Most property managers look strictly at the numbers when establishing and assessing rents for properties. As a property owner, there are many features you can implement to enhance the real estate profits and the short term rental property management near birmingham bottom line numbers. Here's what those upgrades look like.
1) Responsive rent letters to tenants. I discuss with rental property managers and they know that responsiveness to a tenant when a leasing decision is made is the source of most leases. On the front end, you send rent letters. On the short term rental property management near birmingham back end, you have developed ways to collect past due rents without getting upset landlords calling. You have developed methods to keep your tenant base happy and consistently paying rent.
You have made it very clear to tenants that making payments late is unacceptable and that late payments discount any payment by the tenant in comparison to the late fee. You set the example and promote it. As in this case, it is the short term rental property management near birmingham tenant that sets the example by paying late and it is the tenant that sets things in motion. When the tenant gives you a slightly late payment, you are well on your way to collecting rent.
2) Customer service. Your goal as property manager is to never give up. You want to constantly strive to offer outstanding customer service. This means responding to tenants when problems arise. However, it also means having a plan in place to deal with tenants who are late in payments. Once you have set your standards in this regard, you will need to carefully assess each tenant. You do this by asking short term rental property management near birmingham the correct questions when they contact you. Here are three examples of when you want to know something about someone.
a) Are they in the military? In this case, you will want to know if they are currently on active duty or Reserve duty?
b) What pension or retirement income do they receive? The correct answer is that you will need to check the monthly statements for the last 2-3 years.
c) What are their current living expenses? This question can help you determine whether all of their living expenses and expected bills will still require payment once they move out of the home.
d) For each lease, you should have a form that asks how much rent will they be paying in escrow and then on a monthly basis.
The same process applies to collecting late payments. You should have a separate form that asks how much material fees will be collected by the management company. The monthly fees and late fees are generally the same until there is a material change in short term rental property management near birmingham circumstances that has taken place since the tenant was a happy customer.
Once you have a solid base to understand the short term rental property management near birmingham tenant who is asking a specific question, it is important that you make a note of the feedback from the tenant when you send them a form to fill out. There is no doubt that the tenant is a portfolio to you left and right. With the forms, it is easier to assess how the tenant will hold up their end of the lease agreement. This also has the practical benefit of making your job as a manager much easier. However, please remember that even in the best case scenario, there will most probably be some form of variation that will come up.
Last but not least, understand that letters will be sent out to renters in delinquency. The reason behind sending out letters is to warn all tenants that late payments or partial payments will affect their status with the management company and that they will then be placed on a schedule of reporting the short term rental property management near birmingham late payments. By no means should we consider that these letters do not have a significant impact, however, as long as the tenant acknowledges receipt and return of the form and the correct payment information, the tenant has waived all rights to a zero interest mailout.
The last word on the communication between the short term rental property management near birmingham manager and tenant is that they must maintain a level of cordial communication if there are issues that arise. A few examples of issues that occur can be:
1) An emergency short term rental property management near birmingham situation may arise. The tenant may not have set RVing incorrectly or may have undetected maintenance issues that go Unfortunately unanticipated. Your tenant support team should be available to react to these issues quickly, reimbursing you for any repairs and issues that deal with the tenant support team.
2) The tenant questions something that your maintenance contractor has been unable to repair. Your maintenance crew should be available to meet with the tenant and discuss potential solutions.
3) Your tenant is having issues with a maintenance contractor and neglects to notify you of these issues. The tenant would be better off calling you as soon as detected so that you can manage your repair.
There are a few other short term rental property management near birmingham scenarios that I have dealt with in my time as a property manager, but these few should be enough to convince you that a property manager is needed for your property.