Our newsletters cover many issues but as the New Year
approaches, we want to review twelve practices that we, as your
management company, continually use to protect your investment.
1 - Support Fair Housing
This is crucial to successful property management. This covers a vast
area such as advertising, showings, tenant selection, equal opportunity
practices for the handicapped, and much more. We always work to avoid
Fair Housing complaints but should they occur, we move to settle them
swiftly and efficiently.
2 - Select good tenancy
We continually strive to improve screening practices. Choosing the
right tenant is more cost effective than quickly renting to someone who
will become a problem tenant, even if it means a longer vacancy.
3 - Provide reliable documentation
Another key area to reduce risk and keep tenant problems at bay is by
using comprehensive documents. This encompasses leases, addendums,
property notices, communications, etc. Setting up the right agreements
in the beginning can help prevent future disputes.
4 - Maintain the physical property
We continually work to use competent vendors to maintain your property.
We probably sound like a broken record on this subject but preventative
maintenance is a big key for reducing many maintenance issues. Whether
small or large, it always pays to address a problem as soon as possible
and resolve them before they escalate.
5 - Tackle mold issues
Ignoring mold issues has produced some of the largest settlements
against investors in the United States. We may discover that it is not
toxic mold but it is better to clean up any mold before it can become a
6 - Take tenant safety seriously
Addressing anything that could endanger tenant safety is an absolute
necessity. The courts have zero tolerance for a property owner who
ignores maintenance that endangers a resident. This can include unsafe
electrical, flooring, plumbing, door locks, walkways, lighting,
landscape, and more.
7 - Respect your tenant's privacy
The Uniform Residential Landlord Tenant Act (URLTA) provides for a
tenant's right to privacy. Therefore, we contact tenants in advance and
serve the proper notices when necessary if we want to enter their
residence. You may own the property but it is the tenant's home and
most states have specific laws to address the "right to
8 - Encourage tenant retention
For obvious reasons, it can increase the return on investment (ROI) to
keep a good tenant. There are many ways to encourage tenant retention
and it pays to show residents that we appreciate them.
9 - Address security deposit issues
Tenants do move and when they do, the security deposit can become a
battleground. Although we try to avoid this, a dispute can arise. We
endeavor to settle any deposit issue as quickly as possible.
10 - Provide accurate bookkeeping records
It is important to provide you with an accurate accounting of funds for
your property at all times. When you have questions on bookkeeping, we
strive to provide the answers.
11 - Update on new or pending legislation
We cannot provide the best service if we do not keep up with
legislation or rulings that affect management of your property. There
are many ways to do this throughout the year, such as reading
publications, attending seminars, workshops, and conferences.
12 - Continue to keep our clients informed
Keeping you informed on what is happening with your investment is
always important. We use various means to do this such as email,
telephone calls, letters, bookkeeping reports, website, etc. This
newsletter is a vehicle for sharing our property management knowledge
and we hope you find this information useful.
Call us if you have any questions. As your management
company, we are here to protect
your investment and help you when you need assistance.