Segregating those clients that has a high likelihood of giving the owner a headache from those who are obviously capable of keeping the peace in the property as well as being on time with payments is what an effective property manager can do. It must be noted that every time a property manager does some research on a particular prospect, he or she is getting paid by it but this simply is an additional minor investment which only for the benefit of the business. Two of the main concerns of an owner of a property is rent and property condition and because of these it is necessary for the property manager to check a prospect’s rent history. How much a prospect is capable of keeping the grass on the lawn short enough is the kind of thing that matters much to a property owner. Vandalism inside the house and criminal activity is an every present danger when one is putting up a property for lease and both are major reasons why applicant background must be looked in to. A prospects payment record is usually just an indicator of personal quality which is actually a major factor. Credit reports show how good is the payment practices of a prospect tenant.
Homeowners do not want to get sued, just like everybody else, so it is in the hands of the property manager to prevent this situation. There are plenty of laws like racial discrimination and not accommodating handicapped individuals to choose from when a homeowner is being sued. Usually, homeowners get sued because there was a lapse in the agreement phase between the owner and the renter and because of this, property managers should be well informed of the regulatory guidelines governing the real estate market. Whether the landlord likes it or not, he or she must suck up the fact that an applicant is a bouncer of a strip club somewhere because it is against the law to discriminate someone, who is willing to rent in good faith, because of the kind of work he or she is involved with. Look for advanced asset management.
When an owner of a property gets into a debacle with the renters, a good property manager knows how to clean up such mess the homeowner is in. There was this situation I was in where I discovered molds forming on the walls of my house. When the renters saw the mold forming, they asked me to pay for their stay in the medical unit because that’s where they were right after observing the unhealthy formation on my property’s wall. The one who managed that particular property of mine was quick to get on the phone and negotiated with them and it led to a compromise where the tenants will no longer pay the latest month’s rent so that they can use it to find another property to stay at.
