Alex Edwards: Hello Terry. Do you know Cindy Bryant? She works for a Commercial Property Management Firm in your area. I have relocated from California to Sulphur Springs. Grew up working for my father in his low income rental business: Econ-O-Rent houses and apartment... moreHello Terry. Do you know Cindy Bryant? She works for a Commercial Property Management Firm in your area. I have relocated from California to Sulphur Springs. Grew up working for my father in his low income rental business: Econ-O-Rent houses and apartments. Now we are working in East Texas with 3 different sets of investor/partners restoring older frame houses and managing them. New construction will begin early next year on 10 lots we bought last year in Delta County. We are striving to improve the quality of living for our tenants with contemporary upgrades and well maintained affordable housing (the goal being longer term occupancy). I am currently (time permitting) working on a relational database that is web hosting able with the long term goal of being able to offer a networking (Hands On) Property Management solution to other owners/investors and managers nationally within the next 5 years. Once I am satisfied with my own results out here. Where are you with your business? less
#1 tenant issue: Deadbeat tenants that don't pay their rent.
Resolution: PROPER SCREENING. I used to be nicer (Nieve) about prospects bad credit/rental history and the sob stories they tell to excuse it. NO LONGER! I have learned by "experience" that even a vacancy is better than the hassle of collections and the time and money spent on evictions and costly cleanups after allowing the wrong people into a rental house.
#2 tenant issue: Tenants that do not take care of the property.
Resolution: REGULAR INSPECTIONS. A simple drive by is sufficient. If the outside of the house is not looking good, you can bet the inside isn't either. Take pictures and send it to them with written NOTICE of lease violations with a specific time period to resolve. Make sure your lease has provisions to charge for Management's remediation of violations. (IE. yard maintenance, air filter changes, freezing pipe protection, etc.)
#3 tenant issue: Tenants that call you daily with minor/trivial repair requests and petty complaints.
Resolution: THIS CAN BE TOUGH, always follow your state's Property Codes for repairs! If it is a new move-in, I give them the Move-in Form and request they list all discrepancies with the house and return it to me within 7 days. I usually make all reasonable repair requests that are not considered "cosmetic". After that, my lease calls for a repair deductable of $30. I don't charge for an emergency A/C or plumbing call or even for an isolated and reasonable repair request, but when I have a tenant that wants to get fiesty, and call daily about the door that sticks or the bent window screen, I'll require the repair request or complaint in writing with the repair fee payable in advance. This doesn't resolve all tenant repair/complaint issues, but it does reduce them a little bit.