The Goal: Happy, Trouble-Free Tenants
Without trouble-free tenants who pay their rent on time and look after your property you don’t have an income from your investment. Selecting the best possible tenants in the marketplace for your property and then wowing them with our service means we can retain them for as long as possible, providing you with a steady and reliable rent income.
Great tenants are your most important asset. managemyproperty has 3 Golden Rules which tenants learn about at the very start of their tenancy:
- Pay the rent on time
- Don't damage the property in any way
- Don't disturb your neighbours in any way
Happy tenants are more likely to renew each year (helping avoid costly vacancies and advertising and re-let costs). Well looked after tenants are more likely to accept regular reasonable rent rises if they believe they have been well treated. They are also more likely to treat your home as if it were their own.
Once selected, we ensure our tenants are treated with respect. We clearly educate them on the expectations they should have of us and of you as their property owner. By creating a two way relationship and demonstrating that your tenants are valued, this allows us to hold them accountable to the 3 Golden Rules. This is the simplest way to ensure great returns from your rental property year after year.
The Process for Great Tenant Selection
1. Enquiries and Open Viewings
Our tenant’s selection process starts with the very first contact. The process of filtering suitable tenants begins right from the first phone call or email. Enquires for your property are responded to promptly and quickly filter the genuine prospects from the tire kickers with a series of strategic questions.
Another avenue for tenants is to book a viewing time through our online booking system. You can have a look at our current available viewing diary here: www.managemyproperty.viewingtracker.com
Please be aware that we do not hand out keys and allow people to visit a property unaccompanied, even if that property is vacant. An open viewing allows us to meet prospective tenants and begin to establish the suitability of a potential tenant, all before even getting their application. This is also an opportunity for us begin to educate the prospect on our expectations and standards.
2. The Application
A tenant is fully background and reference checked when their application is submitted. Where possible the application is processed by the same person who carried out the viewing as they will have already begun to build a personal relationship and have a clearer understanding of the applicant's suitability.
Maximum effort is applied at this stage to ensure only the best possible applicants make it into our properties. This helps avoid the cost of removing and replacing unsuitable tenants. Whilst not 100% fool proof, experience has shown that this is the best method to filter out the majority of unwanted tenants BEFORE they get into your property.
The process of reference and background checks includes:
Personal References and Identification (6)
- Current Landlord
- Previous Landlord
- Current Employer
- Previous Employer
- Driving Licence ID
- Vehicle Registration and Details
Online Database Searches (9)
- Tenancy Tribunal Orders
- Summary Instalment Orders
- Company Ownership
- Insolvency Register
- Newspaper and Press Notices
- Sensible Sentencing Trust
- District Court Judgements
- Property Ownership
- Death Notices
Credit Check Service (8)
- Credit Defaults
- Court Judgements & Fines
- Company Affiliations
- Court Fines
- Identification – Driving Licence Verification
- Address – current and previous
- Tenancy Tribunal Orders
We take responsibility for dealing with any approved tenant that we place in your property. We will need to collect the rent, hold them accountable and then remove them if something goes wrong. Our client owner will hold us responsible for this decision, and so this ensures we will be the strictest judge of who we allow into your property.
3. Processing the Application
Most owners are unaware that this is easily one of the most costly areas within property management. Some property managers can take as long as 2-3 weeks to process an application, resulting in hundreds or thousands of dollars of preventable losses to owners. ALL submitted applications are processed within 1 working day where possible, and respond to applicants within 24 hours.
This means no lost opportunity for you by having a potential tenant waiting days or weeks for an answer when you could be collecting rent, or even worse, a potentially perfect tenant, gone elsewhere because they are frustrated waiting for an answer. Time is money so we act fast! If an application is successful the aim is to get the tenant signed up to a Tenancy Agreement as soon as possible.
4. Maintaining the Standard
The managemyproperty team is focused on building and maintaining a strong relationship with your tenant and ensuring they meet their obligations throughout their tenancy. We've found liberal use of positive reinforcement matched with a firm stance, whenever needed, helps produce the best and most consistent results.
Once a routine scheduled inspection has been completed, you'll receive a short email letting you know along with notes of any small items that may require attention. The email will include a link through to your online account where all photos from the inspection have been published. Photos always give you a much better view of the state of your property than any tick and flick style report.
If there are any major concerns that require action you'll be contacted by your property manager. A routine inspection is a 15-20 minute overview designed to ensure the property is being well looked after by your current tenant and is not a maintenance audit or a building inspection. It's not designed to pick up any and all maintenance that may be required, and a FULL inspection is only carried out when your tenant vacates the property.
5. Ongoing Management
When Good Tenants Turn Bad #1
Ask any tenant and their number one frustration when renting a property is maintenance (or lack of it). The majority of people start out as good tenants with the best of intention who are then driven to aggravation by bad service. Sadly, many property managers treat tenants as just another number, or even worse just a pay day for a landlord. Quite understandably these tenants can become difficult to deal with, especially when no-one seems to care enough to get maintenance done in any reasonable time frame.
A neglected tenant who is frustrated with the lack of response to maintenance requests can gradually turn a blind eye to damaged or broken items and eventually stop reporting maintenance at all. Most items can deteriorate very quickly if not repaired, and that can add up to some very costly repair bills as well as contribute to loss of capital value of your asset.
Our Maintenance Team's job is to ensure that your property is kept in good condition and all maintenance is completed in a timely manner helping to keep your tenant happy and maintain the integrity of the tenancy. This helps reduce frustration for your tenants and gives them a direct contact in the office for ALL maintenance issues. Your tenant is also made aware of time-frames for maintenance at signup and again whenever maintenance is reported.
When Good Tenants Turn Bad #2 - Arrears and Other Breaches
Your tenants are entitled to expect a well managed and maintained property for them to enjoy living in. Similarly, in return you are entitled to expect your property be well treated and your rent paid on time; after all the bank is not going to wait for their money! Experience has shown the only effective way to deal with tenancy breaches is to deal quickly and firmly with any mistreatment of the property or unannounced rent arrears.
Whilst we recommend all our landlords are covered by landlords insurance to cover the unexpected, the best insurance is one you never need to use.
6. Renewing the Tenancy
You'll want security to be able to plan for the long term so a great amount of effort is put into keeping you in control. For many owners, Fixed Term Tenancies are used strategically, and timed to end only in busy periods, generally the first two months of the year. This allows us to maintain over 95% of our tenants on a fixed term lease and achieve regular rent rises.
Unfortunately, all tenant relationships come to an end at some point. Most agents don’t even consider what will happen at the end until confronted by an angry tenant who feels mistreated. We begin planning for our separation right from the beginning. By maintaining a great relationship with the tenant we help save you even more money.
A lot of time is spent setting the standard right from the start at signup and maintaining a good relationship through the term of the tenancy. This helps ensure that your outgoing tenant is much more cooperative, particularly when arranging Open Viewings, allowing prospective tenants through the property, and presenting the property well for inspections.
Time To Change?
So much of this seems obvious or “common sense” but ask your current property manager about their tenant selection process and you might be unpleasantly surprised. If your property manager is unwilling to make the decisions you pay them to make, then come and talk to managemyproperty.
Remember, Guarantee #5 means that Changing to Us is Easy. Your signature on two forms is all it takes. Everything else is taken care of for you. Simple, really.