Updated: Jan 12
It is very important to keep good maintenance and constant supervision of the properties when they are rented since on many occasions some tenants do not detect a problem that can cause serious damage to the property. Constant supervision of air conditioning, plumbing and even electricity can prevent major repairs.
Also, it is important to know the objectives and the performance desired by the owners, on many occasions the tenants request some repairs that are their responsibility; for example, change of light bulbs, air conditioning filter, sometimes the pest control is also the tenant's responsibility, cleaning, carpet wear, among others... It is important to establish the responsibilities of the owners and tenants in the contract from the beginning, this way we can keep the property in good condition for both parties.
Having a good relationship with the tenants seems like a simple task, however it is not easy to keep all the people happy, the important thing to maintain a good relationship with the tenant is to attend to their needs within the possibilities of the owner and the best way is keeping the property in 100% functional condition from the moment that the property is delivered. It is also important to notify tenants sufficiently in advance about possible rent increases, changes in the contract at the time of renewal and, above all, to explain why rents tend to increase over the years. This way the tenant will have more preparation time.
Deposits and walkthrough’s
The security deposit for some tenants is important and for others not so much; to avoid damage to the property we must determine from the beginning the amount of the security deposit and the reason for that price. In order to do the previous, we must review the application of said person who wishes to live in some of our properties under management so we can create a balance in the security of the owner and the tenant.
Apart from the security deposit; for me personally, the most important thing is the walkthrough, this part allows us to keep record of the conditions in which the property was delivered. Therefore, it must be returned under such conditions, otherwise we will have a security deposit and a saved inspection in our software to make all the pertinent repairs to maintain the property and avoid causing harm to the owner.
It is important to have knowledge about structures like buildings and understand that at any time something can happen. An air conditioner with many years of use or an old water heater, can collapse at any time; a water leak or a short circuit can happen at any time, therefore it is advisable to owners to have insurance for such unexpected repairs or have an annual repair fund.