08 May Red Flags for Property Managers
In our years in the property management business, we have compiled a list of red flags that landlords and other property managers should be on the lookout for when dealing with prospective tenants. There is always the exception to the rule, but by and large, knowing these red flags can help you avoid a bad situation when managing your Highlands Ranch property.
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Show up to appointment late:
You have all your ads running on your Highlands Ranch rental house, the house is clean, yard is cut, and you’re ready for showings! The phone rings and it is someone interested in the property. Score! You tell them all about the house and schedule a showing for later that day at 4:00. You of course get to the property 10 minutes early to open it up and get all of the light turned on so that it presents well. It’s now 4:00 and you’re thinking they will be here any minute. 4:05… 4:15… 4:30 and the phone rings. “Sorry, we’re running a little late. Should be there in 15 minutes.” You figure you’ve waited this long, what’s another 15 minutes? 4:45 shows up and still no prospects. They finally arrive at 5:00.
Unfortunately, this happens all of the time. At Integrity Realty & Management, we have observed that prospective tenants who can’t have the courtesy to show up for a showing appointment on time will probably also have a hard time paying their rent on time. There’s always the exception to the rule, but why even enter into a contract with someone who you’ve already gotten off on the wrong foot?
Lousy appearance:
The next red flag is the prospects appearance when they show up for the showing appointment. Now we in no way are referring to their racial or ethnic appearance, which would be discrimination. We are referring to how they dress, talk, and present themselves. Think of the showing appointment as a job interview. They are the prospective employees and your Highlands Ranch property is the job. You wouldn’t show up for a job interview in sweat pants hanging down to your knees, hair a mess, and every other word a curse word. Is that the kind of person you want to give exclusive control of your asset worth over $200,000 to? Once again, there is always the exception, but why chance it?
False information on application:
The second you find out that they lied about anything on their application, regardless of how minor, you should deny them. A lease contract is an agreement based on mutual trust and you can’t trust someone that has lied even before signing the lease on your Highlands Ranch home.
Trouble paying application fee or security deposit:
Most Highlands Ranch Property Managers and Apartment Complexes in Highlands Ranch charge a minimal application fee of between $30-50 per applicant. This fee usually covers the cost of the background check and time investigating the applicant. The fee can also serve another purpose though. If the applicant tries to barter with you on the amount of the fee, or in any way expresses difficulty in paying such a fee, steer clear. Think about it. If they can’t afford the $40 fee, how are they going to afford paying $1,800 per month in rent? The same goes for the security deposit you charge for your Highlands Ranch rental home. If they need to break it up and pay it in payments, or try to negotiate a lower amount, that can be a red flag. Are you going to also let them try and break up rent each month and pay it in multiple payments over the month? Probably not. So don’t even start a relationship with them if they can’t pay the entire security deposit up front.
Integrity Realty & Management is a Highlands Ranch Property Management company that focuses on giving landlords piece of mind knowing that their property is being properly looked after. We go above and beyond to ensure that the best interest of our clients is priority #1. Our philosophy is that when we focus on our client’s needs and treat the tenants fairly, our profits will take care of themselves. Put our 13 years of property management experience to work for you and rest easy knowing that your Highlands Ranch property is being managed with Integrity.
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