10 Steps to Successful Property Management: Step 4 – The Decision

By Jai Ledgerwood

Over the past few weeks we’ve been going over how you can successfully manage your property rental, and up until now mostof the elements mentioned have involved your property agency of choice stepping in on your behalf and doing the necessary interviews,advertising, tenant checks and property viewings.

The next step on the list is one that nobody but you can do as it involves making that crucial decision as to who will occupy your property for the foreseeable future. You have all the black and white information in your hand to help you decide – the prospective tenant’s income and credit status as well background checks and referrals from previous landlords.

Before you make your final decision it is important that you understand exactly what the rights of your potential tenants are and your mutual obligation towards each other once the ink of your agreement has dried.

There are laws governing the deposit amount that can be requested, the maximum or minimum amount of rent that can be charged as well as the required notice you must give before requiring that your tenant vacate the property. Hoewever,don’t forget to also iron out any flexible details before you both sign anylegal agreements to avoid future hassles. Many property owners feel that they are so close to getting a tenant and rush through this process, not taking all the advice given to them by their property manager. This is a huge mistake that can quickly turn into your worst nightmare. If you have questions ask them and encourage your potential tenant to do the same.

A good property manager will be able to assist you in this process by going through standard tenant relation procedures with you. This is instrumental in safeguarding your future relationship with your tenant. If your property manager fails to hold up their end of the deal in their day to day dealings with your tenant, you could end up being the one paying for it.

So to recap – make sure you’re on the right side of the law with any decision you make, and make sure that whatever promises you make, your tenant can be facilitated through your property management company of choice. With that information at your disposal, making the final decision will be a lot easier.

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