How to Successfully Manage a Property with a Mixture of Homeowners and Renters

A large majority of properties, especially in the Los Angeles area, are condominiums, apartments and other multi-family complexes. In many cases, these properties are home to a mixture of both renters and homeowners. Tensions might run high, however, when renters and homeowners don’t see eye-to-eye on proper community care or behavior. As a management company, it’s critical to alleviate any tensions by actively working with the residents on a frequent basis. Here’s how to successfully manage a property that has a mixture of homeowners and renters.

Clearly Explain All of the Property’s Rules

When any homeowner or renter moves into a complex, they should receive a complete copy of the property’s rules. Ideally, the handbook will be in plain English instead of standard legal terminology. Everyone can have the ability to read the rules and sign an acknowledgement at its very end. Property management companies should keep a copy of this signed acknowledgement as proof that everyone will follow the agreed-upon rules.

Keep Communication Channels Open

Homeowners often have a meeting once a year where they discuss property concerns, such as upkeep or conduct. However, renters are usually left out of these meetings. It’s important for communication channels to be open for every resident regardless of their property ownership status. The community should create monthly, quarterly or yearly meetings for everyone to attend. When communication is clear, there will be less stress among the residents.

Be a Neighbor

Residents should create a relaxing atmosphere within their complex by greeting newcomers and keeping up civil relationships with existing homeowners and renters. A simple “hello” and “how are you?” can help a complex work together as a group. Hostility, rumors and other negative behaviors only create an unhappy complex where issues might arise between residents.

Follow Through with Rule Regulations

If any residents don’t follow the rules, such as parking illegally in fire zone lanes, the property management group must follow through with the consequences set forth in the community rules. Unless there’s unusual circumstances, apply the rules as they’re stated to the infraction. If every resident sees that they’re treated with the same standards, they’ll adhere to the rules and work well together in the future.

Every property management company should have an available website, such as http://www.tdipropertiesinc.com/los-angeles-property-management/, so that residents can contact administrators with ease. When every resident agrees to and applies the community rules, the entire complex can work like a well-oiled machine.