Professional Tenant Management
Managing a tenant and ultimately keeping a good tenant is crucial to maximizing rental property income. Having an experienced and responsible property management company is key. Some tenant management activities include managing lease obligations, collecting rent, renewing leases, and handling early lease termination requests.
Managing lease obligations can make or break the relationship with your tenant. When handling a residential lease obligation, your property manager must be sensitive to your needs as well as the tenant’s needs. It isn’t just about who’s right and who’s wrong. How one handles an issue can be more important than the issue itself. Staying calm, focused, and professional is critical yet often a challenge for many owners when self-managing a rental property. That’s where a professional property manager comes into play as they are not personally involved and are accustomed to handling such issues. If the property manager is fair and effective they will earn the trust of the owners and tenants alike. Believe it or not, just because you have a contract, it doesn’t mean that you still won’t have to negotiate along the way. Creating a win-win situation is what relationship management is all about.
At Lindsay Leasing we are always trying to make the rental process more convenient and simple for the tenant and the owner. One way we do this is by making rent payment and deposit automated online. Traditionally, rental payment can be a complicated process with many delays and unreliable timing. Having your rent collected via ACH (eCheck) and deposited directly into your account within 3-4 business days is superior to waiting two weeks for a check to arrive. With ACH, if rent cannot be withdrawn due to insufficient funds, your property manager can immediately contact the tenant and in most cases initiate another withdrawal. If payment offered, the property manager may need to post a rent past due notice. Notice templates prepared by an attorney specializing in landlord tenant law ensures that appropriate language is included. In rare situations where an eviction is necessary, hiring the same attorney who prepared the lease and subsequent notices can expedite matters. Eviction prevention is always preferred to doing an eviction.
Early Lease Termination
In many cases when tenants break their lease—it’s for a good reason. Divorce, medical issues, employment relocation or death in the family just to name a few. Your property manager should negotiate any early lease termination requests with the goal of keeping you “whole” regarding income and enabling the tenant to move on. When handled correctly, you should experience a seamless transition from one tenant to the next and with zero to minimal income loss.
If all goes well with a lease, the preferred outcome is a renewal because the benefits are numerous for both the owner and tenant. For the property owner, a renewal means no search for a new tenant, lower procurement expenses, no vacancy, less wear and tear on the property and lower risks overall. For the tenant, a renewal eliminates the panicked hunt for a new home and the stress/expenses that come with moving. Successful lease renewals are also a reflection of quality property management and maintenance. Responsive property maintenance/management, leads to lease renewals, which then benefits owners and tenants alike!