Tip of the Month - January, 2016
Source: Property Management and Managing Risk
By: Robert C. Kyle & Floyd M. Baird, RPA/SMA
At the onset of
each tenancy, the manager should establish a basic understanding with
the tenant on all matters relating to the lease terms. A tenant
brochure that outlines all policies and procedures should be given to
each new tenant. Procedures for rent collection should be reviewed in
detail by the property manager when the lease is signed, and tenants
should be impressed with the importance of paying rent on the date
due. The tenant should also be told of the penalties for failure
to comply with building regulations.
Maintenance is the single most important factor over which the property
manager has control. A prequisite for enlightened property
maintenance is a system for channeling tenant’s service requests to the
appropriate parties. The manager must make certain that the
tenant understands the building’s maintenance procedures and the proper
division of this responsibility between tenant and owner. The
tenant should be told what areas are covered under the terms of the
lease agreement and also how and to whom to make service requests.
RENT COLLECTION: The requirements for prompt payment of rent and the
provisions for default should be reviewed when the tenant signs the
lease. The manager should explain in a firm but friendly manner
that after a specified time, the tenant will be treated as delinquent
and that appropriate legal action will be taken if necessary. It
is vital that the manager follow through on the procedures as explained.
This web page was updated on 12/27/2016+.