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6 Expert Tips for Commercial Landlords

property management rentals

If you are on this page, then you are the owner of an apartment in Perth that you plan to rent out.

If you rent it yourself or with the help of friends, then our heading “Tips” will help you prepare an apartment for delivery, find responsible tenants and receive a stable income.

  1. Reasonable Compromise

In conditions of market instability, many tenants complain about the lack of sales, funds, etc. All this translates into delays, installments, lower rent, etc. financial losses for the lessor. A deferred payment is essentially free lending to the tenant, but you are not a credit institution, that is, you will not be able to correctly calculate the risks and receive benefits from such operations. It is important to make a deliberate decision on delays, while obtaining the maximum financial guarantees of the tenant and you also need to keep in mind whether or not he has wage arrears to other creditors. Remember, when you are late and don’t have an advance for the last month of the lease, the tenant’s financial problems become yours. Do you need it? It’s up to you to decide.

  1. At Your Service! 

Try to create a favorable atmosphere for tenants to stay and work within your territory. Explain to your services that in any situation the main thing is to maintain good relations with the tenant, not to create a conflict. Ideally, it is necessary to exclude as much as possible communication between the tenant and the service personnel. All questions employees of these departments should ask the department of property management or the manager. Who competently and at the right time will convey these wishes to the tenant.

Naturally, security techies and retired security officers are not masters of business communication, nor are they required to do so. Just explain that they should contact the landlord property management– and the manager will be aware of all matters and the operation department will not have to communicate with “strangers”. It is also advisable for the manager to establish personal contact with the head of the tenant company, so you will be aware of the successes, failures and intentions of your tenant. If you find out that the tenant moves out through a letter, that is, simultaneously with the notification, consider this your flaw – you have no idea about the tenants’ intentions.

  1. Help! 

Constantly demonstrate to tenants your willingness to help resolve their issues regarding their stay in your territory. Collect information using questionnaires, tenant surveys, personal communication. Find out what your tenants like and dislike. What additional services they would like to receive from you. This way you can keep current and attract new tenants. 

By demonstrating a willingness to help and being flexible, you will firmly tie the tenant to you. Many tenants are even willing to pay more for a good attitude and service.

  1. Advance payment, advance payment and advance payment again! 

As the saying goes: “Nothing strengthens faith in a person like an advance payment.” Your lease must provide for the tenant to pay an advance payment for the last month of the lease. Demand the strict implementation of this paragraph, otherwise you risk getting eternal debtors without guarantors and guarantees.

  1. To the attention of leaders! 

Trust on real estate property management service. Let them deal with issues of their level. Agree to negotiate with tenants only as a last resort and only in the presence of the manager. This is a property management rentals team, work as a whole, listen to the opinions of the staff. If the opinion of the staff is not worth your attention, find another manager. Hire experienced real estate property management service providers that will reveal gaps in your knowledge on this topic.

  1. “Help me help you” 

Let’s take this advice as traditional – contact the professionals – landlord property management agency. As soon as the premises are vacated, you stop charging and receiving rent for it. That is, you are losing money every day. Of course, your task is to rent the premises as soon as possible. And landlord property management agencies will be the best helpers in this. . So if you are sure that you will hand over your premises in two weeks, it is not necessary to contact the agency. 

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