As a commercial property manager, visibility to your tenants is important. The more they see you, the more you are to establish a bond with them, and with this bond comes with more trust. In case of maintenance issues, they are also likely to contact and cooperate with you as you successfully penetrate into their comfort zone.
When a new tenant occupies a certain unit of residency, the landlord automatically collects security deposit fund. This is where repair costs will be subtracted in case the tenant damages something in the property. However, landlords sometimes find it difficulty to identify damage from a simple wear and tear. This could lead to disputes between the two parties that could end up in court. If the landlord is proven to be wrongly charging the tenant, he is obliged to return the money. In addition, the court sometimes grants a monetary incentive to a tenant who wins a case pertaining to this kind of matter.
The mode of rental for each unit of a new building is important to make sure the operation of the entire building is not going to flop financially in the long run. Whether you’re going to go for net or gross rental, it is important to calculate everything properly. Rent strategies are important to ensure that you get your intended returns. You have to determine rent rates first before you ever get into a negotiation with any lessee.
Communication is an essential part of any transaction. Whether in business, in school, or at home, it is imperative to have things communicated properly in order to maintain a harmonious environment.
Eviction is not as easy as getting pissed the first time a tenant commits a mistake and tell him to get out of the property right there and then. You can’t also just force him out of it and change the lock of his unit. If you do things this way, it’s a guarantee that you’re going to pay for damages that’s worth a couple of month rent. It’s going to defeat the purpose of business.
A high tenant retention rate is sufficient for a real estate property to produce a stabile cash flow. A property’s vacant period is costly because first, the property is not generating money. Secondly, maintenance fees would still be recurred to make sure the property is in a good condition. Although losing some tenants might be a good riddance due to their poor behavior, in most cases you would want to maintain a good tenant-landlord relationship for the sake of protecting your cash flow.
People’s attitude varies, each with their own complexity that it would be an incredible bliss to have them in a place where they live alongside each other harmoniously. But let’s not daydream of ponies and rainbows in broad daylight, not all people are nice. They can be so difficult sometimes that you just want to prick them like a bubble so they disappear. As landlord, you have to understand that tenants are individuals who define and lead their lives differently, and there are boundaries you can’t cross.
Winter is here! With it, often times you will find that your gas bill will skyrocket. To put some control into it, you could put a meter system into your property’s heating system to monitor its use. It shows that when a multi-tenant complex has heat meter which is used to bill residents for their portion of gas, the bill most of them time will decrease, sometimes even by 35%.
A good HOA should not only take care of what is visible, i.e. what is on the surface, but more than anything, a good HOA should ensure that everything in the property under its care is working properly. It is dangerous to have something that look good only on the surface but fall apart from the inside.
Valentine’s Day came to be as a holiday in honor of a certain Saint Valentine who is thought to be the person to give the first love letter. He gave it to a jailer’s daughter who he cured from what everyone at the time thought was an incurable eye disease. True or not, he has influenced the lives of many people, and Saint Valentine’s birthday came to be the holiday dedicated specifically to people from all walks of life who love.
