Our owners usually have two major concerns when it comes to renting out their properties. First, they are afraid the resident won’t pay the rent on time or ever. Second, they are afraid the resident will trash the property. We have systems in place to substantially minimize the risk of those two things happening. Here are three things that make a big difference:Vetting and Screening of Residents We have a thorough vetting process for our residents. We have a detailed online application, and we know where they work, how long they have been there and how much money they make. We ask for proof of income and we know exactly who is moving into the property. We track whether there are pets. We get a lot of information in our online application. It’s also important to speak with the residents and get to know them. You want to make sure they understand the difference between renting an individually-owned home and an apartment.
Educate the Residents
We spend a lot of time educating residents on their lease responsibilities and how to maintain the property while they occupy it. Our lease is detailed and specific, and we fine tune it all the time. This lease is discussed in detail so the residents understand their roles and responsibilities. Our property managers meet with the resident prior to the start of the lease to go over how the house works, and how to submit maintenance requests. This allows us to build a trusting and positive relationship.
Respect the Resident
We respect the residents. This is so important to minimizing your risk as a owners. Often, when I look at Google reviews for other property management companies, I’m struck by how obviously some residents hate their property management companies. It’s not in your best interest as a owners to have an unhappy resident in your property. If we respect the resident, the resident will respect the property and the lease terms. This helps you to win as a owners.
By having a thorough vetting process, educating the resident and treating them with respect, we find that it’s a win/win situation for all parties. These are the things that substantially reduces the risk of having a resident who doesn’t pay rent or is willing to damage your home.
If you have any questions about this, please contact us at Chesapeake Property Management.
