I have owned a 4-plex for less than a year. Recently I just finished rehabbing one unit and now it is up for rent. I am having horrible dreams of our property manager getting the wrong person in the unit and all that work going down the tubes (My property manager is great thus far by the way). What steps could I take to make sure my property manager has the proper tenant screening criteria in place? Any recommendations on conversations I could have with my property manager on how to proceed?
Also, Is there a way to structure payment to a property manager in such a way that motivates them to get the best tenant in the unit as opposed to a flat percentage? Trying to think ahead. Thanks in advance for the input.
As for criteria as long as it doesn't violate fair housing laws. However i'm not sure what criteria would be a great representation of how they would treat your property. I believe you have to trust your PM to continue to do a great job. The only you could maybe do is ask for their opinion and state your expectations for this new rehabbed unit. If you believe the PM has done a great job ask to take them to coffee, and share that.
I guarantee that doesn't happen often for them. I think building that relationship will be more beneficial to improving the selection of tenants.
As far as compensation i don't know anyone that would not like a bonus. I do believe though that it is more valuable to attach a positive behavior to the bonus.
@Jonathan Wilks thanks for the feedback! Yes, treating them to coffee would be a great "thanks!" I may just need see how things play out.
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