When you welcome new tenants into a property, it is like turning over a new leaf. You can redefine your approach to managing positive relations for a more efficient process. Find new ways to attract, screen, orient and retain residents. Take the opportunity to brush up on your knowledge and strategies before you put the open space on the market.
In this way, you can check for any laws that have changed in the area. For example, Quincy property management regulations are likely to undergo drastic changes by January 2019. Therefore, agreements made in the past may no longer be applicable in the new lease.
Once you’ve updated your knowledge and methods, you can start making efforts to fill the residential or vacation property rental. There are about 4 different phases that you will go through when finding an occupant. The first phase however, is the most important. You must find interested parties, or rather, let them find you.
Attracting Tenants
This step is all about the marketing process. It’s not only about how you market, but who you market too. Take into consideration age, family size career and the like. When you’ve identified your ideal tenant, you can start the marketing process to find them.
- Establish the move in price, rate and payment schedule before listing an ad.
- Create some visually striking ads to post on multiple platforms. Make sure to post to all major rental websites and apps like Zillow, HotPads or Craigslist.
- Don’t forget print ads. You can create flyers or run an ad in the local paper.
- Use high-quality photos. Take the photo from an angle that will show as much of the room as possible. You can hire a photographer to get the best photos.
- Plan on hosting a few tours or open houses to help people imagine themselves in the space.
- Virtual tours are a great alternative, especially if you are marketing a vacation home rental. This ways tenants from far away can still experience the place in a very real way.
During this process you should consider pursuing an interior upgrade. Some key changes to the kitchen, bathroom, and walls can increase the property value. When you provide a few perks, you’ll gain more attraction and hopefully a long-term inhabitant. Still, it’s smart to screen the best candidates, before entering into any commitments.
Tenant Screening
Any good rental management company will have an airtight screening process. Ideally, you would hope to get a neat and quiet resident that respects the property and pays the rent on time. You can find the right occupant per your requirements, by asking the right questions.
- Prescreen the candidate over the phone using a questionnaire. You can ask about their place of employment, prior renting experience and reason for moving.
- Schedule a showing so that you can have a second meeting in person. Meanwhile, they can give the place a better look.
- Provide an application for them to fill out, so that you can gather all the necessary information.
- Conduct a background check. Check credit, criminal activity and work history.
- Get in touch with their previous landlord to gain an idea of what to expect from them.
- Coordinate the lease signing and move in date with the approved candidate.
Now that you’ve secured a tenant, take a few extra steps to make sure they know what is expected of them. This communication can save you from many problems in the future.
Lease Signing
Orientation is usually handled by the person managing the residential property. It takes place during the lease signing with the rental home manager acting as the lessor on behalf of the landlord. All terms and conditions for inhabiting the space should be clearly stated in the contract. As you both sign and initial each page, you can explain the stipulations to the renter. In turn, they can communicate any questions, comments or concerns.
- Discuss utilities. Are they included in the rent or will there be a separate fee?
- Give them a copy of the lead-based paint notification as required by law. Check for other documents that legally you should provide.
- Acquire the move in fee from the tenant.
- Give the resident documents that need to be filled out such as income verification.
- Make sure both parties are there to sign and initial the agreement. Have a third-party present to sign as a witness.
- Give the resident the keys to their new home.
- Provide them with all the proper contact information like your phone number or email. Also give a list of information for maintenance workers to get in touch with in case of issues.
Once you’ve covered all the paperwork. You can take it back to your office, create a tenant file, and verify the information. After a few weeks of settling, you can begin the retention efforts.
Retaining Tenants
One of the best ways to maintain a positive relationship with your residents is to keep the communication lines open. Make them feel comfortable enough to ask questions or for help.
Keep in mind, that You may choose to be a bit hands on if you are managing a short term vacation house rental.
- A week after moving in, check up on them through a phone call or email. See if there is anything they need or if they’ve noticed any issues that should be fixed.
- Follow up with the lessee to make sure previously mentioned problems are resolved.
- Conduct routine inspections and address maintenance issues promptly.
- Implement tenant appreciation programs as incentive for lease renewal.
- Start the process of renewal at least three months in advance, giving them enough time to consider their options.
A high retention rate is the goal of most residential Quincy property management firms. Occupants that stick around help landlords save money. It also gives them peace of mind to be acquainted with the people that are using their space.
Management for Rental Homes
Unlike vacation rentals, renting long term properties will allow better opportunities to build prosperous relationships. However, there is still great value in earning the vacationers’ repeat business. Therefore, a property manager should learn how to handle both. In this way they will have more opportunities to tap into the rental market.
For example, Real Property Management Associates deals with just about any type of property, be it commercial, residential, or community based. They have the process of handling tenants down to a science.
