Finding and securing new tenants is a part of a property management company's lifeblood. If you are new to property management or just aren't sure what the best methods are for securing new tenants, then consider the following tips:
1- Doing some research: Before embarking on a quest to find new tenants, we suggest that you do some research to help identify who your niche audience is for your rental property. What is about your rental property that makes it unique? Perhaps your rental property is all about going green and you have made modifications to the property to make it extremely eco-friendly, then this gives you an advantage to attract the kind of renter who insists on having a home that takes the environment into consideration. The point is, to be successful getting new tenants you must figure out what it is about your property that will attract tenants and what kind of tenants your property is attracting.
2- Make new social connections: Finding new tenants for a rental property is often about who you know that can help you fill your vacancies, so making new social connections will certainly help any property management company find new tenants. Business networking events are a great way to meet new people and can help you meet professionals who work in a similar industry that may be able to help you find new tenants. Joining apartment or housing associations in your property management company's area is another way to build some new connections.
3- Your internet presence: Creating relationships with people via the internet is a great way to build rapport between your property management company and current tenants. It also provides you with a relatively easy way to attract new tenants. So maybe your not social media-savvy, then enlist a property management company staff member of yours to do some social media work. What should you be posting about and doing on the internet as a property management company looking for new tenants? We suggest updating your website if it is outdated and setting up social media pages such as Facebook, Twitter, LinkedIn and perhaps even Google+ if you have not done so yet. Use your social media pages to post updates about your properties, property management company, and your community. Social media profiles give you the power to attract new tenants rather easily.
4- Referrals: People today may not trust ads, but they certainly see value in referrals and testimonials, which is something you should take to heart when looking for new tenants.. Seek referrals as often as you can from current and even previous tenants with whom you feel have had a good experience renting from you. Referrals or testimonials are wonderful additions to social media pages, websites and online review sites.
5- Make yourself the expert: Show what you know and make yourself into the expert in regards to property management and renting properties. Making yourself the expert will show prospective tenants that you know what you are doing and that they would most likely have a good experience renting with you since you know what you're doing. Establishing trust with prospective tenants is one of the best ways to get them to rent from you. Write articles and submit them to relevant blogs or industry publications. Speak at local colleges. Do whatever you can to show what you know to help attract new tenants.
Have your own tips on attracting new tenants? Feel free to leave us a comment below or contact us.
Showing posts with label MK Asset Management. Show all posts
Showing posts with label MK Asset Management. Show all posts
Tuesday, March 12, 2013
Tuesday, December 11, 2012
Rent Collecting FAQs
In a previous blog we discussed how a property management company goes about setting the rental rate. Whether you're a condo property management company, retail management company, or an industrial property management company, setting rent and collecting rent are the sustenance of your business. This blog is going to switch the focus from the previous blog and instead of discussing setting the rental rate, we will answer some of the frequently asked questions tenants ask about the rent collecting process.
Q- How does a property management company typically collect rent?
A- While some property management companies may accept checks, most offer direct debit for tenants. Direct debit tends to be a much smoother process and the old excuse "the check was lost in the mail" won't crop up. The direct debit process lets you know if you have the necessary funds ahead of time, which is a nice bonus feature.
Q- What is the typical late fee?
A- The answer to this question will vary based on how the property management company decides to handle late fees. Typically a property management company will have a late fee that falls anywhere from five to ten percent of rent. Some companies will do a small daily fee as an incentive for the tenant to pay rent. Whether you are working with a condo property management company, retail management company, industrial property management company, the primary function of a late fee always remains the same. The function is to get tenants back on track to begin making their payments as soon as possible. The fees are meant to reflect the fee that a homeowner would receive in the event that he or she is late on a mortgage payment.
Q- How does a property management company handle delinquent payments?
A- Make sure you find a property management company that runs a tight ship and has a firm, but still fair, process on how they handle delinquent payments. It is important that a property management company enforces all aspects of a lease, otherwise tenants will take advantage of the leniency. Once a property management company figures out that a tenant has trend of delinquencies, they need to keep a close eye on the tenant to make sure they get back on the right track.
Q- How does a property management company deal with evictions?
A- A good property management company will have a well-documented process and will determine the very best course of action based on the circumstances. They should have a checklist that they go through with you that explains the process they go through each time before deciding to evict a tenant. As a tenant, you always want to make sure you are dealing with a company that acts fast and documents all of their actions.
Q- Do property management companies provide eviction insurance?
A- Eviction insurance is basically just a small monthly fee that insures the management company will pay for attorney and court costs that are associated with evicting a tenant. This is not a service that is offered by all property management companies, but it sure says a lot about the confidence a property management company has in their tenant screening process.
Have a rent collection question that we didn't cover? Feel free to leave us a comment or contact us.
Tuesday, December 4, 2012
Tenant Appreciation This Holiday Season
The holidays are rapidly approaching and whether you are a condo property management company, industrial property management company, retail property management company, or really any type of property management company, you are probably wondering what you can get your tenants as a holiday gift. Showing appreciation for your tenants is always a good gesture to keep tenants happy, so the small gift is well worth it. Here are a few ideas:
1- Decorate: Why not bring a little holiday cheer to your rental properties and surprise your tenants with holiday decorations. No need to go overboard, but a simple strand of beautiful outdoor lights could make for a very simple way to show your tenants that you appreciate them and want to help them celebrate the holidays.
2- Holiday Cards: A simple holiday greeting card is a great way to show your tenants you appreciate them this holiday season. If your property management company has a logo and branding a holiday card would be a great way to incorporate that in. Why not get a little marketing involved!
3- Gift Cards: A gift card is another great gift for tenants during the holidays. Who wouldn't enjoy a gift card to a restaurant or store? Whether it's a gift card for Jewel, Target, or the local pizza place, almost everyone can find a use for a gift card. For a property management company, gift cards are an easy gift to give to tenants.
4- Rent Discount: Consider giving your tenants a slight rent discount during the holiday season. A rent discount is another easy gift idea for any property management company. This is something all tenants are sure to appreciate during the holiday season.
5- Upgrades: Perhaps you are a property management company with only a few rental properties under your belt, then perhaps giving your tenants an upgrade is a good option. It doesn't have to be an extravagant upgrade, it can be something as simple as new window treatments or a new ceiling fan. Something more expensive such as a dishwasher, stove or refrigerator could be a good gift if you have found yourself having to repair those appliances for multiple tenants.
Are you a property management company looking for more gift ideas for tenants? Feel free to leave us a comment or contact us.
1- Decorate: Why not bring a little holiday cheer to your rental properties and surprise your tenants with holiday decorations. No need to go overboard, but a simple strand of beautiful outdoor lights could make for a very simple way to show your tenants that you appreciate them and want to help them celebrate the holidays.
2- Holiday Cards: A simple holiday greeting card is a great way to show your tenants you appreciate them this holiday season. If your property management company has a logo and branding a holiday card would be a great way to incorporate that in. Why not get a little marketing involved!
3- Gift Cards: A gift card is another great gift for tenants during the holidays. Who wouldn't enjoy a gift card to a restaurant or store? Whether it's a gift card for Jewel, Target, or the local pizza place, almost everyone can find a use for a gift card. For a property management company, gift cards are an easy gift to give to tenants.
4- Rent Discount: Consider giving your tenants a slight rent discount during the holiday season. A rent discount is another easy gift idea for any property management company. This is something all tenants are sure to appreciate during the holiday season.
5- Upgrades: Perhaps you are a property management company with only a few rental properties under your belt, then perhaps giving your tenants an upgrade is a good option. It doesn't have to be an extravagant upgrade, it can be something as simple as new window treatments or a new ceiling fan. Something more expensive such as a dishwasher, stove or refrigerator could be a good gift if you have found yourself having to repair those appliances for multiple tenants.
Are you a property management company looking for more gift ideas for tenants? Feel free to leave us a comment or contact us.
Monday, October 22, 2012
Marketing for a Property Management Company
Property management companies do more than just the typical day-to-day tasks. To be profitable as a property management company, property managers must raise the stakes a bit. Marketing efforts become crucial for a property management company to attract the right tenants for a profitable price. If your current marketing efforts are falling flat, consider revamping a bit. Here are a couple of tips on updating your marketing plan:
Perform a market analysis
Perform a market analysis to help you accurately measure where your properties stand in the marketplace. Through the analysis, find out if your rental pricing is within range. Look into units, homes or apartments that are similar to your rental property. Take into consideration how your unit stacks up in terms of space, number of bedrooms and bathrooms, floor design and overall square footage. Also consider how you compare to others in terms of the features that your rental offers such as gated parking. Make sure you assess how you can make your unit more desirable. If you come across features you feel your rental should include, think about how you can make that a feature of your own rental. Perhaps you see a unit that has a great feature like a gym and your rental does not feature a gym. Consider sticking a gym in your property. When you go to market your property, having a new gym will give you the ability to lure renters in who want that bonus feature. It's a great way to interest buyers.
Assess effectiveness of tactics
Assess the effectiveness of the media you have been using to advertise your vacancies. How do you feel about the ads you have been placing? Is the headline strong? How are the design and copywriting? Do the words capture the attention of a prospective tenant? Does it highlight the features of your rental space? Is there a clear area where a prospective tenants can see how and where to contact you with questions? Does your website provide accurate, relevant information and online applications for prospective tenants? Have you pursued other marketing avenues such as providing brochures to agents? Once you have assessed the ads you are putting out, consider the vehicles that you have been using such as newspaper advertising versus online advertising. Assess which one is more worth your time and money and don't be afraid to scrap what is not working for you.
Use marketing materials to your advantage
Assess costs on repairs and maintenance over the past year or two. This information will help you analyze what the cost is for maintaining each unit. Armed with information, create a marketing strategy to get your tenants' help in reducing costs. Assessing costs can help you discover ways to lower expenses on things like appliance repairs or plumbing. Give tenants tips and advice on what they can do to help out. Put marketing materials to good use. Consider creating a monthly newsletter or e-blast to distribute to tenants featuring different ways they can help. Feature topics like cutting down on heating, air-conditioning, or electricity use. Money spent on great, informative marketing collateral can help you save big in the end.
Looking for more tips on performing marketing for your property management company? Feel free to comment below or contact us.
Monday, October 15, 2012
The Benefits of a Property Management Company
Never underestimate the value of a good property management company-- and no we're not just saying that because that's who we are! We know how important finding a good property management company can truly be. Have you had a bad experience with a property management company in the past? While there are some property management companies out there that might not be the greatest, there are some that are excellent and maintain buildings beautifully all while make a tenant's life run alot more smoothly. Here are a few of the benefits of having a good property management company:
(1) Quality tenants: A good property management company will do a great job screening tenants and will usher in waves of quality tenants. Having good tenants is extremely crucial in the property management business. A good property management company can rely on their experience and will be able to thumb through tenant applications and be able to weed out any tenant they feel is no good. As a result, a good property management company will bring in good tenants who typically cause less problems, pay rent on time, rent longer, and will care for the unit.
(2) Good tenant retention: A good property management company will efficiently be able to keep tenants happy and have a low turnover rate. Typically, a good property management company will have a solid, time-tested retention policy.
(3) Less legal problems: One of the most beneficial parts of having a good property management company is less legal problems. A good property management company will be up on the latest landlord and tenant laws that will ensure that you are not vulnerable to legal problems. This is probably one of the most important parts of working with a good property management company.
(4) Shorter vacancy cycle: A good property management company will be able to fill vacancies quickly by suggesting property improvements, determining the best rent rate and proper marketing of the vacancies.
(5) Personal: Having a great property management company on your side can provide a ton of personal perks including less stress, more time on your hands, and increased freedom and flexibility.
Want to know more about the benefits of a property management company? Feel free to comment below or contact us directly.
Monday, October 8, 2012
Screening Tenants
Let's face it, having good tenants is vital for a property management company. No matter what kind of property you manage, whether you're in real estate property management, industrial property management, retail property management, or condo property management, you always have the difficult task of finding the right tenants. So how do you go about finding quality tenants for your property rental? The best way to find quality tenants is to make sure you do a proper tenant screening. Here are some easy steps to take when screening prospective tenants:
(1) Phone call (initial contact): As a landlord, real estate agency, or property management company, you should begin your screening process with the first initial contact you have with your prospective tenant. Typically, the first contact made with a prospective tenant is done with a phone call. By phone, you should get a pretty good read on what your prospective tenant is like. Before speaking with prospective tenants, be prepared to ask a list of solid, qualifying questions to better understand who the prospective tenant is. Be up front with prospective tenants about the rental you have and you may want to immediately let them know what rent is up front as well as the security deposit. Give them the important facts they would want to know to narrow down your tenant choices to candidates that will be able to afford your rental.
(2) Show the rental property: Showing your rental property gives you, the landlord or property management company, the ability to not only show your rental property, but it also gives you the ability to check out your prospective tenant further. Take notice of the following things about your prospective tenant: Appearance, attitude and decision making abilities. Does your prospective tenant appear messy or neat? While judging a book by its cover doesn't guarantee any real truth about your potential tenant, it can give you some indication as to how your rental property will be maintained. Notice your potential tenants attitude. Does he or she seem difficult to please? Does he or she respect the rental property while viewing it? Take note of the tenants initial attitude. Did he or she come prepared with a deposit ready to fill out an application or do they seem on the fence about your rental property? Decision making abilities also say alot about a potential tenant. Look out for any other red flags regarding your prospective tenant.
(3) Submitting an application: Once the applicant has applied, let him or her know that you will keep them in consideration and that you have multiple prospective tenants who have also submitted applications for your rental. Once a tenant has submitted an application to you, assure them that you will notify them once you have made a decision. Once they have applied, check the application for any inconsistencies or red flags. If anything seems strange, make sure you look into it thoroughly. Remember, the goal is to rent your space to good tenants and to avoid renting to a tenant who will not care for your rental space.
(4) Being approved: Once you have chosen an applicant let him or her know the rental space is all theirs and also let them know if you decided to overlook something in their background, typically something that is minor. During this part of the process a property manager may set a date and time for the approved applicant to come and sign the lease. Does the potential tenant come prepared? Take note, as that says alot about what could be in store having that applicant as a tenant.
(5) Signing the lease: Once it is determined that your approved applicant will be your new tenant, having him or her sign the lease is next. Read over the lease and make sure your new tenant understands what they are signing. Many people will just sign without reading. Again, notice your new tenants behavior. Is he or she arguing every step of the way on the terms of the agreement? This could indicate problematic behavior, so take his or her behavior during this part of the process very seriously.
Throughout each step of the screening process take note of any indication that your potential tenant may or may not be a good fit. If you're looking for more tips on picking out a good tenant, comment below or contact us.
Friday, September 21, 2012
The Benefits and Disadvantages of Allowing Pets for Chicago Property Management Companies
As a Chicago property management company, it
is sometimes your decision on whether or not to allow your tenants to have
pets. While some property management companies already do allow this, others
are have much tighter restrictions. Some Chicago propertymanagement companies are on the fence, asking the question if they need to say
yes or no to allowing pets to join the tenants in their homes.
When the market is slow and landlords are in
need of tenants, a lot of times the guidelines become looser and pets are
allowed. When the market is
booming again usually restrictions crop up. One reason many landlords open up the homes to pets is
because the rental market is slow. You will tend to see more and more companies
that allow pets with a deposit when tenants are hard to find.
From a positive perspective, allowing pets
could keep tenants happy, encourage more new tenants, and can help separate a
property management company apart from the competition. Depending on your goals as a propertymanagement company, those pros of allowing pets could outweigh the cons. From a negative perspective, allowing
pets to join your tenants could lead to the rental property being damaged or
destroyed, increased noise, and it can potentially be unsanitary if the tenants
do not care for animals properly.
Not allowing tenants to have pets could also potentially narrow down
your choices for new tenants. It
can really be a tough call.
What Chicago Property Managers Can Do
When Chicago property management companies
start booming with more and more tenants, they can tighten up their guidelines
and be more choosey. This could mean bad news for renters who have their
family pets. It reduces the homes they can find through Chicago property management firms.
One way a Chicago property management company
can help renters is by accepting pets with precautions. By allowing pets in
under your lease agreement, a Chicago property management company can give
their tenants peace of mind that their family will be able to stick together,
especially since many families consider pets to be family members.
Propertymanagers can help to protect their owners and properties by putting some
stipulations in the agreement about the pets. With guidelines in place, property managers can allow tenants to keep their pets by following a few simple
guides to handling pets in the rental home. Be sure to talk with the tenant of
the home to make sure they understand the restrictions.
For
comments or questions on anything property management related, feel free to
comment below or contact us.
Tuesday, September 18, 2012
Tenant Relations
As a Chicago Property Manager, undoubtedly, one of the most
important parts of the job is customer service. All property managers should strive for smooth relationships
with tenants. It’s
important that as a property manager you are always sharpening your customer service
skills to attract new tenants, satisfy the needs of current tenants, and create positive buzz around yourself.
Tenants will talk, so give them something good to say about you and your
property management service.
Being a property management company can be trying at times
as occasionally property managers face delinquent payments, evictions, or other
troubling circumstances. Here are
our tips on creating smooth, positive tenant relations:
(1) Documentation: Always create a paper trail because you
will never know when you need it.
Even simple issues can end up badly without documentation to rely
on. Documenting is extra support
for you and really for the tenant too.
Documentation should be done for rent checks and other payments (scan
and file copies), maintenance checklists, copies of complaints filed by
tenants, notices served/actions taken against tenants, and any police reports
or legal documents.
(2) Address complaints quickly: In our opinion, the best way
to show your tenants than you value them is to address any complaint they file
promptly. Encourage your tenants
to come to you with any issue no matter how big or small. Show them that you care and make them feel comfortable. With every complaint do some digging to understand
the origin of the complaint and really investigate each story. Be compassionate towards tenants and
let them know what you are doing to fix the problem and let them know when the
problem has been resolved.
(3) Hone customer service skills: Put on your customer
service hat! Great customer
service is the best way to keep tenants happy. Good customer service is a sure fire way to keep more and
more tenants coming in the door as well.
Train your staff on good customer service and make sure to go over phone
manners, in-person conversation and overall manners and courtesy. Good customer service can be the
defining point for keeping current tenants and getting new tenants.
(4) Give tenants something to talk about: Keeping tenants happy is a huge goal
for property managers, so give tenants something to talk about. Consider offering some kind of
incentive program to keep current tenants happy and bring new tenants in. Move-in specials, lower deposits, gift
cards, a lease renewal special can all be viewed favorably in the eyes of
tenants.
(5) Be willing to take suggestions: As a property management company,
one of your biggest jobs is keeping tenants happy, so be willing to take
suggestions from tenants on ways to improve. Suggestions from tenants are great because tenants know what
a unit is missing that could make it more desirable to other tenants. This becomes important when you are
looking to take in new tenants.
If you’re looking for more tips on creating positive
relationships with tenants, feel free to comment below or contact us.
Tuesday, September 11, 2012
Increase the Value of Your Rental Property
If you have been feeling like your rental property is not as aesthetically appealing as you would like for it to be, you have options. Simple fixes and tweaks to your rental property can certainly enhance your property. Whether you're a property management company, landlord, or tenant, simple fixes can greatly up your rental property's appeal no matter what your budget is. Here are a couple changes you can make to increase the value of your rental property:
Paint:
A fresh coat of paint can drastically change the look and feel of your rental property. Painting can be a relatively inexpensive way to update a room. Check close-out stores which typically have a decent selection of basic interior and exterior colors at lower than average prices. To cut costs on painting, purchase flat or semi-glosses finishes over high-gloss. High-gloss paints typically require more coats, which is not necessary for sprucing up your rental property.
New Windows:
If you have windows on your rental property that are in need of an update, consider installing storm windows over the pre-existing ones instead. If you're a pretty handy renter, property management company, tenant or landlord you may be able to install the storm windows by screwing the tracks into the frame. Aside from the windows themselves, you should also consider putting in some sort of blinds or window covers. While some renters may not want window covers, they are easy to remove if unwanted. When it comes to window covers there are quite a few options such as venetian blinds (which can be difficult to clean and tend to break easily) or stained-glass appliques (which provide privacy and go on and come off very easily). You could always put up shades or curtains, which may be the best route.
Kitchen & Bathroom Remodel:
It is said that the kitchen and bathroom are the two most important rooms in a homeowners house. Putting a little time and some money into a rental property's kitchen and bathroom can greatly increase the value of your rental property. Again, close-out stores are excellent resources for discounted flooring and other material needed for a remodel. If you are in need of some relatively new appliances and obviously don't want to break the bank, you could consider checking the scratch and dent departments. Scratch and dent departments feature brand new appliances sold at a hefty discount due to minimal damage, hence scratch and dent. It's not a bad idea since you're getting a fully functioning appliance at a fraction of the cost. Second-hand appliance stores may also be worth checking out.
Clean-up:
Sometimes the best and cheapest way to beautiful a rental property is by giving it a good, top to bottom, cleaning. Maybe the walls don't need fresh paint after all. Perhaps they just need a good wipe down. Over the years, dirt and debris can collect on your walls, so dingy paint may just be dingy from dust. Your rental property will probably require deep cleaning and some parts of the property may require much deeper cleaning than other parts. You may want to do a little research on great cleaning products that will really get the job done.
Landscaping:
Beautify your rental property's outdoor space by doing some basic planting. Doing a little landscaping will give your rental property great curb appeal and is worth some seasonal maintenance. Don't let your rental property's yard be bare. Flowers, such as Pansies, are great to plant as they can survive a frost. Tulips and Day Lilies are cost effective and come back every year, which is great in terms on maintenance in the long run. Put in plants that will enhance your rental property's outdoor beauty, but will require little effort in terms of maintenance.
Whether your the renter, or a property management company, tenant or landlord, lots of little improvements can be made to make a house look more like a home. For more tips on improving your rental property, comment below or contact us.
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Thursday, February 2, 2012
Property Management Tips: Staying Ahead of Maintenence
Whole volumes could be written about the difference between “damage” and “wear and tear;” but every landlord knows that tenants can be hard on a rental property. Most landlords have walked into a rental unit for a move-out inspection and been shocked at the damage they discover.
Don’t fall into the habit of performing all damage repairs and maintenance when you’re between tenants. Granted, that’s the best time to clean carpets, repair floors, and replace appliances. But it’s too easy to feel pressured if your tenant is anxious to move in. That’s when small problems and repairs will be neglected.
Conducting periodic inspections and continually maintaining your rental property is the only way to stay ahead of the game—and protect its value. The old adage, “a stitch in time saves nine,” has never been so true. Repair expenses just keep rising; between labor costs and materials, you’re definitely going to be better off fixing a problem while it’s small.
Keep these repair supplies in your vehicle to take care of issues while they’re manageable:
If you have a great handyman you can call on for jobs that are above your skill level, great! If not, you should develop a relationship with one. Ask around your network for recommendations. Electricians and plumbers specializing in quick response or small jobs are also valuable to have in your contact list. You never know when you’ll need any of these pros.
By keeping on top of rental property maintenance, you’re doing yourself a big favor when you’re pressed for time between tenants—and you could be preventing the headaches and repair bills that come from neglecting rental property.
Don’t fall into the habit of performing all damage repairs and maintenance when you’re between tenants. Granted, that’s the best time to clean carpets, repair floors, and replace appliances. But it’s too easy to feel pressured if your tenant is anxious to move in. That’s when small problems and repairs will be neglected.
Conducting periodic inspections and continually maintaining your rental property is the only way to stay ahead of the game—and protect its value. The old adage, “a stitch in time saves nine,” has never been so true. Repair expenses just keep rising; between labor costs and materials, you’re definitely going to be better off fixing a problem while it’s small.
Keep these repair supplies in your vehicle to take care of issues while they’re manageable:
- Hinges and latches (standard sizes and colors for all your rental unit will make this easier)
- Paint and brushes or shoe-polish-like applicators
- Floor scratch cover
- Rhino Glue
- Duct Tap
- Spackle
- Extra linoleum tiles
- Basic tools
- Garbage Bags
If you have a great handyman you can call on for jobs that are above your skill level, great! If not, you should develop a relationship with one. Ask around your network for recommendations. Electricians and plumbers specializing in quick response or small jobs are also valuable to have in your contact list. You never know when you’ll need any of these pros.
By keeping on top of rental property maintenance, you’re doing yourself a big favor when you’re pressed for time between tenants—and you could be preventing the headaches and repair bills that come from neglecting rental property.
Tuesday, January 24, 2012
Preparing Your Property for Winter Storms
If your rental properties are in cold-weather states, you could be in for a rough winter.Preparing a rental for winter storm season is an important part of maintaining your investment. Here’s how to limit the damage a storm can do:
- Trim dead tree branches and limbs: Snow, wind and ice can bring down branches, damaging property or causing injuries. They can also take power lines with them, which is even more dangerous.
- Clean gutters: If gutters are filled with leaves and debris, snow and ice can build up, causing damages to the roof an eaves, and eventually harming walls and ceilings.
- Check chimney flues: In units with working fireplaces, it’s important to have an annual inspection by a qualified professional. Creosote buildup can cause fires.
Friday, October 28, 2011
Curbing Troublesome Tenants: The Conclusion
Respond to Complaints
Although the daily tasks of a landlord or property management firm can vary, responding and solving tenant issues is an important part of maintaining a happy rental community. The speed and efficacy in which complaints are dealt with - verbal or written - has a direct impact on the relationship between tenant and property owner or management. Failure to respond can lead to profit loss, angry tenants, high turnover and a bad reputation. Above all - always remember to communicate. This is all the tenant is asking for in the first place, so respond in kind and you'll not only keep your tenants happy, but your life (almost) stress free.
Offer Concessions
Why offer concessions? If your response to the tenant isn't what they were looking for or you forgot to respond to someone, this can be effective in quelling a possibly angry tenant. Concessions can come in the form of cash incentives for signing leases, the best parking spaces, or even rent discounts. If the problem is not with the quality of living but another tenant, offering to move the tenant into another unit can be helpful. Happy tenants are always willing to negotiate and more importantly, pay rent on-time and not destroy your property or spreading bad reviews out of spite.
Enforce your Rules
The best way to enforce your rules is by being consistent. These can come in many forms such as - noise violations, pet violations, or even hygiene issues. Although enforcing these rules may upset the one violating the rules, showing consistency and actually addressing the problem while show your best tenants that you can deal with issues swiftly and properly. Making sure tenants are properly following the rules is key. If they aren't, start eviction proceedings to protect the best interests of the rest of your rental community.
Have questions? Send us a comment! Or better yet, call us at 847.634.4772.
Tuesday, October 25, 2011
MK Asset Management: Our Handbook
In order to get to know us a little better, we thought we'd share with you some of what our Chicago Property Management Firm uses to make our company and your properties run as smooth as possible. You can download this or look at it on your computer.
>> MK Asset Management Handbook
Feel free to look through this handbook, or call us with questions! Look forward to the second part of our Curbing Troublesome Tenants piece coming soon!
>> MK Asset Management Handbook
Feel free to look through this handbook, or call us with questions! Look forward to the second part of our Curbing Troublesome Tenants piece coming soon!
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