13: Managing Properties in VS .NET

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13: Managing Properties
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My Roof, My Rules : Smoothing the Transition with Tenants
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To ensure the change in ownership goes smoothly, and that your relationship with tenants gets off to a good start, we recommend that you make introductions promptly, state clearly any changes you hope to make, and work to develop a solid relationship with existing tenants This section will consider these various recommendations in greater detail The first rule for a smooth transition: Bear in mind that when their home changes hands, many tenants will have concerns about their new landlord s intentions They may have questions regarding potential redevelopment or a change in use Or they may wonder if you ll raise their rent, or if you have plans in the works for major renovations Some may even hope either secretly, or very, very vocally that you ll sink a bit more cash into upgrading the property than had been done in the past An ownership change that goes poorly may make it more difficult for you to secure tenants in future Tenants will not hesitate to warn their friends from renting from a landlord they consider unprofessional
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Whether you manage a property yourself or through a third party, it pays to introduce yourself to tenants Some landlords prefer to remain low-key, in part because of the risks of being known by tenants who may later become dissatisfied and become a problem On the other hand, a personal relationship can help forestall difficulties, especially in smaller properties If you plan to employ a property manager, it makes sense to introduce the manager at the same time that you introduce yourself This reinforces the authority of the manager and ensures a smooth transition In addition to introducing the manager, you should introduce a few others You could include a regular maintenance person if he s likely to be a regular visitor to the property Too many people, however, and the tenants are likely to feel overwhelmed! Any introductory visit should be brief and to the point Try to arrange a time when tenants are least likely to be disturbed Post a notice in the building s foyer indicating the time of the proposed visit For those you can t visit, prepare a short letter of introduction
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Part IV: Building Value: Managing Your Investment and Seeing a Return
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Think a personal touch is reserved for small properties Peter knows a major property developer who follows up with residents of his projects when concern arises about the quality of workmanship Often, his suites are occupied for several months The personal touch makes the residents feel the developer s genuine interest in their welfare The same attitude can work for landlords, too
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Depending on the property you buy, you could have plans for major changes, or for simple adjustments that tenants will hardly notice Regardless of the scale, make sure you communicate clearly and promptly with tenants regarding the proposals and any work schedule By law, you have to let a tenant know at least 24 hours in advance if you have to access their suite for any reason The better your relationship with tenants, the less notice you ll likely have to give, so treating tenants with respect in this regard will pay off in making life easier for you in the future! Some typical changes that require special attention include: Common-area housekeeping: Even if you only let the tenants know once, it tells them what to expect and whether they should be concerned about the strangers walking through the building Major maintenance or landscaping: Tenants shouldn t have to see a ladder outside their kitchen window before they know you re putting new siding on the building! They will be less than impressed with your approach to landlording Major work to the grounds or the building itself is something tenants should be informed about Service to the building infrastructure: Tell tenants if you have to turn off the hot water or test the fire alarm system Cutting services without notice, or creating an unexplained disturbance, is hardly the way to win friends, though you may influence people alas, not in your favour! Whether you re talking film shoots in the neighbourhood or street repairs or the start of a construction project on an adjacent lot, telling tenants that things are happening, and being willing to discuss their concerns, will go a long way to building a relationship with them And it ll ensure they stay your tenants, and don t become someone else s!
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