The first article of this series, Can You Talk the Talk addressed how systems play a major role when making an owner presentation; the second, Preparing and Presenting the Talk detailed how to put an effective presentation together. Now it is time to tackle what happens when you acquire a new account. There is free checklist included for this task.
As you are aware, it takes a lot of planning and work to acquire an account. My first two articles stressed that you must have systems in place for making successful presentations. Once you achieve success in this area, effective systems are more important than ever. Ask yourself – why solicit the account if you are not going to take the time to make it successful?
Begin with a complete review
You have brought in a new account. Now stop and review everything up to this point. It is easy to overlook all the details discussed with the property owner. Just taking time to assess what happened and needs to take place can make a big difference in how you proceed.
What information did you and the owner cover? Are your forms complete or are there details you still need? For example, has the property owner completed a W-9 so you can set up their account for ending year 1099s? Do you have information on ALL property owners? If there is a tenant currently in the property, do you have all the information to contact them and a copy of the existing rental agreement? What advertising did you discuss?
Lack of information can lead to a rocky start with a new account and create difficulties that can start fires. In the beginning stages of a new account, it is critical that you have everything! Review what you have and what you still need.
Put your systems in action
Once you have reviewed the account, don’t allow your new account to collect dust on your desk. Get everyone involved and in motion setting up the account. Assign tasks along with definite deadlines – think of the whole picture and your end goals.
- Send the property owner the appropriate thank you, the owner handbook, and any necessary forms needed to complete their account. Provide an easy way for them to return needed items.
- Start the bookkeeping/new account process immediately.
- Contact any existing tenants for an appointment to see the property or perform a walkthrough of a vacant property.
- Assess the property maintenance and if appropriate, the existing tenant.
- Notify vendors of any required work or needed estimates.
- Begin the marketing process when appropriate – advertising, showings, etc.
Follow up and then follow up
Failure to follow up is how the fires begin – the property owner becomes dissatisfied, the new tenant becomes difficult, or the property fails to rent. Pay attention to every detail.
- Follow up with vendors on the status of estimates or work.
- Follow up with any existing tenant or take necessary actions if there is a tenant problem.
- Stay on top of marketing if the property is vacant and adjust as necessary.
- Review applications carefully and complete a thorough move-in.
- Contact the property owner as often as necessary to discuss maintenance details, tenant progress, marketing progress, new tenancy, or lack of information/documentation.
You and your team have handled all the details for the new account set up, the owner is happy, and there is a successful tenancy. Now your effective office systems will ensure periodic reviews – collection of rents, routine maintenance, tenant issue resolution, distribution of owner funds/statements, and more.
Step back and think about how much of an investment taking a new account has been. Putting in the time to make it successful will pay off financially, increasing your bottom line. Here is a checklist to help you with the process. Have a great day in Property Management.
Jean Storms, MPM® is the founder/author of LandlordSource and has been a NARPM® member since January 1993.
Disclaimer: LandlordSource does not represent the article content in this website as legal advice. It is shared information only and up to the reader to use this information responsibly, seeking legal advice as necessary to their business.