The Real Estate Investing Authority®

NEXUS PROPERTY MANAGEMENT 101: There’s A Lot You Can Learn From A Rental Unit Advertisement?

AS A TENANT CANDIDATE, THE HONESTY OF THE LESSOR IS JUST AS IMPORTANT AS THE QUALITY OF THE RENTAL UNIT

 

As a property management company that’s been in the trenches for twelve years now, Nexus Property Management® has had hundreds upon hundreds of interactions with owners and tenants alike and not once has the following mantra been proven untrue: NOBODY LIKES SURPRISES. Whether we’re talking pricing or tenant relationships or results of an inspection, the best approach is to be honest and up front. Not only does skirting around the bad news get you nowhere in the long run, it actually hurts your credibility.  

All too often, when checking in on local rental markets, our leasing teams will run into competitors’ rental listings and it’s amazing how many lessors out there are still trying to pull the wool over people’s eyes.

 

LEARN MORE: THE TRUE COST AND VALUE OF REAL ESTATE INVESTMENT

 

WHAT TO LOOK FOR AS A TENANT:

If you’re looking at an online rental listing because you’re interested in finding a new place to live, there are a couple things you should be looking for. 

First off, are the photos of a vacant property or one that is still lived in? If it’s a higher scale rental, and/or a home that the owner was recently trying to sell or recently bought, you might see a rental listing with staging. But more often than not, furniture in listings means the lessor is in a hurry and has no intention of adding value to the property once the current tenant moves out. This is often a red flag as it indicates the property owner is more interested in chasing rent than in providing a high quality home. Owners know that extended vacancies can destroy their finances for the fiscal year. And good owners know that taking the time to paint walls and improve the state of the property will bring even more benefit over the long term.

Second, ensure there are reliable photos of the kitchen and bathroom. The kitchen is key as it is the most trafficked room in the house and it is also fixture heavy, which means it can show age much more so than a bedroom with no furniture in it. A strong listing should show multiple angles of the kitchen and all major appliances. Similarly, the bathroom is the most intimate room in the home and you want to get a good look at it. If photos or video gloss over it, be on the lookout.

Finally, the most important thing you should be looking for, other than maybe the hardwoods you’re into, is the honesty in the listing. Does the lessor show you the full house, bruises, blemishes and all? Are they hiding imperfections in the hope that you won’t notice until after you’ve signed a lease, or are they up front? Are they showing you the true value of the home or are they inflating it through omission? At Nexus, it is company policy to give tenant candidates the most complete look at the house as we can. As noted, we know that nobody likes surprises and similarly, nobody likes to have their time wasted.

 

LEARN MORE: NEW RENTERS’ 101: TOP 10 TIPS FOR HASSLE-FREE TENANCY

 

WHY THIS IS THE BEST APPROACH IF YOU’RE LEASING A PROPERTY:

As a landlord, your ultimate goal is hassle-free long-term tenancy and that is a difficult task if your relationship begins on unsolid terms. The reality is this: the tenants are going to find maintenance issues during the first six weeks of their tenancy…it’s inevitable. So when this happens, you do not want them already feeling like they’re overpaying for the unit. Setting an artificially high bar early is a recipe for disaster. Tenants who feel they’ve been hoodwinked don’t change their minds down the road. Expect conflicts whenever maintenance needs arise.

Additionally, people’s time is valuable. To ask someone to take time out of their busy day, be it leaving work early or finding someone to get the kids off the bus, just so they can discover unphotographed issues in person is disrespectful and inefficient. Not only are you wasting their time, you’re wasting your own as well. And if this is how you approach the leasing side of the business, what else are you cutting corners on or omitting truths for your own benefit???

 

LEARN MORE: YOU ARE NOT GIVE UP CONTROL WHEN YOU HIRE A PROPERTY MANAGER, YOU’RE GAINING A TEAMMATE

 

CONCLUSION AND NEXT STEPS:

Nexus Property Management® has been partnering with rental property owners for over 12 years and now has franchise offices in four states. We are committed to the principles that helped our Rhode Island office grow rapidly and while it may sound cliche or generic, honesty is the very best policy. It’s been said that “how you do the little things is how you do everything” and that seems especially applicable in this regard. Taken directly from our franchise policy manual: “Dishonesty not only potentially damages our reputation if we physically show a unit in a different state than we had advertised, but allowing a tenant to discover shortcomings on their own, once they’ve already signed a lease, can lead to much bigger, expensive problems down the road.” 

 

To learn more about our services and approach to property management, reach out to the Nexus team closest to you.

 

 

 

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Mick Lefort is the General Manager of Nexus' New Haven County Franchise Office and the Vice President of Operations for Nexus Property Management®, a National Property Management Franchise that manages all types of rental property from single family homes or condos to large apartment buildings and complexes.

 

 

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