With the recent change in leadership, we Virginians are standing on the cusp of major change concerning Property Managers and the Rental Property management processes and funding as new proposed laws may drastically change how we operate. With the flavor of making things more “affordable”, these proposals give additional benefits and forced financial forgiveness to tenants while totally overlooking the landlord/owner’s MANY expenses and budget (which is often managed with very thin profit margins). The probable impact will be increased rent or security deposit costs due to the greatly increased risk to the landlord.
As these (or any) changes occur, our Property Management team here at CWR Investments believe that we can succeed under any new rules within any political landscape. As we all know, the one constant in life is change. How we adapt to these changes is key.
How do we mitigate risk? How do we protect the property owner’s interest while still serving the interests of the tenants, without impacting cost? With our property management resources (tools, legal, contracting, etc…) our documentation for every situation will adapt to any of these changes should they occur. We have ALWAYS treated our tenants with respect while protecting the landlord’s interests. The key is communication and documentation. With these changes we also believe the tenant application and background check will hold more weight as owners take a heightened leap of trust with each agreement. As the property management (middle man), our goal is to establish trust from both tenant and landlord and we do that through thorough documentation and communication. If either side is to break that trust we can still hold them accountable in any political climate.