Whether you are purchasing a new property, transferring ownership or hiring a new property management company, it is essential that during this transitional time you ensure the well-being of your rental property by easing the pressures of the transition that your tenants feel. Keeping tenants happy and avoiding unwanted negative feelings towards new management during a transition can prevent costly problems in the future. Therefore, if you recently purchased a rental property or your current property is going through a transition in management ensure that you consider the aspects listed below.
Handling of Security Deposits: When acquiring a new property or switching Management Companies you have several options of how you can handle security deposits. The security deposits may have been transferred to you or the previous property management company is holding on to them. No matter who has the security deposits you need to ensure you know exactly where the money is, how to get it when tenants are moving out and that you comply with local and state laws while doing so. Keep in mind that some states require that interest on security deposits be paid to tenants. Therefore, having a property management system that keeps track of security deposits and other aspects of your property are essential in staying organized during a transitional period.
New Staff: If you hired new employees to manage the property you need to make sure you inform your tenants and have them become familiar with the new staff. Setting up a meet and greet can be an excellent way to introduce your new employees to the tenants and make your tenants feel more comfortable with the new staff.
Changes to Policies: If you are acquiring a new property you may be changing policies in your property related to pets, quiet hours, late payments, and even payment methods (i.e., online payments). You need to make sure tenants are notified of new policies, and that your new policies do not violate the lease agreements they have with the previous owners.
Buying a new rental property or hiring a new management company can be very time consuming especially if the previous owners or managers did not utilize Building Management Software. While it is true it may take time and resources to transfer the current property management system in a new building to a Lease Management Software system, you will save time and money in the future by doing so.
This post is provided by RISSOFT Residential and Commercial Property Management Software, specializing in innovative and cutting-edge property management software for all 50 states. Request a demo or contact us today to receive more information.
Disclaimer: The information provided in this post in not intended to be construed as legal advice, nor should it be considered a substitute for obtaining individual legal counsel or consulting your local, state, federal or provincial tenancy laws.