Thursday, December 10, 2015

How to be a Good Landlord*

*in the eyes of a property management company. 

Let's make a few assumptions here. The first being everyone is getting along. The second being that the property management company is competent. 

Be Fussy: If you pick a bad tenants, you get drama. Which means the property management company gets drama. Six months down the line, choosing a bad tenant will come back to haunt you. By then you have forgotten it was your choice to have this bozo in your home and everyone's level of drama will be at an all-time high. So, pick well the first time. 

Check the calendar: Don't, for the love of all that is right and just, call the first Monday of the month. Nobody--from the broker all the way down to the commissioned salesperson who is helping out for a few hours answering the phones--has time to deal with you. We are busy dealing with your tenants. There seems to be a correlation between tenants paying the rent and tenants asking for repairs. Either that, or there is some vast conspiracy for all items in a rental home to break the weekend before the first Monday of the month. Either way, don't call. 

Write the check: Things break. They break in your own home too. Fix them. I am not saying install hardwood floors if a floor tile is cracked, but if you have a drippy faucet, fix it immediately. 

Pick your battles: If you need to fight, fight. But make sure you know what you are fighting for and that you are fighting with the right person. "I didn't get my owners' statement until the 17th of the month and you told me I would get it on the 16th," is just going to ensure your next phone call or e-mail isn't answered promptly. (Are you listening Canadian owners????)

Make sure you are communicating with the right person: The bookkeeper can't tell you how many showings you have received. The leasing agent can't tell you if the tenant paid the rent. You wouldn't call your electric company and demand that the CEO fix a discrepancy on your bill or the accounting department to turn off your power. The same goes here.

Don't assume you are being ignored: Most property management companies have about 10 folks working there. We have five, with a few as-needed folks waiting in the wings. Sometimes issues are triaged. We know you are interested in hearing if the weeds were pulled at your home. But perhaps someone else's home burned down last night and the weeds haven't been top of mind. And by the way, we can't tell you that another client's home burned down last night. It isn't any of your business anyway. 

Don't immediately jump to conclusions: Life happens. While you are thinking your 78 year old tenant who has been renting from you for the past eight years and has always paid early or on time is now a crook because rent is 15 days late, it might not be the case. Perhaps his wife is in the hospital, there's been a problem with his social security and his car broke down. What you may not know is that we, at the property management company, know this and the tenant is completely embarrassed by his situation. He isn't looking for a handout, but is in desperate need of a hand up. In the background, we have taken up a collection from our office, surrounding offices in our business complex and from other real estate agents we know for help for his rent, utilities and food. We may have asked some of our plumbers, electricians and roofers we work with for donations as well. We may have contacted a local garage and asked if they can fix this man's car. We also may have slipped a local Uuber driver or taxi company a few bucks for gas and asked if they could drive this man to and from the hospital every day while his car is being fixed. There's a lot we do behind the scenes. This is a people business. The human aspect is crucial. We understand this is a business for you. We also understand human dignity.  

We don't work for free: Our kids are addicted to groceries just like yours are. I understand when things break they need to be fixed. It isn't Luigi's job to pay my plumber or roofer. If you are "tired of paying for everything," sell the house. 

Be nice: Manners go along way. There isn't a mother alive who will admit they didn't raise their child right. So, I am willing to bet you have used the phrases, "please" and "thank you" on many occasions. Do it when you call us as well. That will get more done in your name than screaming from the rooftops what a$$h***s we are when you are talking to us. Telling everyone you talk to how incompetent that particular person is, will not win friends. And, it probably won't get your home showed either. Trust me. 

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