29 Dec 8 Property Management Tips to Always Get Your Rent
Having tenants can be easy, as long as your property manager completes background checks and has fool-proof tenant screening processes in place. This article covers 8 property management tips to help those investment property owners who do not have a reliable property manager and are having trouble getting rent from their tenants
Eight Property Management tips to ensure you always get your rent.
- Don’t rent to a tenant who you think may struggle to pay. Stick to the 33% rule: if the rent is more than 33% of the total household income the tenant is at high risk of falling into arrears.
- Be very clear about your expectations and ground rules from day one. Spell out exactly what you expect in terms of a rental amount, payment date and frequency, what is covered by the rent, penalties for late payment, breach process, and all the relevant procedures. This can be a lot of work which is why most landlords prefer hiring a property management company to deal with it.
- Make sure your instructions are clear and non-negotiable – and give them to your tenants in writing. Go through the document with them verbally before they move in.
- Give your tenants a rent due to date calendar at signup – but also send text or email payment reminders before the due date of payment.
- Set your tenants up on a direct debit if possible.
- Avoid multiple rent payments from share tenants – insist on a single payment. Also, never accept part payments if a tenant or share tenants fall behind.
- Do not renew the lease of a tenant whom you have constantly had to chase for arrears.
- Keep all communications in writing (in the case of legal action) and be meticulous with your records.
Fahey Property Management Ltd is a specialist Residential Property Management company located in Central Auckland, managing Auckland rental properties and Hamilton rental properties. We offer our clients a friendly, professional service that removes the stress of managing tenants, maintenance and financial matters. Fahey Property Managers brings a wealth of rental property management and tenant consultancy experience to provide both landlords and tenants with a stress-free property rental experience. Contact us today.GET IN TOUCH