Property Management is an Ever Growing Field: Part 2

Now let’s continue the series we began with our last blog about how property management is an ever growing field. We’ll jump right in.

It is essential for the landlord to be firm right from the start of the tenancy. Talk to all your occupants all the terms of payments and course of action when late payment will occur. Give them notice a few days after their due. Do not wait for them to be charged by a late fee. This will aid you to enforce what you have agreed with them from the start of their tenancy.
Do not be too lenient in accepting all their excuses. This will only give the renter the idea that late rent payment is perfectly fine with you if they have a valid reason. The next time the renter lacks some amount from their rent, they will assume that you will still accept your payment. This will set the trend for them and emphasize that late rent is unacceptable and will then result in a lawsuit.
Always put all your agreement into writing, whether you sent it by mail or email so as to prevent from having complications in the future. Sent a letter once they become habitually late with their payment as well as their first day of the provided grace period for late charges. Do not forget when you sent the notice so you can put it in your record.
Make sure and keep in mind to establish a good relationship between with all your tenants. Avoid being too close to them so it will not be hard for you to reprimand them if there is a need to do so. Maintain it at a business relationship level, besides you got them to increase your earnings and not to make a loss.

As a landlord in Burbank, make sure that you get their signature on the contracts and make them well aware of your terms and conditions. This all is necessary and beneficial for you prior to handling your keys to the tenants. To get Real Estate and Property Management update, always visit: https://www.losangelespropertymanagementgroup.com