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Property Management – Sherman Oaks – Finding a Good Tenant

SHERMAN OAKS PROPERTY MANAGEMENT

How To Find And Retain A Good Tenant?

Many property owners find it difficult to trace good tenants. The goal is to locate and retain occupants who will be diligent with paying the rent as agreed and who will keep the property in excellent shape.
The process doesn’t have to be difficult. It can be quite rewarding when done properly. Property management will always entail ensuring constant occupancy to maximize the income.
Choosing the correct method of finding good tenants will depend on the size, type and location of property you are trying to rent or lease. However, there are several common denominators which may help with pursuing the search for the perfect match.
The first step will always be the advertising. Many landlords find that the word- of- mouth approach is most effective. Friends and family can usually provide honest recommendations from their circle of acquaintances. This technique of advertising is best when trying to lease one family home located in residential neighborhood of a small town. Simple ad can also be posted at the local library, grocery store or post office where local population can view it and contact the landlord easily.
Larger homes or property located in urban areas should be advertised by using more advanced methods of promotion. The most productive way is to work with the local real estate broker who will take the burden of advertising, interviewing and screening the potential candidates into their capable hands. The final decision may be left up to the landlord if agreed. Bear in mind, there is always a substantial cost involved. However, numerous landlords do not wish to be concerned with the initial process and choose this very successful venue of locating the tenants.
Large properties are often left in charge of the property management company or property manager who remains in close contact with the landlord. The property manager will be the appointed representative of the owner and pursue the methods of advertising preferred by the landlord. Both persons will most likely become involved with the entire process as they are in daily contact in regards to property management. This technique is less expensive and just as effective.
Self-advertising may be the favorite alternative for the landlords who enjoy the process and wish to be involved at all times. Placing an ad in the local newspaper and internet advertising should be considered as the possible venues to attract potential applicants. The interviews will then be held by the property owner. When self-promoting rental property, it is imperative to make the ad the center- of- attention and as striking as possible to bring sufficient interest. Several pictures should be included with the promotional ad followed by a detailed description. The photos must include the view of the property itself as well as the surroundings to provide a clear understanding of the location. It is highly recommended to create a well designed webpage which will reflect the attractiveness of the property. It is the most effective manner in which to obtain the potential interest of future occupants.
When enough interest has been captured, it will be necessary to hold the interviews. They will be conducted at the discretion of the owner. The most convenient approach is to hold an open house and have all interested party come in at the same time. However, it may not allow the opportunity for more personal interview with each person. Some landlords prefer to speak with every candidate separately to clearly determine their eligibility to rent or lease. The ultimate goal is to find a resident with steady stream of income and proper demeanor to avoid any problems in the future. Several inquiries should be made during the time of the interview. Here is a sample list of questions appropriate to ask when screening the applicants:

1. Are you employed?
2. Can your employment be verified?
3. How many people will occupy the property?
4. How many children?
5. Can I run a background check on you?
6. Can I run a credit check on you?
7. Do you have any pets?
8. Do I have the permission to check your references?
9. Can you provide a reference from the previous rental?

Probably the most important question is the very last one. If you are able to contact the previous landlord, it will most certainly provide you with the clear picture of what to anticipate from the future resident. It will also help you to determine if your expectations have been met and it’s time to sign the lease agreement.
The average lease agreement outlines the rules and regulations for both the landlord and the renter. It should clearly specify what the landlord’s vision of a successful relationship is and it can be amended to address any particular issues. It is important to include detailed information when accepting persons who are pet owners. You may want to request an additional deposit or exercise a probationary period of 3-6 months with the understanding that the lease agreement will not be valid in case of any damages.
When you find your perfect candidate, it will now be imperative to retain them as long as possible. Maintaining the building, installing the security system and continuing a good rapport will ensure long and prosperous relationship with your tenants. Making the occupants feel comfortable and safe will guarantee their cooperation. It will also severely cut down on constant turn over and the need to keep searching for new tenants. It is strongly recommended to acquire the help of a property management company if your eviction rate is high or you cannot manage the property and its inhabitants on your own.

posted by Property Management Direct

Since 1946 the Carnahan name has had a reputation for honest and ethical Real Estate Property Management services in the San Fernando Valley, Santa Clarita Valley, Burbank/Glendale, Los Angeles, Westside and Conejo Valley areas.

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