A Royal Oak property manager does more than just place a “For Rent” sign at the front of your unit and collect rent payments. Here are some tips from Real Property Management Metro Detroit to help you find good tenants and have fewer vacancy days to keep those rent checks regularly flowing.
If you get too excited to rent out your property, you may fall into the trap of simply accepting the first applicant who has cash in hand and is enthusiastic to sign a lease. But do you really know about this applicant eager to live in your property? A professional Royal Oak property manager will spend time cautiously screening every prospective renter. A professional knows what to look for and how to look for it. Background checks can determine past criminal behavior. Asking for references from past employers and former landlords is necessary as references are more reliable if they are not from the tenant’s family and friends. Additionally, a prospective applicant’s income must be at least three times greater than the rent, so verifying income is needed. These are just some of the things to do for screening tenants, and we can assist you with more.
Be Aware of Legal Issues
Are you familiar with the laws about leasing and renting property? Lawyer fees are expensive, and one legal issue against an investment property owner could exhaust cash reserves. Real Property Management Metro Detroit knows how to properly comply with laws to help keep you away from legal risks that will cost you money.
Rent Collection Process
Rent collection is the main goal of every landlord. If you have an expert Royal Oak property manager with you, the rent collection process becomes easy and regular. Furthermore, tenants tend to pay rent punctually if online payment options and online tenant portals are accessible 24/7. As a tenant moves in, inform them clearly about a firm but fair payment policy. If you do, this sets things straight and keeps a professional and not a personal relationship.
With the expectation that you be available at any time on any day, rental property management can be a very stressful experience. The job of a do-it-yourself Royal Oak property manager can be made much easier if you work with a reliable and professional management company.