Investors, Keep Your Tenants Happy
May 21st, 2008 categories: Investors
Tenant problems are one of the biggest reasons, if not the biggest reason, that most landlords quit investing in real estate and sell their rental properties. If you want to be a successful landlord, you need to find the time to choose the best tenants and keep up with apartment maintenance. Here are a few bits of advice to help you get new tenants and to keep the ones you already have happy.
Keep it clean – No one wants to live in a dump and that’s what you’ll be trying to rent out if you don’t keep the apartment clean. You want to make a good impression of your property and you.
Details, details, details — Go over the lease with tenants in excruciating detail and walk through the apartment with the tenants before they move in. The last thing you want is any surprises a few months down the road.
Finish up repairs in time — One of the most common complaints you’ll hear is the difficulty in getting something fixed. Invest some time and money to keep your rental properties operating in top condition.
Spruce things up a little — Paint and maintain the exterior of your buildings and do some landscaping. If the outside looks rundown, no one will want to see what the inside looks like let alone live there.
Do your homework on prices — If you’re losing tenants, maybe you’re charging too much in rent. It doesn’t take long at all to pick up a newspaper and do some homework on what others are charging for rent.
Offer amenities at no extra cost – Consider throwing a few perks into the lease to keep your tenants. Think about things like washers and dryers, updated appliances, garbage disposals, and maybe even paid utilities in order to get an edge over other landlords.
Check backgrounds – It’s smart to do a background check on any potential tenant. True, you’ll still be taking a chance on a stranger, but at least it will be an educated one by running a check. Look for things like criminal history, payment issues and other possible red flags.
