With property to manage and tenants to please, it's difficult to find time in the day to build relationships with the people who live on your property. Tenants are often equally as busy, with kids, work and hobbies keeping them occupied. In many cases, property managers and their tenants interact only when something goes wrong. Scott Safadi of Cal Bay Property Management warns fellow rental professionals not to allow this kind of relationship to become the norm. Tenants will start associating you with maintenance requests, complaints and overdue rent payments, when ideally, they'd think of you as a trusted acquaintance. Try these tips to nurture existing realtionships and start new ones off right:
Communicate Clearly and Frequently Don't wait until you hear from a tenant to chat with them about their life. Instead, open the lines of communication to establish protocol for a back and forth with your tenants. Whether you prefer email, text or phone calls, don't let the only time you communicate be when you need something. When you do have bad news to share, be open, upfront and honest about why you're contacting residents. Be Respectful During Disagreements You and your tenants won't see eye to eye on everything. In fact, conflicts abound in the world of property management. That doesn't have to be a bad thing. By remaining respectful towards your tenants through whatever disagreement you might be having, you set the tone for a better relationship in good times and bad. Even when you have to put your foot down and insist on charging a late fee, increasing the rent or fining a tenant for a noise violation, your tone says it all. Show Compassion There is a real intimacy that comes with working in the property management industry. You'll see people at their most vulnerable moments, occasionally in their pajamas, and at times, when they're emotional. By treating your tenants with compassion at all times, you earn the trust and respect of the folks renting from you. - Scott Safadi, Cal Bay Property Management
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Lead paint was officially banned by the U.S. Consumer Product Safety Commission in 1978. More than 40 years later, though, the paint continues to present challenges to landlords, tenants and homeowners alike. Exposure to lead paint can lead to serious health challenges, which is why the government requires anyone leasing property built before 1978 to disclose the risks. Cal Bay Property Management's Scott Safadi advises other landlords to be upfront about the presence of lead paint. Doing otherwise could result in serious legal trouble.
The Residential Lead-Based Paint Hazard Reduction Act, also known as Title X, was passed in 1992. It requires anyone selling or renting single or multi-family units to disclose information about any lead-based paint used in the home. This information must be shared before a lease is signed. Tenants must also be given information about how to protect their family while living in a space with lead paint. Failure to comply with the law can result in a lawsuit. Victims may sue for up to three times the cost of their damages. Depending on the severity of the illness caused by the lead paint, this could total into the thousands. There are, however, a few exemptions to the law. Only property owners of homes built after 1978 need to disclose the risk of lead paint. Units that are considered to be studios or lofts with no bedrooms also do not need lead paint disclosures. For those renting out apartments in the short term on sites like AirBnB, there is no need to disclose lead paint risks, so long as the rental period is shorter than 100 days. Finally, if your building has passed a lead-free inspection by a state-certified inspector, you will not have to disclose anything about the building's use of lead paint. - Scott Safadi, Cal Bay Property Management Most rental professionals learn by doing. While there are certifications you can get, the industry expects landlords to learn as they go. Too often, this leads to a lack of professionalism and obvious inexperience. If you're hoping to leave a better impression on your tenants, Scott Safadi of Cal Bay Property Management has four habits he recommends taking up today:
1. Stand your ground. Tenants of every age, gender and background will attempt to push your rules and policies any chance they can. While it's never fun being the bad guy, standing your ground on important procedures can make life easier for everyone in the long run. Don't be afraid of the word no! 2. Plan for both the long and short term. There are few industries with as clear an endpoint as the rental market. Chances are good, you know exactly when your tenants plan to move in or out. Use this to your advantage by planning to fill vacancies long before they go up for rent. 3. Record everything. In the digital age, it's easier than ever to keep track of every signature, invoice and check. While filing cabinets have gone the way of the dinosaurs, there's no reason not to scan and upload your most important documents into the cloud. Many landlords are already making the move to online lease signings, so jump on the bandwagon and ensure you never have to go hunting through piles of paper again! 4. Work hard, even in the quiet months. Spring and summer are always busy for real estate professionals, but cooling temperatures shouldn't mean a slowdown. There are monthly, semi-annual and annual chores that will always need tending to. Even if something doesn't feel urgent, it's worth rolling up your sleeves and taking care of sooner rather than later. - Scott Safadi, Cal Bay Property Management |
AuthorScott Safadi leverages extensive experience in the real estate industry to serve as the CEO of Cal Bay Property Management (CBPM), which he founded in Palo Alto, California. Archives
January 2020
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