Every rental property management Denver firm knows that there are common problems that can escalate and cause friction amongst tenants, staff, owners and impact the reputation of your business. Here are the most common ones along with tips on how to avoid and keep problematic issues to a minimum.
Lack of Communication
So many problems arise from the result of poor communication and not setting proper expectations. Rental property managers need to do everything possible to keep the lines of communication open with tenants and owners and not only stepping in when something goes wrong. Tenant and owner online portals are a fantastic way to foster better communication and also keep it centralized in one location, making it easier to track and keep a record of what has transpired.
When rental property management Denver organizations do not have a system in place to schedule and monitor maintenance and repairs, problems arise that irritate tenants and owners. If a tenant reports an issue and a vendor is contacted without getting alternative pricing bids or the service requests get lost in a stack of paperwork, time and money gets wasted. There are many excellent property maintenance software programs that provide a streamlined platform for scheduling, quoting, assigning repairs and tracking inspections. Even better, these programs will keep everyone – tenants, vendors, and owners in the loop, saving your staff time.
Flawed Lease Agreements
Sometimes, property managers wear the hat of being a salesperson to entice a tenant to sign a lease, however, that lease agreement and tenant screening procedures need to be legally solid. Leases should always be drawn up by an attorney that can ensure that they are compliant with the law, while still meeting your business needs and requirements of the owner. Also, ensure that your staff is properly trained to not make the mistake of compromising any binding legal clauses by making tweaks or modifications to the lease when signing a tenant.