Rental rates and collections
- Conduct a thorough market analysis to determine competitive rental rates.
- Define a consistent policy for rent increases, taking into account local regulations.
- Clearly outline rent payment methods and due dates in lease agreements.
- Implement a late fee policy for overdue rent payments.
- Create a procedure for issuing rent receipts and maintaining a clear payment history.
- Establish a process for handling bounced or returned rent payments.
Maintenance service - Handling of work orders
- Develop a user-friendly work order submission system for tenants.
- Assign a unique identifier to each work order for easy tracking.
- Implement a priority system for categorizing and addressing work orders.
- Set response time goals for different types of maintenance requests (emergency, non-emergency, routine).
- Regularly communicate with tenants about the status of their maintenance requests.
- Document all work orders, including details of the issue, actions taken, and completion date.
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Employee schedules and benefits
- Create a standardized employee scheduling process that ensures proper coverage.
- Define employee roles, responsibilities, and reporting structures.
- Establish a comprehensive employee benefits package, including health insurance, retirement plans, and time off policies.
- Develop a procedure for requesting and approving time off, including vacation and sick leave.
- Implement a performance review process to provide feedback and identify growth opportunities.
- Ensure compliance with labor laws and regulations regarding employee compensation and benefits.
Tenant record keeping - How to keep organized files
- Develop a system for organizing and storing tenant records in both physical and digital formats.
- Create individual tenant folders to store lease agreements, applications, and communication records.
- Implement a standardized naming convention for digital files to ensure easy retrieval.
- Regularly update tenant records to reflect lease renewals, move-ins, and move-outs.
- Maintain a record of all communication with tenants, including emails, letters, and phone conversations.
- Securely store sensitive tenant information to ensure compliance with data protection regulations.