Friday, August 28, 2015

Property Management Wisdom: Pass That Peace Pipe with your Tenant




If you're feeling mad as a wet hen,
Mad as you can possibly get, then
Pass that peace pipe, bury that tomahawk
Like those Chichamecks, Cherokees,
Chapultepec's do.
That cold shoulder never solved a single complaint.
When you're older, you'll wipe off all of that war paint.

(Hugh Martin - Pass That Peace Pipe Lyrics | MetroLyrics)

Blessed are those who find wisdom, those who gain understanding,
for she is more profitable than silver and yields better returns than gold.
She is more precious than rubies; nothing you desire can compare with her.
Long life is in her right hand; in her left hand are riches and honor.
Her ways are pleasant ways, and all her paths are peace.
Proverbs 3:13-17 NIV


When I was a younger property manager starting out in Charlotte, I was all about the letter of the law (or in this case, the lease).  “Follow it, or else!”  “According to section 7.6, you are in breach of contract!  Better get a lawyer!”  “No payment yet?  I’m sick of excuses!”

Property management can turn you into an ugly person.  It’s really set up in a way that promotes divisiveness.  Property managers are in one corner sparring for the owner’s (their client’s) interests.  The tenant is fighting to protect their interests.  Who pays to replace a burned out light bulb?  You do!  No!  The thing was already burned out when I moved in!  You should pay!

What I’ve found over the years is that being a stickler and jerk isn’t effective.  It’s bad policy, both professionally and personally.   

Through the years (much like King Solomon’s advice above), I’ve found the wise path is to take actions that promote pleasantness and peace, whenever possible.  It’s more profitable and much less stressful!

To keep the peace, keep the following in mind:   

1.  When e-mails start getting negative, stem the tide and pick up the phone.  The game of “who is smarter/snarkier” in e-mails with your tenant is a game of LOSERS played by LOSERS.  If you must, save your “clever writing” for a novel (or your property management blog).  

2.  “Seek first to understand, then to be understood.” (Stephen Covey).  We argue about problems.  Problems need solutions.  Listening to the tenant’s needs and thoughts provides more information to formulate peaceable solutions with.  Enough said.

3.  Real professionals come up with compromises that can work for both parties.  This is where property management becomes art, as opposed to robotic, Draconian ruthlessness.  No one said property management has to be a zero sum game where one party loses and the other wins. He who lives by the sword, dies by the sword.

So, bury the hatchet and try to work issues out nicely.  Pass the peace pipe with your tenant and enjoy the rewards!


Brett Furniss is the head property manager of BDF Realty (Charlotte Residential Property Management), the trusted real estate advisor for Charlotte landlords & Home of $100 Flat Fee Property Management.   BDF Realty utilizes their innovative Pod System for exceptional customer service in residential property management, home repairs, and home sales for single-family homes, condos, and town homes in the Charlotte-Metro Area.  Contact Us Today!

Friday, August 14, 2015

5 Important Steps Not To Forget After Locking In Your Rental Tenant (With Extra Credit)




I finally did it!  I found a tenant!  Now good times are here!  I can just sit back and spend the rent money.  Oh yeah!
(Landlord reaction after placing a tenant into her rental home)

It is a good feeling getting your rental home filled!  The house preparation, the marketing, the showings, the rental screening, the deposit collection… it’s exhausting, but usually means that you are in the clear from doing it again for at least a year.  That’s something to celebrate!

Great tenant placement is about 75% of the heavy lifting good property managers do.  Getting past this hurdle is a great accomplishment!  If high standards were kept throughout the screening process, a fruitful, peaceful tenancy is extremely likely.

But after the bubbly has been consumed, the noise makers silenced, and the euphoric feelings have subsided, a question sometimes starts to gnaw at your innards:

What have I forgotten to do?

This is a perfectly normal reaction.  And, fortunately, it has a very easy answer.  Here are 5 important steps not to forget after you’ve locked in your rental tenant (with ways to earn extra credit):

1.  Make sure the new tenants know where, to whom, and when to send the rent checks.  Priority #1!!
Extra Credit: Send a reminder 7-10 days prior to the due date every month (I like e-mail).

2.  Call your insurance company and let them know you need to change your policy from a home owner to a landlord.  I haven’t seen any price changes personally from doing this.  Extra Credit: Make sure your tenant has a renter’s insurance policy.

3.  Make sure all utilities are scheduled for shut off when the tenant moves in. 
Extra Credit: Allow 3-5 days after the tenant’s move-in date to schedule the shut-off.  It’s tough to live without utilities and moving time is busy.  It’s perfectly decent to be thoughtful!

4.  Cut off the lawn service after the tenant moves in.
Extra Credit: Have the lawn mowed the day before tenant move-in.  It’s a nice gesture and sets a precedent on how the lawn should be kept.

5.  Exhale and put your feet up!  You’ve done it!  Never miss an opportunity to celebrate!
Extra Credit: Head to your nearest Caribbean island ASAP.

    

Brett Furniss is the head property manager of BDF Realty (Charlotte Residential Property Management), the trusted real estate advisor for Charlotte landlords & Home of $100 Flat Fee Property Management.   BDF Realty utilizes their innovative Pod System for exceptional customer service in residential property management, home repairs, and home sales for single-family homes, condos, and town homes in the Charlotte-Metro Area.  Contact Us Today!