DIY – PROPERTY MANAGEMENT 105

The Check In

Now it’s time to get your renters CHECKED-IN so that your MONEY MAKING RENTAL PROPERTY MACHINE can fire up and start making you some money! Here are the final steps:

  1. DO A WRITTEN CONDITION REPORT – A day or two before they want to move in go do a condition report to document exactly how the property was when they first moved in. Describe the condition of every room … Ceiling? Walls? Floors? Doors? … and so on. Note any existing damages or defects you only want to hold a renters accountable for any damages that they ACTUALLY DID.
  2. TAKE PHOTOS OF EVERYTHING – Front, back and sides of house … 2 photos of each room … appliances, outside and inside … and of course ANY existing damages or defects. These photos and the written report will paint a very good picture of the actual and true “move-in condition”, which is very important to know if you expect the renters to give it back in that same condition.
  3. MAKE A COPY – Now go make a copy of both the written condition report AND the photos so that on the move-in day BOTH YOU and the RENTERS will have copies.
  4. CHECK-IN DAY
    • Meet the renters at the property and make sure all utilities are on and working.
    • Ask them if they TRANSFERRED THE UTILITIES into their name. (more on this later).
    • CHECK THE DETECTION DEVICES to sure that the home has working Smoke and Carbon Monoxide Detectors in the required locations and have the renter sign the Detection Device Agreement.
    • Both you and the renter need to SIGN THE CONDITION REPORT, then be sure to give the renters their copy.
    • Collect any deposit balance or first month’s rent due, hand them a set of keys to the home, and (finally!) give them a handshake and a hearty “CONGRATULATIONS!”.
  5. CALL THE UTILITY COMPANIES – Just because they SAID they put the utilities into their name doesn’t mean they actually did it… CALL TO CONFIRM IT!
  6. FOLLOW-UP – Review your file to make sure everything that needed signing GOT SIGNED. Mail or email the renter your contact information and how I where you want the rent paid.

Well, there you have it! The basics of property management in 5 easy to digest blog postings.
You may think that you have now crossed the finish line but you are mistaken… not only do you have a property to manage, now you are going to try your hand at managing a human being… A TENANT!
May I suggest you sign up for some psychology courses…

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