We often write from the perspective of a property management professional. Today, we are switching viewpoints and examining a renter’s perspective on renting issues and how to avoid them.
As professionals in the property management industry, we know that mistakes can be made and that rectifying them as quickly as possible is important to satisfy your renters and the community.
Renting Sight Unseen
While it is not always possible to visit a rental unit, especially if you’re moving across the country, it is best to have a friend or trusted coworker visit the space to ensure it is as it is portrayed online.
Seeing a property in person or through a proxy person lets you get a sense of the location and neighborhood. It also gives insight into the condition of the unit, layout, and how the kitchen and bathroom utilities work. It is very hard to get a sense of the light, size, and value of a unit when only viewing it online.
Failing To Read the Rental Agreement
It is always a good policy to read anything you plan on signing completely. This includes rental agreements that could include financial, legal, and compliance responsibilities on both the renter’s and property manager’s sides. Failure to understand these terms can lead to misunderstandings and potential legal issues.
To avoid potential issues in the future, don’t just skim your lease agreement, thoroughly read every line. You may want to pay particular attention to the wording and know what you’re responsible for. Be sure to identify the late fee policy, early termination, guest policies, maintenance procedures, notice requirements, and renewals.
Forgetting to Inspect & Document on Move-In Day
The day you gain access to your unit and the keys, you should do a walk-through and inspect the entire space, from the bathroom to the kitchen, as well as the floors, walls, and ceiling. Document any issues so that the property management team is aware that the problems existed before you took control of the unit.
If there are any pre-existing issues, contact your management company immediately. If possible, share photos so that any issues can be handled quickly and you are not held responsible for them.
Lack of Communication
When moving into a new rental unit, it is essential to find out how communication works. Many properties have a process for reporting issues, such as a repair that needs to be completed or an emergency that needs to be dealt with immediately. Some properties utilize an on-call phone number, while others have an online portal to report problems or complaints.
You can avoid the hassle of figuring out this process when you are in the middle of an emergency by asking what the communication method is upon moving in..
Forgoing Renter’s Insurance
In general, properties are insured by the management company. But to ensure that your belongings are protected in the case of a fire, natural disaster or other calamity, it is crucial to consider buying renters’ insurance.
Renter’s insurance is fairly inexpensive and can aid renters in a crisis, ensuring you don’t need to replace your possessions on your own dime.
At Thayer & Associates, we work closely with our unit owners and renters to ensure a smooth transition. Contact us for more information on renting units through Thayer & Associates.