property under their care. Furthermore, they need to maintain a balance between the cost of maintenance and the desired results.
Maintenance tasks of property managers include
Cleaning of common areas in the property
Heating and air conditioning systems need to be serviced regularly
Regular inspection of plumbing and electrical items to ensure proper functioning
Maintenance of wood, roofing and other building components
Property agents have to ensure that repairs that are of emergency nature are taken care of immediately. For example, cooling malfunction in the summer needs to be taken care of right away. Timely and responsible response to all repair and maintenance needs by management property agents ensure good relationship with tenants.
So overall, good property managers understand how important tenants are and do everything they can to maintain a good relationship with them.