As a property manager, you juggle moving parts like a pro. Your time management skills are second-to-none and relationship building is your forte.
You already have a comprehensive onboarding checklist, which covers the essentials like gathering the relevant documentation, the legalities and financials. But looking beyond this checklist is what will keep the property management and onboarding process simple for your new landlord client and in turn, give you back more time.
Making it easy is a priority
Your new landlord could be a first-time investor. Or they could be an avid property investor with many properties who has decided to switch property managers. Whatever the case, it’s important to showcase why you’re different from the very beginning and what you’re there for.
A first-time investor might not understand the extent of what you look after, for example a repair and maintenance request for the property would be daunting for them but you can explain that you will organise everything while keeping them informed. Showing them how you make owning an investment property easy will build their loyalty to you as their property manager.
Establish a suitable ‘tenant profile’
With the rental market competition surging in some areas, the number and vast array of prospective tenants that apply for a single property can understandably be overwhelming.
As a property manager you will provide a short-list of candidates for the landlord to select the best suited tenant. While the fundamentals are always considered like the tenant’s employment status, income and rental history, additional criteria can also help narrow this list down.
So, when onboarding your new landlord client, work with them to find a realistic, ‘ideal’ tenant profile.
Factors could include:
- Whether pets are allowed
- How long a tenant’s rental history should be
- Whether a character reference is a deal breaker
- The tenant’s motivation to move, which may affect how long they stay
- Whether the landlord prefers a short, or long-term tenant
- The schedule of future rental increases or reviews
The landlord’s preferences to all these points can help the tenant screening process.
Lay out the foundations early and outline the responsibilities of all the parties involved. This is going to help you in the long run and avoid any miscommunication in the future.
During the onboarding process, ensure all parties understand who is accountable for what and the timeframe around when information should be shared, or approvals made.
Part of this discussion could be the fair expectations of the tenant. Is the tenant expected to look after the lawns or pool maintenance, and if so, how frequently and to what level?
Have the depreciation discussion early
Thousands of investors are still missing out on claiming depreciation, or not making the most of it. When onboarding your new landlord, include a depreciation discussion as part of the process to help them boost their cash flow.
Depreciation is the natural wear and tear of a property and its assets over time. It’s a non-cash deduction, so your landlord doesn’t need to spend any money in order to claim it.
The proof is in the numbers and you can show your landlords the benefits of depreciation with New to Rent. This complimentary service provides free depreciation estimates to your properties once they’ve been listed online, so you’ve got the estimate early on in the piece to show your landlord.
Start adding value to your existing service by signing up to New to Rent today. If you would like any additional information on the platform, contact the BMT team on 1300 728 726.