Category Archives: property management

Are Long-Term Tenants Better Than Short-Term?

March 23, 2023property management, rent, tenant transitionssperling

It’s an age-old question. As a landlord, tenants are your source of income, so this is a business question to consider carefully. When you sign on a long-term tenant, you’re typically committing to at least a one-year lease as opposed to the nightly or weekly contract with short-term renters.

So it’s time to think about some of the pros and cons to signing on a long-term tenant over a short-term renter.

Pro: A Steady Source of Rent

A long-term tenant can be a fantastic financial decision. Throughout the lease period you will receive monthly rent, and generally they are responsible for taking care of utilities, internet, and certain upkeep expenses. This makes planning your budget for the year much easier and can provide you with peace of mind. You won’t have to worry about gaps in income because no one decided to rent out your property for a week or two.

Con: Less Flexibility

So market values are going up and you think it’s time to increase the rent. There’s a snag, however; your long-term lease states very clearly that you will only charge a certain amount every month. If you want your tenant to pay more, you’ll have to wait until it’s time to renew the lease.

You also won’t be able to sell, use, or move the property during the period of your tenant’s lease. So any major changes will have to be put off until the end of the lease.

Pro: Tenant Screening

With short-term tenants, you don’t really have time to screen every one. Interviews, credit checks, and references seem rather pointless for someone who won’t be staying more than a week or two. That means you’re basically rolling the dice when it comes to who you’re letting into your property.

With long-term tenants, you do have the luxury of choice, and it’s frankly essential to ensure you thoroughly screen potential renters to find quality tenants. After all, this is a commitment for both of you. You can meet them, check references, ask and answer questions, and decide if this is a person you feel comfortable entrusting with your space. But it means you have a much better chance at getting a renter that will properly maintain the property, pay on time, follow the rules, and communicate with you.

Con: Harder to Get in for Maintenance and Renovations

If you’ve decided you want to go with a long-term tenant, you unfortunately don’t have the luxury of just popping in unannounced to add a new coat of paint or spray for pests. It can be a logistical headache coordinating with the tenant a period of time for them to be out, moving furniture and belongings, and you might need to compensate them in some way for the inconvenience, especially if they have to stay elsewhere during the process. With short-term tenants you have far more flexibility scheduling maintenance and renovations, as you can simply get these things done in-between rentals.

In the end, it’s up to you whether a long-term or short-term tenant suits your needs. Both have their benefits and pitfalls, so think it over and determine what will be in your best interest.

4 Renovations to Consider Before Move-In

March 6, 2023amenities, property management, repairs, tenant transitions, unit ownerssperling

So a long-term tenant has moved out of your property and you’re getting ready to show potential new tenants. As you do your walkthrough, a thought strikes you; this place could use an update.

It doesn’t matter if the property is a house, condo, or apartment; it’s simply easier to make major renovations when a property is empty. No one is inconvenienced and you can take as much time as necessary to get it done properly. Even better, the improvements will attract more tenants who will be drawn to upgraded features.

Put in New Floors

There is literally no better time to install new flooring than when a house, condo, or apartment is empty. There will be no personal belongings or furniture to move or store, and the tenant won’t have to stay at a hotel for a few days to a few weeks. It’s also a great way to give the property a fresh start, as floor wear and tear is common but not always easily fixed.

You can make the call on whether you want to install new floorboards or carpet. Carpet can provide insulation for your tenants but can be harder to clean and limit decorating options. Meanwhile hardwood or linoleum floors can get scratched up by furniture but it’s easier to sweep up dirt and mop up spills.

A Fresh Coat of Paint

Freshly-painted walls can really brighten up a room. If you have a room that’s smaller or doesn’t get much natural light, the right color can make it appear larger and brighter, and thus more attractive to potential renters. But no tenant wants to have their walls painted while they’re living there. It’s messy, they’ll have to move their belongings out of the way, cover their furniture and rugs with plastic, and of course live with the smell until the paint fully dries.

This isn’t just limited to the interior. A fresh coat of paint on the outside of the building can vastly improve its curb appeal.

Install New Windows

With the rising cost of heat in Massachusetts, both you and your tenants would much rather not have to worry about a massive utility bill due to drafty windows. Inefficient windows can lose up to 30% of your home’s energy. That’s why it’s important to inspect your windows and, if necessary, get them updated or replaced. These renovations will also benefit you and your tenants in the summer as good windows will keep the cool air in, meaning fans and air conditioners won’t be sending the electricity bills up either.

Make Electrical Upgrades

If you’re renting out an older property, it is essential that you get your wiring regularly inspected. This is easiest to do when you have easy access to walls and can rip them open if necessary. This could very well save a life, as you’ll have peace of mind that an electrical fire isn’t waiting to happen.

Also, with our dependence on technology, from kitchen appliances to computers to phones, it’s important to go in and ensure there are enough wall outlets to appeal to new tenants. If it feels like there aren’t enough, call up an electrician to install more.

The time to act is now, so don’t wait until it’s too late! Get these renovations done before showing the property off to new tenants. Your future renters and your wallet will thank you.

Dos & Don’t of Newsletters in Associations

February 7, 2023communication, property managementsperling

Good communication is a hallmark of being a good property manager. From connecting personally on lease signing day or move-in day to keeping renters apprised of happenings around the property throughout the year, communication is key to keeping the property running smoothly.

One method of communicating that we have discussed at length over the past few years is the use of email blasts and newsletters to keep all unit owners informed of what may be going on whether it is a repair ongoing and that workmen may be around the property to notification of parking rules during the snowy season. Newsletters can convey important information in a concise and accurate manner that can be referred back to over and over.

There are some rules to sending newsletters, however, that property managers should be aware of. Here is our quick list of what to include in your newsletter and what to avoid each time you send a community newsletter.

Do …

Things that you will want to include in your newsletter or email blast should be timely information. For instance, if any information has changed with your community amenities such as swimming times at the pool or tennis sign-up times during the summer weather or contractors who will be snow plowing in the winter months. This helpful info should be included in your newsletter. Community members want to know what their rent/HOA dues are being spent on and this will help them understand.

Additionally, include in your newsletter a list of important dates such as the last day to pay rent before a late fee is added on or the day that landscapers will be on the property for regular maintenance. Community members should be made aware of third-party contractors who will be on the property.

As you write these newsletters be sure to write well and be pleasant with any requests or reminders. Don’t forget to proofread!

Don’t …

Newsletters are not a place to list grievances about the property such as litter or unpaid bills. Leave those items off your newsletter but use gentle reminders instead.

Do not get personal on a community newsletter that is being sent to the whole community. There is no need to call someone out for late payment or other infractions on a community newsletter. Keep that information private.

On that same note, newsletters should be informative but avoid sticky situations such as mentioning any issues that may be between two tenants. Keep that private as well. However, if the root of the problem was a miscommunication, this would be a good place to remind everyone of the guidelines so that there will be no misunderstanding, such as quiet hours or trash collection rules.

The ultimate goal of a community newsletter is to be informative, and helpful, and keep your tenants in the loop. If you stay in that realm while you write, your newsletter should be a positive communication device for your property.

How To Encourage Prompt Rental Payments

February 1, 2023association living, property management, rentsperling

To manage a successful property or community, it is critical that all payments are made in a timely manner whether they are meant for rent, HOA dues, or property maintenance fees. Property managers, landlords, and HOA boards have quite the task set out before them to ensure that their tenants and unit owners make payments promptly.

Property managers wear many hats and collecting payments is one task that many would love to hand off to someone else as it can become a loathsome chore when payments are perpetually late or forgotten. Unfortunately, it is often the job of a property manager to collect payments and manage the financial affairs of the community.

Here are a few methods you may find useful to help encourage your unit owners or renters to make their payments on time.

Make Paying Easy

Gone are the days of using “snail mail” to physically mail a bank check for rent or HOA dues. Although many property managers do still allow this method, many have moved on to more efficient and easier ways to pay rent or fees associated with the property.

There are currently a number of secure online rental apps that many communities are using not only for security reasons but to encourage an easy and prompt way to pay rent. These apps provide notifications when payments are due and allow for digital payment, often in a few simple clicks.

Email Reminders

Much of our world has become automated, so remembering a monthly payment should be easy, right?

Well, for those tenants that need a little nudge, property managers can utilize an automated email reminder in the days leading up to the rent due date. This will be an unobtrusive way of reminding that may help some get their payment in on time.

Reward Promptness

While rewarding renters or unit owners who consistently pay on time may not be financially possible, this is a method that many find beneficial. These rewards, discounts, or small prizes are positive reinforcement and should be a good method to get this prompt payment behavior to be habitual.

For those who are late with payments, the opposite side of the coin may also be a motivator. Let your tenants know that while there may be a grace period once or twice, after that there will be a late payment charge added to their bill. This may be just the encouragement some may need to get the next payment in on time.

Use Clear Communication

Some late payers may need to be retold the guidelines of when and how to pay. Keep good communication going between yourself and your community members. Reminders are great but you may need to touch base personally by phone, text, or in-person to set expectations and communicate your rules about payments.

Get Legal

While this step is always the last resort, some tenants fail to make payments at all or habitually make late payments causing the property manager financial stress on their end. In these cases, it is a wise idea to catalog all late payments and let the courts know the situation so that it can be handled in housing court.

3 Ways to Cultivate a Positive Community

January 4, 2023communication, good neighbor, governing documents, property managementsperling

Now that the new year has arrived, we can all look at things around us in both our personal and professional lives as a clean slate – tabula rasa. The magical thing about the new year is that new goals can be created and hopefully accomplished over the course of the next few months.

If one of your goals as a property owner, property manager, or landlord is to cultivate a positive community, today’s blog is for you.

The benefit of managing and living in a positive community is seen on both sides. For tenants, a sense of community can mean attention to needs such as community security or prioritizing maintenance. For managers, a sense of community can mean less turnover of units which can be a hassle to fill regularly.

Let’s take a look at three ways property managers can help cultivate a positive community to the benefit of all.

Be Proactive

Staying on top of maintenance concerns or property issues should be the top priority for most managers or landlords.

To do this, many adopt the practice of maintaining impeccable repair and maintenance records. Knowing how long it’s been since a part has been replaced and what plumbers or electricians have quoted as a lifespan of a system or appliance means property managers can be proactive in scheduling much-needed repairs.

For instance, if an HVAC professional mentions that the furnace will need to be cleaned prior to the winter, property managers can use software to remind them of the need and make sure it is scheduled before the temperatures drop in your region.

Pro-tip – Keep communication with unit owners and residents open. They can discuss concerns and issues they may not want to bother you with until it becomes more urgent. However, those conversations can be keys to understanding the health of the community.

Use Technology

As mentioned above, technology can be a property manager’s best friend. The newest software allows residents to pay rent online, request repairs via an online portal, and communicate with managers about issues that have arisen.

Pro-tip – Keep multiple forms of technology open. For instance, not all of your tenants will be computer savvy. They may need more traditional forms of communication to express their concerns.

Prioritize Communication

Property managers need to be good communicators. After all, they will be dealing with people from all different walks of life and it will be necessary to juggle many needs all at once.

To keep lines of communication open, you should have multiple methods which can be used to contact you such as your community’s portal, email, texting, calling, and good old snail mail. Be sure to put parameters on when customers can reach out or for what reasons it is appropriate to call or text outside of that time. Obviously, emergencies take priority on calls and texts but have regular hours daily that your community members can reach out to you.

Pro-tip – Send out a digital newsletter that lets everyone know announcements such as the anticipated arrival of a big snowstorm and when cars will need to be moved for plowing in your parking lot.

Winter Worries for Property Managers

December 14, 2022property management, water damage, winter property managementsperling

Winter in New England comes with some definite perks including snow-capped mountain scenery, options to ski, and idyllic imagery of cities and towns dusted by snow. Unfortunately, with this winter beauty comes winter worries for property managers. From concerns about ice dams and slippery sideways to frozen pipes and leaks on the roof, the work of a property manager may never seem like it is done.

Let’s take a look at some of the top winter worries for property managers so that concerns can be proactively dealt with rather than as they occur at your property.

Schedule Snow Clearing Contractors Early

Living in this corner of the world there is no question about whether there will be snow every winter, it’s just a matter of when the snow will happen rather than “if.”

Knowing this, it’s smart to schedule out contractors that will plow your driveways, shovel your walkways and use de-icing components on those well in advance of the first snowfall. If you use the same contractor each year, it may be necessary to review your contract and ensure that your property is top on the priority list as a loyal customer.

Pro Tip – When interviewing contractors find out how early they can be at your property after a snowfall and if they will come back for a clean-up later in the day. This is especially important to residents who need the area plowed early to get out to work and will expect that their parking spot will be cleared upon their return.

Take Steps to Prevent Fires

The start of winter also marks the start of the fireplace and wood-burning stove season as well. Additionally, it signifies a time of year when candles are burned and holiday decor may be overloading outlets. All of these are potential fire hazards in the making.

As a property manager, it’s a good idea to remind your residents about proper fireplace use and wood stove use. Add in recommendations about the amount of lighting for decor per outlet and common sense reminders about candle use during this season.

Pro Tip – Require that homeowners or residents have a professional chimney cleaning every year to avoid creosote build-up in the venting of their wood stove or fireplace. Additionally, have all residents check all smoke and carbon monoxide detectors to ensure they are in good working order.

Be Vigilant of Winter Risks

Winter may be a welcome season for some, but property managers know that things like ice dams on roofs, frozen pipes, and malfunctioning furnaces can be real issues during the cold winter months.

Take steps early in the season to have the furnace tuned or inspected for potential issues. A roof inspection and attic inspection of insulation can help prevent ice dams, and keeping thermostats at a constant temp can help avoid frozen pipes. A little vigilance can go a long way to lessen these winter risks.

Pro Tip – Remind residents that during the coldest nights keep cabinets open to allow kitchen pipes to absorb heat and, if necessary, allow faucets to drip water so that freezing does not occur.

Does your property have winter issues to stay on top of? Let our team at Thayer & Associates help out. Talk to our team today.

5 Ways to Boost Your Community Curb Appeal

December 7, 2022association living, decor rules, property managementsperling

Living in a community is desirable for many reasons, the top of which could be the freedom from yardwork or year-round maintenance issues. Many people want to avoid the tedious chore of mowing the lawn during the spring and summer or shoveling heavy New England snow throughout the long winter. The draw of many communities, whether it is a Homeowners Association or an apartment community, is this idea of regular exterior maintenance completed by someone else.

With property maintenance crews taking care of issues throughout the year, you may wonder what projects could help boost curb appeal and make your community look just a little more attractive than other neighboring communities.

Here are five improvements to consider that will raise the curb appeal of your community.

#1 Cosmetic Upgrades

This may sound expensive and time-consuming but adding a few simple changes to your community can really make a difference especially if you are hoping for uniformity and a clean look.

Consider upgrading all door numbers to the same style and font. For instance, copper or brass house numbers that match the lighting fixtures can be beautiful.

Other cosmetic upgrades could include solar lights along walkways, detailed hardscapes, stone planters, or front walkway decor. These upgrades not only make the community look nicer but can show prospective renters or unit owners that the community is well cared for.

#2 Power Washing the Exterior

Although this upgrade may seem like a no-brainer, many communities do not take advantage of the major transformation a power washing can do for walkways, patios, pool areas, and the exterior surfaces of all buildings.

Power washing can remove dirt, debris, gunk, grime, and mold that has begun to form on surfaces. This chore may seem like a simple one but it can bring back the luster of stone patios, wood decks, and the siding of the buildings in your community.

#3 Fresh Paint

If power washing can clean a community, painting can put a brand new look on an entire community. A fresh coat of exterior paint can seriously transform the overall look of a building or many buildings from dull and boring to fresh and new.

#4 New Lighting

Many communities have streetlights that illuminate the driveways and parking areas associated with the buildings. By adding custom lighting for walkways, entrances, and parking lots, the community will not only appear nicer and more welcoming but can also help make the area more secure.

#5 New Roof

When a roof is peeling, curling, or looking like it may have leaks, the community can begin to look worn down and not well cared for. A new roof can be one of those master repairs that will make the building look new and will prevent any ice dams, leaking, or repair issues that may have been revealed over the last few years.

Looking to take your community up a level in its curb appeal? Try one or all of these improvements to boost your curb appeal this year.

Handling Late Rent or HOA Dues Payments

November 9, 2022property management, rentsperling

One of the most common sources of anxiety for property managers, landlords, or members of the board of homeowners associations is handling late payments, whether rent, dues or monthly fees. While not an enjoyable part of the job, it is seemingly inevitable that someone will be late at some point during your tenure as a property manager. Knowing how to deal with this somewhat sticky situation is a critical part of the myriad of tasks for managers.

Capital improvements such as electrical upgrades, installation of new roofs, and plumbing upgrades are just the start of what rent and dues cover for unit owners. Other services such as trash pick up, driveway and parking lot care throughout the four seasons, landscaping, and facility maintenance are among the long list of things that are taken care of from the funds.

If rent or dues (in an HOA) are not paid regularly and on time, these services may be significantly impacted. The lack of prompt payment can, in turn, negatively impact the successful management of the entire community. In a worst-case scenario, repairs may not be able to be made or financial bankruptcy may be considered.

Thankfully, most renters or unit owners pay their obligations on time and in full. Here are some tips on handling situations where late payments are occurring.

Create an Established Course of Action

When homeowners (in an HOA) or renters in an apartment sign a lease or buy a condo in your community, have a written agreement that each party signs clearly spelling out the consequences of not paying on time.

Initially, when a late payment is noticed a friendly reminder email or phone call to remit payment can be made by the landlord or HOSA board. If this course of action does not remedy the issue a demand notice may be sent. This statement will explain what is due and that fees will accumulate as each day passes.

Depending upon the circumstances and whether this is the first time this has happened, a property manager may waive late fees or work out some sort of payment plan.

If all else fails, services may be limited for this unit or a lien may be filed in court against the property dwellers.

Avoiding Court

Most HOAs and landlords would like to spare the expenses of going to court. Therefore processes should be put into place within communities to catch late payments immediately and work out remedies that help the community continue on as well as the unit owner pay their obligations in a timely manner.

Some communities use automated payment systems, reminder notices that are generated automatically prior to each month’s payment date, and options if hardships exist.

For more information on setting up payment plans and how software can help your property with payments check out our website and property services.

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October 18, 2022property managementsperling

Seasonal Maintenance Tips for Property Managers

October 5, 2022property managementsperling

Fall may seem like the time of year that the world slows down and enjoys the spectacular show that the leaves put on, seemingly for our pure enjoyment. If you are a property manager or landlord, however, you know that this fleeting time is a busy one, prepping for the winter months and making sure that your property is in good condition to make it through another potentially harsh New England winter.

For property upkeep to be successful maintenance should occur throughout the year but there are some specific tasks that experience tells us need to be completed every fall. Read on for our maintenance tips that can keep your property well maintained throughout the year.

Roof & Gutters

Let’s start our maintenance tips at the top with the regular fall checks on the roof and gutters of your property.

Fall is a good time (before temps and precipitation may make it difficult to inspect the area) to clean out gutters that are clogged with leaves, debris, and wildlife nests. A good clean-out will mean your gutters will be able to continue to function properly and move water away from your structure and foundation.

While you’re up there, check the roof for any signs of damage such as peeling shingles, weak spots, or a chimney cap that may have become dislodged due to wind or storms. Accessing this area when there is ice or snow will be impossible, so this may be your last chance to inspect and repair.

Trees, Leaves, & Landscaping Needs

Fall is notorious for requiring some heavy-duty cleanup, especially in the time between when the last leaves and the first flakes fall. It may seem like a race against time but getting those leaves up before Mother Nature dumps a few feet of snow on them is important not just now but when it all melts in the spring.

Our tip is to think about this task as three main areas: cleaning up the leaves, trimming back trees and bushes that need it, and repairing any areas of your landscape that require attention before all outdoor tasks are not accessible.

Windows & Doors

Winter in our region can bring some amazingly low temperatures. Therefore insulation including caulking around windows and doors should be checked annually to ensure that HVAC systems are not stressed or allowing heated air to escape.

Fresh window calk and door sweeps can be a lifesaver for your utility bill and lessen the need to keep turning up the thermostat.

Prep For Snow

If part of your duties as a property manager includes snow plowing and shoveling your communities, be sure that you have the right equipment and that it has been thoroughly checked before the first flakes fly.

It’s also a good idea to remind your tenants or renters of the policy for moving cars and parking lot rules for when the weather turns slippery.