As a property manager, whether you’re in a residential or commercial building, interacting positively to your renters is crucial. Your residents or tenants will be there for some time and you’ll likely have more than one interaction with them, so you want to make a strong (and good) first impression when you are preparing for new renters. The more they know and rely on you, the better behaved they’re likely to be, which will help everyone in the long run.
Tips for Managers Preparing for New Renters
What is on your to-do list when you’re preparing for new renters? It’s probably a lengthy list, but if you’ve done this before, then you may have it down to a science. Either way, it can be a nerve-wracking experience, trying to remember everything that needs to be done before the new tenants or residents arrive.
The first step is to go through that process of screening new and potential renters. “You definitely want to spend time and resources to find out who you will be renting to and avoid problem tenants who won’t pay the rent.” The more diligence you put into this process, the better it will be in the long run, since you will be more likely to come out the other side with renters who are responsible and courteous. Once you hear from the interested applicant, you should try and get a sense of how serious they are in actually renting from you, since there are a lot of people who “test the waters” and may not be worth the full investment of your time.
Of course, a huge part of engaging with these potential new individual is to look over references that they should provide from “former property managers and employers,” as an example. Look to see how long they rented from their last space and how much time they have spent at their job. If you can, seek out testimonials from those landlords or employers who are willing to speak with you and who seem to be giving you a fair and unbiased opinion of the renter.
If they seem like a good addition to your space, then the next step in preparing for new renters is to look into their “credit, background, and criminal records.” Just as you checked up on their previous work and renting experiences, you want to see what other aspects of their lives, or pasts, might be a risk to you. If the person has some issue with this, then that should be a warning sign that you should consider, since they would obviously be turning you down for some reason. If they consent, then there are a number of things to look for, such as “a history of late payments.” Use your judgment in which kinds of situations are potentially problematic and which are fine to overlook. Assessing criminal backgrounds is a difficult area, since your level of concern will vary depending on the offense in question and how long ago it happened. Speak with others who have experience in this area to get their advice, but give it a lot of consideration before choosing one way or the other.
If you’ve finished all the official preparing for new renters and have decided on some, then the next step is to collect early payments like deposits and the initial rent. You also want to review the lease with them as soon as you can to ensure that they agree to its rules and regulations and can therefore be considered informed of and responsible for its contents. “When the lease has been signed and the tenant has the keys in hand, have them walk through the property prior to move in with a checklist.” You don’t even have to create your own, as a lot of these kinds of lists are free resources that can be found online. Or, maybe you already have one from previous experiences?
Finally, consider a little “welcome” that you can offer to the new renters on your residential or commercial property. Something small like a card or note can go a long way, and a little gift is even better, if you can offer it. Their appreciation and cooperation moving forward will make your life and work easier over time. Something else that will simplify your day to day job is to involve the functionality of a property management software such as Budgetrac. Budgetrac Property Management Software is unparalleled in its field. It’s easy to use, but is also flexible and robust, making it the perfect system for the manager of any property!