If you have a vacation home, rental apartment or a micro-apartment you will benefit greatly by working with a rental management company in St George. This saves you from running into serious trouble with your tenants. However, it is important to ask a few questions before you hand over the keys to a rental management company.
When Will It Ask for Rental Payments?
A professional rental management company will have a clear plan in mind. It may ask for rental payments to be made on the 1st day of each month. It may consider pro-rating the rent if a tenant moves in during the middle of the month.
Where Will It Deposit the Rental Payments?
Not all rental management companies offer different payment options. Be sure to ask about the payment options and ensure that the company can deposit your money directly into your checking account. A professional company will keep you informed and even send you monthly statements.
Will You Have Access to an Online Portal?
This is an important consideration because it saves you from contacting your property manager every day to know if your property is still vacant or occupied already. You can simply log in to its online portal to determine the status of your property. It may also help you check your monthly statements without an issue.
How Much Security Deposit Will It Charge?
An experienced rental management company in St George will understand the fact that it should not overcharge or undercharge a tenant when it comes to security deposits. A professional company will ask for a month’s rent as a security deposit. Sometimes, a company will allow a marginal tenant to move in, but asks for two months’ rent as a security deposit.
What Action Does a Company Take When the Tenant Refuses to Pay the Rent?
You have to ask this question to know how a rental management company tackles difficult tenants. A professional company ensures the rental payment arrives on the first day of each month. They may send an eviction notice to a tenant if they don’t make payments by the 6th day of the month. A company usually uses this as a tactic to compel a tenant to clear their dues, as they understand that eviction is not favorable for any party involved in the dispute.
An experienced rental management company knows if a tenant has failed to make the payment due to a financial hardship. As the company may already have a security deposit in its possession, it gives that tenant a chance to make payments. It is a company’s responsibility to identify a pattern of broken promises, late payments and evasiveness to decide if an eviction is the better option.
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