William Shakespeare wrote “All the world’s a stage, and all the men and women merely players:
they have their exits and their entrances”. So if one were to consider rental properties a stage,
then tenants would be the players who enter and exit the stage at various times. Some of the
players have stellar performances leaving you wanting more. Yet some players’ performance is
so poor that it makes one wonder why they were allowed to rent in the first place. This is why as
the executive producer AKA owner of the play (property),one must hire the right director / property
manager / agent.
As the director, the property manager must advertise casting calls, hold auditions
and hire actors. The director must provide direction and manage the players. If the players don’t
follow direction, s/he must fire the actors and find replacements. In real estate terms, this means
the property manager must advertise the property to the best of their ability, show the property
to prospective tenants as many times as needed, screen the prospective tenants by conducting
background checks, prepare leases and conduct walk through in the unit at the time of the move
in.
During the lease signing, the property manager must set forth the direction of the “play”. Do’s
and don’ts have to be covered during the lease signing and the tenant must be made aware of
expectations set forth by the property owner as well as the agent. The property manager should
also inform the tenant of their role and what can be expected of them as the property manager.
Once a contract has been entered into, the manager must direct the tenant by collecting timely
rents, conduct repairs on work orders and develop a relationship with the tenant.
As the lyrics of the musical the King and I state the job of the property manager becomes about “Getting to know you,
Getting to know all about you. Getting to like you, Getting to hope you like me.” It is important for
property managers to know the tenants and their ability. This is one of the keys to the success
of the relationship between the tenant and property manager which in turn translates into a
successful relationship between a property owner and his/her agent. Getting to know the tenant
allows the property manager to make recommendations of handling a situation when a tenant
doesn’t pay rent / perform. The property manager should be able to ascertain and inform the
owner whether it would be prudent to move forward with eviction immediately or work with the
tenant in collecting rent. Tenant development and working with them is the difference between
having a successful property that produces income versus a property that sits empty.
For help in directing your play, call New Bridge Management directors at 209-668-6700.
