Managing tenant relationship
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Managing successful tenant relationships is important for property managers. Good communication, handling maintenance requests promptly, timely rent collection, and dealing with lease renewals and rent increases can help satisfy tenants and reduce turnover. When terminating a tenancy, property managers must provide required notices, conduct an exit interview, and ensure compliance with fair housing laws. If an eviction is necessary, proper legal process must be followed to remove a tenant from the property.
Managing tenant relationship
- 1. 7/22/2015 1 Siti Hasniza Binti Rosman UniversitiTeknologi MARA (UiTM) MANAGING TENANT RELATIONSHIP Managing tenant relations • The success of PMs greatly depends on their ability to maintain good relations with tenants. • Dissatisfied tenants will lead to: • High tenant turnover • Space vacancy • Increase cost of promotion and marketing • Good communication system is vital for the effective PM.
- 2. 7/22/2015 2 Managing tenant relations • Establishing landlord-tenant relationship • Move-in inspections • Servicing the lease • Clear understanding of lease terms • Manager’s personal efforts • Meeting with tenant • Newsletters Managing tenant relations Handling maintenance requests Requests in writing Speedy response Excessive demands Role of maintenance personnel Commercial and industrial variations
- 3. 7/22/2015 3 Managing tenant relations Rent collection When to pay Encourage prompts payments Late fees Billing notices Managing tenant relations Lease renewals The value of stable tenants Bargaining factors The length of the new lease term The extent of repairs, alterations or redecorating to be done The amount of rent to be paid Concessions Rental rate Proper notice Competition
- 4. 7/22/2015 4 Managing tenant relations Rental increase Fact of life Avoid tenant protest Increase services Terminating the tenancy Required notice Exit interview (feedback form before moving out) Managing tenant relations Rental increase Fact of life Avoid tenant protest Increase services
- 5. 7/22/2015 5 Managing tenant relations Terminating the tenancy Required notice Exit interview (feedback form before moving out) Fair housing compliance (giving notice termination upon expiring lease term) Inspection of the premises Return of the security deposit Retention for damages Last month’s rent Managing tenant relations Terminating the tenancy in court Reasons for eviction (breach of contract) Notice before eviction suit Eviction suit (process of eviction and repossession of property) Process of eviction suit must be served on the tenants Actual removal (e.g. secure court order until the tenant physically remove from the property)
- 6. 7/22/2015 6 THE END “Enjoy the little things, for one day you may look back and realize they were the big things.” — Robert Brault