Moderators Kassandra RPM Alaska Posted October 4, 2018 Moderators Share Posted October 4, 2018 I’ve been in property management since I was a child because my grandfather and parents were investors in the real estate world. I once remember putting on my dirty - raggedy kid clothes and proceeded to clean out the rental properties and knock on doors asking for rent money with the family. Being a property manager, or a landlord, use to be “just knock on the door and collect a rent check”, Today – It is more regulated. Over the last 10 years, the world has changed where the Landlord / Tenant relationship is no longer a “knock-on door” transaction. Real Estate is now demanding standards, written documentation, fast service, and the latest technology to be a profitable landlord. In today’s complex world of management, landlords are experiencing increased tenant and regulatory demands as well as the challenge of incorporating modern technology into your management routines. When the economy changes, it also brings about more issues around collections, evictions, and lawsuits. Most property management and landlord companies offer essentially the same services, “Property Management”, but the trick is to go “behind the scenes” to see how they can differentiate themselves. Collections is critical in today’s world and many companies do not take it seriously. The average DIY Landlord is not able to submit balances for a fair cost to collection companies due to the low volume. RPM is nationwide and can find and attempt collections nationwide. This feature alone has collected thousands from tenants that have vacated and left a balance owing. Credit Reporting is another vital part of collecting revenue quickly. When tenants discover landlords do report positive and negative behaviors, then payments quickly become a priority. This allows landlords to be able to pay their own bills in a timely fashion. DIY landlords can purchase software and pay for credit reporting features. RPM has it included within their full-service package at no extra cost. Federal, State, and Local agencies have heavier regulation and they are enforcing these rules. There are now departments, and lawyers, actively hiring “secret shoppers” trying to test your systems. As a result, education on regulations, systems in place to comply, and state of the art technology is vital to being in place tracking every button you click. Record keeping alone is the difference between a large fine or lawsuit vs being a profitable and stress-free landlord. One final change in today’s world, is the ability to accurately and seamlessly document the conditions of the property and put into a format that courts will approve. DIY landlords can download apps on the phone that can record and take pictures every time you enter the property. RPM has this done at Move-In, Mid-Lease, and Move-out with approximately 20+ pictures and notes. These reports should be very professional, time-stamped, and clear on what the condition is. These reports are now considered standard and typically it is used in the legal disputes between landlords and tenants. 1 Quote Link to comment Share on other sites More sharing options...
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