Rent Sense: Responsible Rental Property Ownership
Requires a Pro-Active Approach
By Neil Fjellestad and Chris DeMarco
FBS Property Management
Owners that manage their own rentals are certainly concerned about protecting their property value, increasing their equity and preserving cash flow. Unfortunately, Owners are often unaware or unable to establish and follow professional management routines required to accomplish these important objectives.
Immediate action is required both to prevent and mitigate problems. In order to be pro-active, a rental owner needs to understand the law; adopt an approach that demonstrates respect and customer service for responsible tenants; and consistently follow a clear plan of action for every situation.
These days every rental property owned needs professional management. That management recognizes that resident turnover, prolonged vacancy and uncollected rent are unacceptable conditions that need to be solved. The owner also needs to protection against the personal financial liability surrounding fair housing laws, landlord-tenant regulations and eviction procedures, professional property management provides that buffer.
Here is a short list of problem areas that require a pro-active approach:
• Non-payment of rent
• Community policy violation(s) and/or neighbor complaint(s)
• Unauthorized “guests” (residents not on the lease)
• Missed appointments with repair vendors
• Illegal and/or dangerous activities
• Visible signs of abuse or neglect
• Lack of agreed upon yard maintenance and/or cleanliness issues.
Additional points to keep in mind – good tenants want value for their rent payment and demand preferred service during their lease term. Consequently, most choose to live in professional management properties.