Investors are often not tuned into the issue of resident policy. Management however had better be very tuned into this issue as without you may quickly have an unoccupied or under occupied property. Resident policy has to cover a wide range of issues.
You should address the condition of automobiles. Rules governing visitors and their vehicles. Resident automobiles should be in good condition including fully functional and well painted. Policy should be clear that vehicles not meeting the required terms will be towed and that the resident will bear the cost of such towing. Visitor vehicle policy should clearly define where visitors can park, how long vehicles may remain on the property, when visitors will be towed, and the fact that the resident who receives the visitor will bear the costs of towing Ki Residences.
Residents should be required to keep the exterior appearance of their units clean. This means no yard toys or yard furniture will be approved except within strict terms delineated by the property or not at all. Any items that create fire hazards or other threats to health and welfare should be clearly stated as not allowed. Exterior appearance should clearly include items in around or otherwise visible from the window.
Remember there are other residents on the property. Gatherings out of doors of visitors and residents that become loud and disruptive should be explicitly disallowed. The policy should state that this applies to children, adult visitors for gatherings and for loitering considerations. If these events become to loud or if there is alcohol or other materials are involved, gatherings can quickly become perceived as threatening.
The property should retain the right under notice to inspect units if problems are perceived. If there is a rumor of drugs or other illicit activity the property owner and manager has a responsibility to the health and safety of the broader community. Because of this, these activities will be turned in immediately.
In general, owners and managers can and should have a policy to evict resident behavioral policies after reasonable notice. All issues should result in a written, dated warning to the resident. Each repeat event should be treated in writing as well. If the condition is not corrected, problem residents should be evicted as soon as possible.
Property managers and own will find that clear, strictly enforced policies will improve property quality and resident satisfaction. Your community will appreciate this strict approach and you will find management simplified by doing so.
Blake Ratcliff (US Naval Academy Graduate & Marine Officer, Serial startup entrepreneur, COO/CEO, multifamily / residential investment founder, and property manager).
Blake’s crafted 100+ business plans, prepared and delivered 1000+ investor presentations, and is an expert financial modeler. A deeply experienced real estate business person and startup business expert, Blake hones your Business plans, reports, and presentations.