Page 225 - 2

TR U M P STR A TEGI ES FO R R E A L ESTA TE

How You Can Give Great Service to a Small Rental Property

Oneeasy solution to property management is for you, the owner,
to liveinone of theunits.That way you can ensure that the build-
ingand grounds are kept clean and in impeccable condition. If
you’re mechanically inclined, you can promptly repair and main-
tain most things that need fixing.
In the other scenario, you own a four-unit building but do not
live in it. It would be desirable to have someone living on-site being
responsible for lost keys, showing vacancies, doing minor repairs, and
performing a host of other services. Make one of your best tenants
responsible for overseeing the property and give them a rent reduc-
tion as an inducement. For repair work and landscaping, you are bet-
ter off paying an outsider. It’s important that tenants have immediate
access to someone when they need assistance, like a super or a handy-
man. At a minimum, you need someone on the property who will call
you, the owner, when a situation arises needing your attention.

TIP on Rent Collection

Never allow your resident manager or superintendent to accept cash
for rent or any other reason. Only in emergencies should you, and
only you, ever accept cash. Your on-site managers can be allowed to
accept checks or money orders. This helps to eliminate the opportu-
nity of theft or embezzlement of the owner’s income or arguments as
to what happened to cash or the amount delivered.

BE VIGILANT ABOUT REPAIRS AND UPKEEP

Throughout this book, I’ve talked about the ways Trump gets pre-
mium prices for his properties by offering impressive luxuries people

204