Effective Property Management to Keep Up with Tenant Expectations

New York City is known for the high prices of property rentals and sales, which shouldn’t be surprising for both landlords and tenants alike. Business Insider listed high construction costs and high property taxes alongside other critical factors that raise property prices in NYC. If you have properties that you want to rent out, keep in mind that tenants will have high expectations considering the rent they’re paying. You don’t have to worry, though, as good property management practices can easily keep your renters satisfied. American Apartment Owners Association emphasized that lifestyle tenants care about flexibility, convenience, and affordability. People who choose to rent a house instead of buying one expect safety, convenience of location, and fair pricing. Yes, potential renters prepare for high prices, but that doesn’t mean they’d just give in to inflated rates. They will compare the amenities and price with those of the surrounding properties.
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3 Tenant Screening Tips for Apartment Landlords

It takes finding the right tenant to get the most out of your apartment rental business. An efficient and thorough tenant screening ensures that you get only the most qualified applicants, while sparing you from having to waste your time negotiating and touring, and dealing with cancelled agreements. Here are 3 tenant screening tips to keep in mind.

Know the law. A lawsuit for tenant discrimination is the worst thing that could happen during the screening process. Be guided by the law about what you can’t discriminate against (e.g. gender preference, disability, marital status etc.) and remember them when creating your rental ads or answering inquiries through the phone. 

1.    Be specific with your house rules. Restrictions should be clearly indicated in your ads. If your apartment is only for non-smokers, for people with a limited number of cars, or with zero eviction history, spell them out on your postings, lest you sound discriminatory when you reject an applicant for such reasons.  

2.    Get help. If you own quite a number of units and you’re in need to fill vacancies for a continuous income stream, apartment property management companies can lend you some assistance.

Managing a business does not necessarily mean you need to lose time for yourself and your loved ones. After all, good management is all about efficiency. With a property manager minding some of your affairs, you can focus, instead on growing your assets, while maintaining a work-life balance.