It might seem entirely impossible for tenants in short term apartment rentals to create a hoarding situation, but it is far more common than you might know. One organization has determined that hoarding disorders affect up to 15 million people, and that it is an endless behavior. This means that property managers of short term apartments must take the matter seriously and make plans to address the issue if it arises.
How? There are some obvious warning signs for longer term rentals, such as a year without a single maintenance call, but even short-term apartment rentals can provide a few clues that a problem is present.
As a property manager, you will want to pay attention to the amount of garbage each tenant tosses on a weekly or bi-weekly basis. If you notice almost no trash from a renter, it may be a sign of hoarding. Odd odors are another indicator that a hoarding situation is present, and ignored efforts to get in touch is also another red flag.
If you are in charge of short term apartments, you can address the situation with diplomacy as this usually creates the best results. Because it is a disorder, you want to hold off on immediate eviction if you discover it has occurred. Instead, consult with an attorney, insert clauses that allow for spot inspections in all rentals and train any staff to be alert to this risk with any and all rentals. Remember that regular inspections as part of a rental arrangement can be the best approach to preventing hoarding in the first place.
A lot of furnished corporate housing owners manage their own properties instead of hiring a property management company to do it for them. This might seem like a lot of work, but it can actually be very simple if you have a good checklist. With this cheat sheet, you can organize your property management responsibilities so that you won’t feel like you’ve taken on a second job with your furnished corporate apartments.
- Accept Credit Cards – First of all, you need to be able to accept credit card payments from your renters. You can easily do this with a number of different free and low-cost services, like PayPal, Venmo, and/or Square.
- Market Your Listing on CHBO and Social Media – You can list your furnished corporate housing apartments or houses on CHBO. Be sure to upload a number of quality pictures of all aspects of the property, and write a really great description. And don’t forget to link to your listing on social media and let all of your friends and followers know that you have an amazing corporate apartment or home for rent.
- Use Google Docs or Google Calendar to Manage Rentals – You don’t have to be an organizational guru to manage when your properties are being rented and when they aren’t. Just use Google Docs or Google Calendar to create a calendar for your rentals to let people know when your properties are available, when they’re occupied, and when they’ll be available again. This will also help you keep track of scheduled maintenance and repairs, too.
- Inspect the Property Between Tenants – Instead of paying a large deposit, most renters will have renter’s insurance. If you don’t inspect the property between renters, though, you won’t know when you have to bill a renter or their insurance company. Doing a quick inspection will prevent a lot of hassles and wasted money, and you can schedule it using your Google Calendar for your rentals.
- Create a Cleaning and Maintenance Schedule – Finally, don’t neglect the property and don’t just do a little cleaning when you think it needs it. Instead, use your calendar to schedule regular cleanings, deep cleanings, and any maintenance that the property will need. You can also use this to schedule when to replace furniture and/or décor, when to decorate for the holidays, etc.
There you go – with this checklist, you’ll have a much easier time managing your furnished corporate housing properties. You’ll save time and money, and you’ll enjoy a larger profit margin, too.
What is Corporate Housing Property Management? In the CHBO Annual Report we asked property owners to tell us how they take care of their properties.
We asked respondents to tell us how they manage their rental properties. At an all-time high, 92% of respondents say they do all their property management them selves. This number is up from the all-time low of 72% in 2013.
Previously, we had hypothesized that the decreasing trend in “do it myself” management was due to accidental landlords deciding they needed more professional support.
In our 2013 annual report, we predicted that we expected property owners in 2014 to be more willing to invest in professional support as their profits increased. We were correct as “property manager” responses were up 6% that year.
In 2015, however, the number of property owners who used a property manager reversed back to 11% — the same as in 2013. This is a new trend we’ll continue to watch. It may be the result of more professional investors entering the market who manage their own properties as full-time income opportunities.
In 2015, the biggest increase in additional support was from “friends and family” — jumping up to 8% (after only 1% in 2014). This number has bounced up and down over the last few years.
No additional trends emerged in the “other” category.
Property Management Software
Property owners frequently ask the CHBO team about tools that can help with property management.
With that in mind, we added a few more questions to the