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When managing a property, you want to keep the tenants happy yet at the same time stay happy yourself. After all, you have to remain in business, and so many people rely on you for a stable and safe environment.
Probably the best way to keep everyone happy is by monitoring your property. Just walk around and scope out the area just as you would for due diligence. While doing so, you should keep your eyes and ears open, paying attention to every little nuance that could help you and your tenants in any way possible. You should do this regularly, perhaps once every six months or even more frequently if you are able. This way you can check up on the tenants and also see how appliances are operating and how the place looks in general. You don't want surprises, so it’s best to prevent them altogether.
HEADS UP: If you hired a property management company (see Managing Property), then make sure the firm is trustworthy and dependable.
During inspections, you’ll probably notice areas that are not necessarily problematic but might need a little repair, or could use some fixing up just to make the property look nicer. Although these “details” might seem miniscule by themselves, collectively they can make a property look uninviting or just plain ugly. This means you should feel free to do simple improvements that spruce up the place and keep tenants happy, perhaps a paint job or new blinds for all units. Or maybe there are pot holes in the parking lots. These little things go a long way and will keep tenants in your property for a long time.
Whether or not you hire a maintenance crew to clean in and around the property, it’s a good idea to do a few things, especially if you wish to increase the intensity and frequency of your inspections:
- Vacuum regularly
- Sweep and clean the hallways
- Replace light bulbs
- Pick up trash in the common areas and/or the parking lot
- Other maintenance tasks
It also helps if you’re a Mr. Fix-It, or a jack of all trades. Not only will you seem more competent and caring towards your tenants, but you’ll also build relationships with them and increase the efficiency of your inspections. Try to keep your areas of expertise broad but also proficient because there will be several different types of projects you will be asked to undertake. Plumbing, electrical work, pest control, security, and so on and so on, are all useful skills to have. Even if you’re not the most capable person for the job, the important thing is that you’ll be available for the tenants. In the future, they will know they can count on you if something goes wrong.
But of course, you will not be able to personally respond to everyone all the time. For this reason, install a drop-box in convenient and frequently visited areas so that tenants can write on pieces of paper what they need fixed, or if they simply wish to give feedback.
Energy Costs
For apartment buildings or multiple-unit properties, tenants should have split utilities. There will be different levels of energy use for each tenant – and some tenants might have children where others don’t. Along the same lines, have a limit on the number of people who can live in an apartment and or if you even allow for subletting of the unit.
Noise Levels
Renters don’t want to live in a building next to a loud bar or a noisy club – make sure noise is not a problem for the building you’re buying.
Read more - Dealing with Tenants
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