When someone is interested in renting out their home, they often are primarily concerned about how much the rental payments will be, and who the tenant will be. It can be difficult to envision another person living in your home. Of course, any property owner wants the property and their home to be well cared for in their absence.
Something to be considered before choosing a property management company is how they keep tenants in the properties once they have rented them out. Happy tenants are more likely to pay rent on time, to take better care of the property, and to report damages faster than tenants who are unhappy with their experience renting.
Below we have listed a few key things to check before selecting a property management company to manage your home.
What are tenant reviews like?
It’s not uncommon to see a bad review or two on any company’s page. These reviews could have been submitted as a result of any number of difficult situations, and it can be hard to determine which reviews to pay attention to.
Many property management companies blame low ratings or poor reviews on the tenants, citing that they prioritize their clients, the property owners, first, and sometimes this upsets the tenants. We believe that this line of thinking can be a property management company red flag in the long-run.
Tenant happiness has been shown to improve on-time payments, overall care for the property and more. When the tenant is happy and caring for the property well by reporting any issues right away, the property owner or landlord is more likely to feel confident in the service they are receiving and confident that their home is being cared for properly. Because of this, we view our tenants’ happiness as an integral part of our clients’ happiness.
A few bad reviews aren’t typically cause for concern, but if you notice an overwhelming pattern of negative reviews from tenants, it may be time to reconsider. Bad reviews may especially be a reason for looking elsewhere if tenants share that they couldn’t get ahold of their property management company, or that maintenance issues were reported but not fixed.
You want to make sure any repair, no matter how small, is made as soon as possible after it is reported. These small fixes can add up over time or develop into larger issues, so it is essential that the property management company take each issue seriously, and remedy it quickly.
Ask the property management company how they ensure tenants feel valued.
At Rincon Property Management, we are proud to treat our tenants with the respect and courtesy we would want to be treated with, or how we treat any of our clients. We want to build a positive relationship with all of our clients and tenants, and maintain an open line of communication.
Part of how we ensure our tenants’ happiness is through our Resident Benefit Package. Our Resident Benefit Package allows us to provide great service to all of our tenants, through providing a variety of rent payment options, lockbox move-ins and move-outs, a 24/7 maintenance hotline in case of emergencies, and more. You can learn more about our Resident Benefit Package by visiting the Resident Benefit Package page, here.
Make sure to ask what the company you are considering is doing to make reporting maintenance issues easy, and how they keep tenants in the homes longer. While a tenant renewing a lease is never guaranteed, it is much more likely to happen if they are happy with the company they are renting from, and feel that the home is being maintained appropriately.
How much of the security deposits do they keep?
If there is damage to a property, it is essential that a security deposit be in place as part of the tenant’s rental agreement. However, a company that has a well-built leasing program will spend the necessary time up-front to vet tenants in advance.
At Rincon Property Management, we use top-tier programs filter out any applicants who may be using fake check stubs, and we always vet the applicants’ rental history. Because we take great care at the beginning of the process, we are able to reduce the occurrence of “problem” tenants, or tenants who may not care for the property in the way they should.
If a company is frequently taking high percentages of security deposits, this is a red flag that maintenance concerns may not be getting addressed, or tenants may not be sure who to contact if an issue comes up.
A few bad reviews and a small percentage of security deposits being taken are not necessarily a cause for concern, but it is worth looking into a bit more. As a property owner, you want to ensure that your home will be well cared for, whether a tenant hasn’t moved in yet, or has been living there for years. Open communication is essential in the property management business, and you deserve the peace of mind that comes with knowing your home is in good hands.
If you have any questions about what renting out your home could look like, visit us on our contact page, here.
