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Making the decision to rent out a property can be stressful. Maybe you’ve enjoyed the home for many years and you’re ready for the next chapter, but it’s not the right time to sell, perhaps a new job opportunity will bring you far away, or maybe you are using it as an investment property. Whatever your personal reason one thing remains constant, you want your property taken care of and this is where a Property Manager (PM) can help!
A romantic comedy would call the first interaction with a new client a “meet cute”. Preferably this get together would take place in person, however sometimes it’s over the phone, by email or even Skype. It’s a time for the PM to learn about the home and needs of the owner. It goes beyond learning the type of heating system or number of bedrooms. From that first meeting you are building a relationship of trust.
After review of the property the PM may make suggestions of how to best optimize the home for rent or items that may be a safety concern. The PM should also help you think through policies you want in place for your property to help address any concerns. This would be taken into account when you create your tenant pre-qualification form and application. For example, do you have a set pet policy? If so, is it clearly communicated upfront to help reduce any misunderstandings? We always grew up with pets and feel if a tenant has a pet they are a part of the family. There are ways to protect your property, while also providing a place the tenant feels at home. Some tools we find helpful are a pet deposit or even pet rent. Many tenants are happy to comply in order to keep their furry friend! What about smoking in the home? We have a no smoking policy inside the property to help protect the tenant, neighbors and of course your home! You’re hopefully beginning to feel more comfortable with the process and it’s time to find a suitable tenant!
A REALTOR® can be a great resource to help find you a tenant. A few items to consider, will they list your home on the Multiple Listing Service (MLS) to help promote the highest possible rent? Are they able to perform credit, background and eviction checks? How many applications do they review a year? Partnership also aids in finding a good tenant. The REALTOR® community is a real estate agent network and splitting the commission fairly on a rental helps provide quality applicants. Many real estate agents do rentals, and do them well, but few handle the volume of a professional property management company. Volume provides experience.
Now you have found a tenant and they are set to move in Saturday. Will the tenant care for the home the way you would? Has an inspection been performed to note the condition of the property? How will the tenant get access? Do you have a process to collect and track the rent each month? A Property Manager can help you through this entire process from finding an applicant, to move-in, rent collection, routine maintenance, inspections, and coordinating repairs, right through move-out and finding your next tenant. When you made the decision to rent your property some or all of these thoughts may have been running through your mind.
Let P&D Property Management be your guide. We are licensed REALTORs® able to help provide a market analysis and work to get you a quality tenant at a great rent. In addition, P&D has years of experience managing properties both for clients, as well as for ourselves. Let us take the 2 a.m. no heat call for you! We’ve found inspections and routine maintenance are essential. There are inexpensive steps you can take to help protect your investment. In turn this care makes your property more desirable.
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