You found the ideal college renters who are willing to pay the rent you want to receive, the tenants are ready to pay, your rental house is ready… But before you hand over your keys to your tenants – its important make sure you’re starting out right. Even move-in-day has paperwork! Here are 3 CRUCIAL tips from a Tempe Property Management Company specializing in college rentals to make it a simple process for both you the landlord and the tenant!
1. Do not allow “Early” Move-in:
First things first: Tenants are often eager to get started on the moving process – who can blame them, it’s easier to move a few boxes at a time than everything at once. However, you must protect yourself and your investment. Be firm, confirm the utilities are in the tenants name and all rental deposit and first month rental checks are cleared before you allow the tenant to live there or even move one item into your home. Tenants may have a very good reason for wanting to move their things, however it places you in a very vulnerable position (prevent legal troubles and expenses!) which is best to be avoid. KRK Realty & Management never allows tenants to store items on property that is not legally theirs IN ADVANCE in order to protect them, the landlord, from legal troubles down the road.
2. Document Everything:
When doing the move-in walk through of your home with your new tenant, it’s important that you document the way the house was when you handed the keys over. From the condition of the walls to the state of your appliances -- pictures, video and other documents are a must for a healthy tenant relationship (this is why we ALWAYS take live videos of our houses for our home investor clients). Encourage your tenant to notate items they’d like documented as well – such as a crack in the wall or a wobbly tile. And be sure to fix these things as soon as move-in is done. This will give you an opportunity to start the rental relationship on the right track! Read up about KRK Realty’s management services to see how our professional management company handles this complicated process for clients.
3. Establish communication:
Move in day is a great time to revisit how you will communicate. Keeping in mind that phone conversations can be a confusing and also can be a legally troubling way to discuss repairs, rent and moving out. Opt for written communication through mail or email to benefit from timestamps and a history of what was said. Even using social media can be a better option than traditional cell phones. Kevin Kirkwood, of KRK Realty and Management only uses written communications for repairs, rent and other official business – this allows a record of the transactions between the landlord and tenant is partly the reason he has dealt with so few ugly situations or evictions in his almost 20 yrs of managing college housing.
These 3 tips will help you start off on the right foot to cultivate good rental relationship. And remember, using a professional property management company is a great way to protect your home investment while maximizing profits for you. Contact KRK Realty today for free Rental Analysis to see our property management services make sense for you!
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