In this section, we discuss the common frustrations we see amongst property owners that can be avoided with some fine tuning of processes and other methods to ease your ownership headaches. Let us help you make your investments more massive while you turn your management more passive!
HR professionals preach “hire slow, fire fast” and whether it’s your property supervisor or the landlord, this is very valuable advice in today’s rental and leasing market. Whether it’s a commercial tenant who always pays late or damages the space or a residential tenant who doesn’t follow house rules, choosing the wrong tenant is costly.
Although there are more protections for tenants in the application process, owners can still choose the right tenant, rather than the first tenant. The easiest way to attain better tenants is to ignore the pressure of having a “vacancy” and have a process that you follow with every application. Make sure you’re requiring the right documentation.
Know what “standards” must be met and what questions you’ll ask them. A checklist that’s followed with every applicant, and having a specific process used for each applicant will ensure you are treating everyone equally.
This gives you the checks and balances that increases the probability of finding a tenant who compliments your existing tenants and leads to increased tenant retention.