Welcome back to Ready Set Sold. I am your host Bryan Vogt and we are following up what’s her name what now she is part owner of Cecil management group they are not only a sponsor but they are just fantastic of what they do and Rene is by far the most I guess for me the well-known expert in leasing and that’s really important and we’re talking about in the last segment we’re talking about what you should be looking for in a leasing company and one of the things we talked about simply was are they communicating with the tenants and how much money that can cost a tenant and frustrate excuse me a homeowner from you know not knowing what’s going on and only the money but just the frustration level is it’s just crazy.
And Rene I guess my question now is so now you have an empty unit and now it needs to be rented what should you be expecting from leasing temple you definitely want your leasing company again everything goes back to communication you want to find out that your leasing companies done that detailed move out inspection with the tenant so whenever the tenant leaves are going in and they’re not only looking for potential damages that your tenant may have had but they’re being proactive and they’re looking at the big picture and they’re saying okay there may be you know a few scuffs on the wall but this place will show a lot better if it gets painted or the carpet may not have that many stains but it’s just really looking worn out if we get the carpet replaced not only is it going to rent better but maybe we could get an extra $50 a month.
So starting now after the tenant leaves and you’re doing that marketing phase definitely having that communication from your property manager just letting you know these are recommendations we have and it’s going to get you a better return on your investment even if you have to pay to do painting your return on investment is going to be X amount of money and I think that’s really key and that expertise in a lot even with selling a house a minute to the to work hand in hand now I understand you’re not buying a home but I would imagine if you are releasing something leasing a home leasing apartment whatever you may be leasing I would think that having that carpeting in good tip-top shape having neutral colors or having it painted not only as you said maybe get you 2 bucks more but there’s competition out there right exactly right and you know I’ve been known to find the competition and send pictures of that to my owners and kind of do a side-by-side.
This is your comparison you know a tenant is not look they can’t come in and paint they can’t come in and modify it like they can if they’re purchasing a home so they’re you want to have stuff that hopefully meets their needs their expectations that way they’re going to take it I had one recently where there were older appliances and I recommend it to the owner we’re putting this on the market hey I really think you just need to upgrade these appliances for the price we’re asking it’s really going to make a difference it’s not going to change your monthly rent price but it’s going to make a difference on us securing a good quality tenant for you hesitant didn’t want to do it well sure enough we get a few showings in and my feedback is appliances are outdated so it really does make a difference and it’s something that tenants you look for because a competition out there are diff.
And if you don’t have your property and kipp top shape it’s gonna you know it can affect it and the people may go down the street to your competitor I love that because like I said and there as I mentioned before that’s kind of the parallels sometimes we talk about you know leasing buying so I love the fact is that those things come into play too I think it’s important for people to think about leasing which could be a very good idea in their situation we have a military here they may be a situation where they’re moving in to the area and I can tell you right now from our experience and Renee I a relying on yours the military look there they’re looking for something that they’re going to be in for the next maybe two or three years which is really a great thing possibly if you know if you have a home that you want to rent correct right you know I was just on one last night and you know hopefully there we can get a two to three year lease.
And the place looks great and the goal is you know you have it nice whenever they move in you set the tone you set the expectations you get somebody in there for a couple years the goal is then you get it back and that same nice high expectation condition to where if you can’t sell now but you can sell then you’re not going to have to put as much money into it so so yeah I mean whether people are signing a 12-month lease or a three-year lease they still have those same high expectations so your property has to reflect that it’s a win-win Valley do they get what they want as far as the people renting but now you’re able to get not only security but possibly a few more dollars that will help go a long way in making this a kind of a win-win situation so I guess my question though that is that I have and what I hear is what about you know what about the situation when someone comes in and maybe it doesn’t go as well.
Meaning being the tenant didn’t do what they were supposed to do how does that work I mean when you’re talking to a leasing company a property management company what should be expectations on that what visits what we hear sometimes from people that you know what they would like to rent it but they’re concerned about what may happen to that to their home when they rent it out you know that’s one of the toughest questions I get and I wish I had the magical guaranteed answer that it’s going to be a hundred percent great experience and there’s not going to be any damage to the property and it’s going to be left and they’re going to take care of it just as good that’s not better than a homeowner did.
Unfortunately I can’t guarantee that I can tell you that we have a lot of systems in place and you want to make sure your property manager has good systems in place to screen as much as we can for the tennis before we put them into your home my motto is if I want to put them into my home I’m not going to put them into your home so but you can screen somebody where they could be perfect credit perfect landlord perfect income but I go to do a walk-through and they’re not good housekeepers you know where the carpets could be dirty or anything like that for your property manager comes into play in having those difficult conversations with them and you know coming in more the proactive versus the reactive part so if we’re watching the property like we should and maintenance is reporting back after they’re at the property we’re doing our drive-bys we’re doing our due diligence on the walkthroughs hopefully you can lessen those issues you know and hopefully get them resolved before somebody moves out.
That way you don’t have damage to your house or those quote horror stories that you know everybody is fearful of and I get it I mean you know I had a rental property myself and it was very nerve-wracking just knowing and wondering if they’re taking care of it how you are but again just trust your property manager to communicate with the tenant communicate with you and hopefully the property’s taken you know taken care of and in good condition rule of thumb is always people are going to they know within the first 30 days if they’re going to renew or not so if they had a good move-in experience where you do a detailed walkthrough with them any maintenance issues any concerns you take care of them right away that first 30 days if anything comes up and you take care of it right away you’ve locked in your tenant you’ve connected with them they know that you care they’re going to care so that first 30 days really will set the tone for tennis’ occupancy.
Wow that’s really big stuff too because I think again I love this program because I learned something myself and that that’s I think is really you just to kind of finish up on that thought there because the fact of what you said connecting is again it needs to be a win-win situation for not only the tenant but for the person who is leasing the property and by having a property manager that is that proactive I mean that’s kind of a dream I mean that’s something that is really huge and so I think the question comes in too when you’re looking for someone to rent your property out or looking for a company that’s a perfect question to ask is what are you going to do you have anything that you can make at least reduce the rest as you said nothing 100% but that’s huge as far as being able to connect and make sure those things are taken care of.
So thank you for that. That was great absolutely with that I tell you what we ran almost out of time Rene Witnaur from Cecil Management Group they do a fantastic job they are sponsored but they also are just experts and if you listen to Rene at all you’ve heard some fantastic information and she’s going to have a recurring role on a monthly basis coming in but you can also contact Cecil management Arwen a by just going to their website and that is a Cecil management comm did I write that down correctly you did that is right yes okay hey thanks so much Renee we’ll be back with a special guest talking about our three that’s my team.
Ready Set Sold with Bryan Vogt #34-02: Renee Wittenauer: How should a property management company market a rental
January 20, 2018