The main reason that any person invests in a property, is due to the revenue that property can potentially generate for him or her. Rental real estate is a thriving market these days. Due to the uncertainty of job scenario, people generally have to keep moving from one place to another. That is why they are more interested in finding good homes or apartments for rent, rather than risk buying a house and having to move. While single tenant houses are much easier to manage, multi-tenant apartment property management is somehow rather difficult. That is why; people generally tend to hire professional Seattle Property Management firms to handle the job.
A property manager is responsible for the maintenance and upkeep of any property. One of the main roles of a property manager is rent collection. It is a well known fact that rent collection is indeed a very strenuous task. This requires constant dealings with uncooperative tenants, who can prove to be a headache. That is why, it is the duty of the property manager to ensure timely collection of dues, from every tenant possible. Rent collection can however, turn into a smooth and easy process if the property manager keeps a check on certain things, in the process.
- A Seattle Property Management firm can arrange for any for or correspondence or notice to the tenants, a week prior to the due date, informing them of the amount to be paid, the date by which it has to be paid and the late penalty. This would help develop a system and also help the manager in gaining the tenants’ trusts and impress them in the process.
- A property manager should be flexible when it comes to the mode of payment. The mode of payment should be such that the tenants have more than one method of paying the rent. The modes may include, cash, cheque drop boxes, self addressed stamped envelopes, credit or debit cards, etc. Flexibility in payments would give a number of options to the tenants, making it less likely for them to fall behind on their payments.
- Record keeping is an indispensable thing in efficient property management. Be it rent receipts, agreements, or any other form of communication between the tenant and manager, a strict record should be maintained of all such things. These records come in handy if such a situation arises where the Seattle Property Management Firm is threatened with legal action from the tenant.
- The thing that a good property manager should know is that threatening the tenant, be it verbal or otherwise, is absolutely unprofessional and would also not yield any good results for the manager. The right thing to do is to keep sending notices of late payments, to the tenant. When the fixed number of warning is reached, follow that with an eviction notice. Every step should be conducted in a proper and legal manner.
Handling tenants and rent collection is not at all an easy task. But if a person is able to manage the situation properly, Seattle Property Management can yield immense benefits for him or her.