Single-Family Housing
The single-family housing market is a thriving segment of the real estate market. It makes up more than half of all residential sales in many areas. While this type of property management can be challenging, it also offers some unique benefits that other types of properties don't have.
This post will talk about some of the most common property management challenges faced at single-family homes and how you can overcome them.
Before we go to the apartment challenges part, why not understand what a single-family home is? A single-family home is a stand-alone housing unit that is not attached to any other units.
This type of home has characteristics that are unique when compared to other types of housing such as apartments, condos, and townhomes.
For instance:
As much as you like to retain renters, it is inevitable that some will move out. There are many reasons why renters leave. This is not only for single-family apartments but also for other types of rental properties. Let's look at some of the most common reasons why renters leave.
While there are other reasons, these are some of the most common ones. As a property manager for single-family homes, you have to find a way to at least minimize the turnover rate.
You can do this by:
Many properties set a specific date to when renters will pay monthly. But this is not just for everyone. As every renter has unique circumstances, it is best to make the payment easier.
You can achieve this by utilizing third-party software that can automate the entire rent collection process. Not only will it automate the whole process of payment and collection, but it will also give your renters flexibility and convenience.
Online payment is much faster than visiting every property just for collection or waiting for the mail. Better yet, this will also help you keep track of every payment. You can access records anytime and anywhere. If you are interested in such a solution, you can contact ExactEstate to set up a demo. We also have a violation tracking feature that can send a notice to the tenant when they violate property rules.
Choosing the right tenant is one of the most important parts of property management. You need someone who will respect your space, pay your rent on time, and not cause any damage to your property.
This can be challenging if you don't have experience in this area, so here are some tips to help you choose a quality tenant:
By following these tips, filter and differentiate your applicants, and choose the best tenant for your property.
One of the biggest property management challenges is inspecting properties regularly. You want to make sure that you are keeping up with any maintenance or repairs that need to be done on each property, but you also don't want to spend too much time doing this because it can eat into your profits if you're not careful.
As a landlord, you're responsible for maintaining your property to ensure that it's safe, secure, and up to code at all times. This is especially important when it comes to inspecting single-family homes.
Don't wait for a simple issue to become a major repair. If you catch something early on, it will be much easier and less expensive to take care of. Also, having a regular inspection can help you oversee things that need attention in their earliest stage.
If you are a property manager, you must be aware of the subleasing problem that can occur at your property. Subleasing is when a tenant rents out their apartment or room to another person while they are still living there.
The most effective solution to this kind of problem is to clearly state on the leasing contract that subleasing is not allowed. This way, if a tenant does try to sublease their apartment, you can take appropriate action. Add a clause to the contract that states something like "The tenant agrees not to sublease the property at any time during the lease period."
As much as we want to retain every single tenant, sometimes it's just not possible. You might find yourself in a situation where you have to evict a tenant—and it's important to remember that this is not an easy process.
Ensure to follow all legal and federal regulations when evicting a tenant, as there are many rules and regulations to protect tenants from unfair eviction. The last thing you want is to be sued for wrongful eviction.
If you are a property manager, you want to have at least a smooth operation with as few problems as possible. We're hoping that this article has provided some helpful tips and advice on how you can achieve that.
Remember to contact ExactEstate if you need help with your property reporting, online payment and processing automation, and violation management. We would be happy to help you!