This Tenant Is About To Call YOU….
You can avoid that call! We can show you how.
Before you decide to manage your investment property and it’s tenant without the aid of professional management, consider what others have said… “Property management can be compared to walking down a narrow valley with the valley floor covered with minefields (laws) and traps (potential litigation by injured parties or actions by governmental regulators)”. Utilizing a professional property manager can help you avoid the mines and traps.
THINK LONG TERM
Property management can be quite a commitment. Tenants may last years or alternately if improper lease structure or plain old bad luck rears its head, tenants might last for far shorter periods. Long term tenant attraction (marketing to minimize vacancy) and tenant supervision and management (to protect your asset) never stop and can be demanding.
NOT FULL-TIME BUT ANYTIME
While it’s true that property management may not a full-time job for a handful of properties, assume that you must be available at any time, any day, all year long. Tenants renting property require service full-time, and the laws assume a full-time effort to comply. A professional property manager is paid to handle issues when and as they arise,
KNOW YOUR TEMPERAMENT
Enforcing rules and collecting rent can sometimes produce tense moments. No matter how a tenant acts, you must be under control. Uncontrolled emotions have no place in property management. A professional property manager is trained to handle tense situations plus owes each property owner a fiduciary responsibility to obediently follow the instructions of the property owners they serve.
KEEP GOOD RECORDS & DOCUMENTATION
To avoid misunderstandings with tenants, you will need to have all agreements, rules, and procedures in written form, in addition to having the record-keeping abilities to preserve them. Written records and documents will help to avoid future misunderstandings and possible litigation. Some, but not all, things in writing should include leases and any changes to them, rental applications, lease addendums, house rules, and written notes on each instance of tenant contact and conversations. A professional property manager will have all the forms, policy and procedure, and record keeping tools in place can be ready to deploy at a moment’s notice.
KNOW YOUR LAWS
Take the time to review and study these “mines” in detail. They will dictate your activities in property management:
HRS Chapter 508D – Mandatory Seller Disclosures in Real Estate Transactions (the provisions of the disclosure act covering sales activities also cover residential rental activities), Federal Residential Lead-Based Paint, Hazard Reduction Act of 1992, Understand that tenants who rent properties built prior to 1978 must be provided with the EPA approved informational pamphlet and disclosures concerning any knowledge of the presence of lead paint. These forms must be retained for three years. Penalties for failure to comply have proven to be very expensive. HRS Chapter 515, Discrimination in Real Property Transactions & Federal Fair Housing Act and Title VII of the Civil Rights Act of 1968. Under both of these laws there are “protected classes” who have the protection of law from discriminatory activity. Know these laws, OR select a professional property manager to help you stay protected and compliant.
