Jaded, Job & Judge
Jaded – I see long time property owners who get to a point where they are jaded about tenants and being a property manager. This ultimately comes about because they, the owners, don’t have procedures in place so every interaction with their tenants is a new and taxing experience. This is when property owners will often seek out professionals like me to take over management and I am more than happy to help them out. After a life time of managing their properties they are now at the point where they don’t want to spend their free time doing maintenance, showing the property, doing the paperwork and the accounting. I personally believe these owners should start enjoying the fruits of their labor and leave it to me.
Job – Managing real estate should be viewed as a job. Often I see property owners who have either inherited the property, or moved up themselves and decide to keep the condo and rent it. Since there is emotion tied to the property the owners never go into it with an investors, business mind and they should. Management of rentals should be taken seriously and as a job. It should ultimately earn you money or help you achieve some future financial goal. If it is nothing but a financial drain, emotional drain, then the owner ends up not wanting to deal with it and that is where they get into trouble.
Judge – I mean the kind that sit in a black robe in a court. When owners find themselves before a judge or take a tenant to court (usually over security deposit issues) this creates stress, frustration, and often the owner loses, so loss of time energy and now frustration. The best way to stay out of court is to follow the lease, and enforce it. Keep accurate and detailed records, move in reports, photos, communication log with tenant and vendors, and always try to find a resolution that will create a win win situation for everyone. What I always tell owners is to put yourself in the the judges shoes – “what would the judge say?” If you follow the law and document everything you will be fine. It is often better to help the tenant move along. Example: tenant is not paying rent, you give them notice to move or post a 3 day notice to pay rent or move…think about it..they don’t have money to pay rent, they don’t have money to move. One solution that has worked for me is to get agreement with them that you are willing to give them half of their deposit upfront so they have money to put down on a new place, and if they are able to be out on time, leave the unit clean you will get the remaining deposit back to them within 24 hours instead of within the 21 days as required by law. The few times I have done this I have had excellent results. The tenant doesn’t want to not pay, they just can’t pay so by treating them with respect and understanding their financial situation and helping them move on you will have a very positive outcome.
Please check out my website at www.PortolaRentals.com if you are interested in properties in Santa Cruz or have rentals in Santa Cruz, CA.
Kathleen Richards
