Why you should NEVER collect six months rent up front!
by Erin Salem
on Thursday, April 19th, 2018 at 11:14am.
Our own Tiea Vincent is not your average property manager. Not only has Tiea earned her Residential Management Professional designation, she also earned the title of Master Property Manager. That's the highest designation given by the National Association of Residential Property Managers! There are currently less than 200 designated MPMs in the entire world!! (Are you starting to understand just how amazing she is?)
Even with people like Tiea in the world, there are still those who choose to try and manage their own properties. It can be stressful, sure. But what's worse than the stress is making small, simple mistakes you might not even know are mistakes. Tiea has watched home owners allow their beautiful investments to become bottomless money pits (or worse, destroyed) because they believed managing their own properties only required them to collect rent and maintain the property. It seems so simple! (And just like most things that seem simple, it isn't!)
In this video, Tiea talks about the nuances of choosing tenants. A credit check and a background check are basic first steps, but what about utilities and mortgage checks? Checking past rental references isn't enough, either. You've got to know specifics like the state in which they left the home upon vacating and under what conditions they've asked for extensions. Are you allowing pets into your rental property? That's another background check, and, depending on the breed, more insurance. What if a hurricane comes through and floods the house? Or what if you suspect the tenants are participating in illegal activities?! Have you thought about taking a few months rent up front if the tenant offers? You shouldn't! (Watch the video to find out why!)
Managing a property is a huge undertaking, and it's why people like Tiea exist. You can save money in the short term by trying to manage everything yourself, but odds tell us that in the long term you will run into a situation that costs you more than money. Having a professional handle it for you is a no-brainer!
If you want information on renting a property, or leasing your property out, please contact Tiea Vincent with Round Table Property Management! Tiea@RTRPM.com 904-385-4807