Your Property Assessment Is Your Best Investment

When to have a Property Assessment Done?

Thinking of buying a rental property? Are you wondering if the property you’re keen on is a solid investment? Will it rent? If these questions (or others) are on your mind, and you want an experienced industry expert to do the legwork and provide a comprehensive assessment of this property’s viability as a rental, then keep reading.

Even the most experienced real estate investors and landlords may not be up on every neighborhood’s status, and current trends in the market or have the time to do the research. However, if you’re serious about being profitable in this market, please do your due diligence or hire someone to do it for you.

What’s Included In a Property Assessment

I evaluate the property, research the area, and give you the honest feedback you need to make a decision and may even wind up with some negotiating points.

What’s involved and included in a property assessment? The following list of highlights is by no means everything, but it gives you a general idea of the depth and value of what having an assessment can do for you in making the right property choice.

Each property assessment will provide:

  • Determination if this property is worthy of tenants?
  • Property Assessment Overview
  • Appraisal of rent
  • What property consists of (and what’s missing)
  • Profile of tenant – what type of tenant will want it 
  • Suitability of the property for rental 
  • A summary of who lives in the area, schools, parks, ages, renters profile, rents, the average longevity of tenants. 
  • List of repairs required
  • Safety and security assessment of the property and area
  • Does it meet compliance
  • and more

A Property Assessment is for you if

  1. You are thinking about purchasing and not quite sure if the purchase should be a house or an apartment.
  2. Have a property you are seriously considering purchasing but want to make sure it will meet your cash flow goals
  3. You have a busy schedule 
  4. You don’t know the area well
  5. You have less than 2 properties in your portfolio 
  6. You know you need to do your due diligence, and you want to make sure you don’t miss important things
  7. You’ve had a bad experience in the past because of unknown issues with the property
  8. You are planning on fixing up the property and/or renting it out
  9. You want to have another expert on your team to evaluate the property
  10. You want to determine how profitable you can be with the property or avoid loss
  11. You want long-term tenants 

If you answered yes to 2 or more of these, then a property assessment is likely the next best step. 

Contact us today to discuss.

How To Prevent Tenants From Falling In Arrears

Having a good relationship with your tenants will help your property management business to thrive.

We have all had impactful times in the last two years, and so have your tenants. 

Once you create this ongoing relationship with your renter, you will be able to continually talk to them openly and discuss issues that they may be facing in their lives. Believe me, you want to know what’s going on so you can prevent headaches and lost revenue.

Utilize Phone Calls for Better Tenant Relations

From the outset get in the habit of calling your tenants. You may want to do an introductory call when they first move in to remind them that you are their contact when they have any issues regarding the property or their financial commitments. 

Periodically, give your tenants a call. This will establish an ongoing relationship and allows them to feel more comfortable talking to you about any financial or personal issues that they may be facing at that time.

You will know when there is a problem or one looming in the future. Renters are just like us; they have day-to-day issues they are dealing with.  They will not open up unless they know and feel that you are one of their trusted confidants.

Building a relationship with your renters is not easy.  It takes time and patience and is a necessity when you are in property management.

Ask Questions and Listen

Learning the skills is easy. You have to listen and ask the right questions, at the time of leasing the property to your renters.

Getting to know your tenants in the early stages of signing the tenancy agreement:

  • is the key to building a solid relationship with them; and
  • to ensure they are aware that you are there for them, to discuss any difficult situations that they may be experiencing; and,
  • that you are the ‘go-to person’ before they fall into arrears.

Manage Expectations with Your Tenants

When signing the tenancy agreement, the renters should be advised of your system of collecting rent. Let them know if they fall into arrears; what steps will be taken and why. In this way, the renters know from the beginning of what to expect.

Falling in arrears is bad for the property manager and has serious consequences for the renter.

In fact, most tenants have never been advised:

  • of what actions an agent can take when they fall in arrears,
  • that they could end up with significant information being entered on their file and on the Tenancy ledger. 

(Tenancy ledgers have a way of showing up when you do not want them to, especially if you are looking at renting another property.

These agencies will be asking for the Tenancy ledger for reference checking before they are accepted as a tenant. Once this information is entered, it stays there; it is a trust document and cannot be changed. 

A good relationship and excellent communication with your renters will help you both have a blissful relationship and a happy tenancy.

Train Your Team To Develop Working Relationships with Tenants

If you need to put in place a proven system to manage tenant relationships that prevent tenants from falling in arrears, please contact us. I’d love to have a conversation about how you and/or your team can benefit and grow your rent rolls.