Top 5 Tips for Tenancy Management
Top 5 Tips for Tenancy Management
Tenancy management is a whole different ball-game in comparison to owning real estate investments. You can choose to handle the property on your own, since its only one. But imagine if you have 5 properties across Klang Valley, wouldn’t that be a nightmare?! Though there are many solutions to that, one of the best is still adopting a trusted tenancy management system like BlueDuck where they kaodim all tenancy management related services like screening potential tenants, rent collection, upkeep of the property, insurance and many other matters that may concern your property.
1. Choose the right tenants
Finding any tenant is easy but finding the best tenant is a skill, because applications for potential tenants have to be reviewed carefully. Failing at this very first step of the process is perhaps the start of a downfall to a landlord’s investment (Imagine approving a tenant who can’t actually afford your rent. Yes that has happened before!). Luckily BlueDuck has its own screening program to ensure all potential tenants go through credit screening process without discrimination. Afterall, landlords are investors, and they definitely understand the simple logic in how skin colour isn’t able to determine one’s payability. Its time we look at the real numbers, not skin colour!
Vacant properties also fill up faster due to BlueDuck’s simpler decision on accepting the tenant after the background check which takes only 3 working hours after the potential tenants provide all required documentation.
2. Ensure tenants pay on time
Dealing with rent is part and parcel of tenancy management. BlueDuck collects rent from tenants on a specific date every month and chases rent on your behalf. They also have a system in place that reminds tenants when the rent due date is approaching.
Also, if a worst-case scenario happens and the tenant defaults on their rental payment in the first month, BlueDuck will notify and start the eviction process in the second month. They will also keep you in the loop on the whole process, cover the cost of it and guide you through legal proceedings. Furthermore, the system will flag it to prevent other landlords from accepting that tenant
3. Find trusted contractors to upkeep your property
As much as rent is important, the upkeep of the property is another main part of tenancy management. From simple repairs to regular servicing of appliances like air-conditioning units and water heaters, BlueDuck has a solution to all.
Upkeep keeps your investment healthy. KaoDim is an official partner with BlueDuck to ensure landlords and tenants’ needs are met to keep the property in its best condition.
4. Keep track of your tenancy and utilities
BlueDuck cares about your investment, so they have a Tenancy Management System that helps landlords keep track of their tenancies. This system is especially handy when landlords have more than one property.
Toward the end of the tenancy, BlueDuck will remind you two months prior to save time and you can either renew or replace your tenants without delay. The Tenancy Management System helps landlords and property managers to keep track of landlords' tenancies and utilities in a single dashboard on their website. Say goodbye to tedious Excel files!
5. Everything is exposed to risk until you get insurance for your home
When dealing with property investments, it is always good to have insurance because you are not there all the time to oversee the property just in case something unfortunate happens. We all have definitely seen news on some irresponsible tenants causing damage to properties which, and sometimes the cost of repair these landlords have to bear cost a fortune! Fortunately, BlueDuck also offers a holistic package that comes with Content & Fire Insurance of up to RM140,000 per annum.
Having a holistic plan for your investment properties doesn’t only lift the burden off your shoulders from managing them, it also adds value because of the precautions you take. BlueDuck found that many landlords with multiple properties faced challenges in managing them all at once, especially when something unpleasant happens to their properties. Embracing prop-tech companies like BlueDuck greatly assist landlords with the management of multiple properties through the efficiency and effectiveness of technology. In Malaysia, it is also not new to us when a landlord picks their tenants based on race and religion, which makes zero investment sense because one’s identity is not a credible determinant. Such backward method not only puts landlords investments at risk, but also create severe disharmony among races that may lead to detrimental consequences. To sum it all up, BlueDuck’s cause is for landlords to manage their properties more efficiently while building a better Malaysia, because good values start from home.
Lets bring value to your property management
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