| |
| |
|
|
Real Estate |
|
Good Tenants - Learn Twelve Ways Landlords Keep Them
Happy, Long-term Good Tenants Paying On Time After you've found your tenants, how do you keep them? Establish a friendly, pleasant, business-like relationship with your tenants, so they'll want to renew again each year. By using one or a few ideas below, you will learn how to keep good tenants. The following are some suggestions that apply to residential landlords, landladies, and property managers. 1. Move-in Gifts Move-in gifts are a nice way to welcome your new tenants. Place these gifts in the apartment with a red bow on them before the tenant moves in. A (plumber's) plunger and a garbage disposal wrench, known as an Allen wrench, can work wonders for your tenants. Simple idea, right? These small, practical gift items will come in handy when the plumbing backs up or the garbage disposal stops working. Often overlooked, these items are not something people think of, but these move-in gifts will save you time and money with fewer maintenance trips. 2. Welcoming Gifts A welcome gift establishes a positive relationship with your good tenants. Present the gift after the first eight to twelve weeks of tenancy. As always, make sure the tenant(s) rent is current before presenting your welcome gift. This effective gesture shows the good tenant(s) you are a thoughtful landlord. A few examples of some welcome gifts are:
Present your gift in person. These inexpensive gifts will surprise your tenant(s). And go along way towards building goodwill. This is also a good time to do a quick "look around" inspection. This way you can determine if the tenant is keeping the apartment clean. Also, take this opportunity to observe any unauthorized move-ins (e.g., a person or pet.) If there was, then politely address the issue immediately. Mail a written letter of notification acknowledging the unauthorized move-in. A copy of the lease should also be mailed to the tenant. Anyways, you will be able to address concerns while you're there, creating a win-win relationship. 3. Renewal Gifts Renewal gifts are small reward items of appreciation you may wish to provide to your tenant(s). A small incentive goes a long way. And you're creating a positive relationship between yourself and the tenant. Here are the benefits of lease renewal:
Renewable gift suggestions:
These renewable gifts range from $25 to $50. This amount depends on your budget. And, continues to build a positive relationship with your good tenants. Presenting a renewal gift in person demonstrates a caring attitude about your tenant(s). 4. Holidays Holidays are a great time to acknowledge your good tenant(s). There are a number of holidays to choose from and depending on your time, schedule, and workload this is a personal choice. Generally, a trouble-free idea is to send a non-denominational holiday greeting card, letting your tenant(s) know you're thinking of them. Alternatively, such as a week before Thanksgiving, purchase a turkey as a gift, along with one you buy for your own family. This provides the tenant(s) with a nice Thanksgiving meal while saving you time and money. Either way you're creating another win-win relationship with your good tenants. 5. Emergencies Communication and some well-established rules are vital. Let your tenants know your property management schedule. For example, calls regarding minor problems, 8:00 a.m. to 8:00 p.m. during the week, excluding Sundays. Educating your tenants early is a necessity for your peace of mind. Following are examples of some real life non-medical emergencies. It's 9:00 p.m. on a New England Thursday evening. The winds are strong and it's snowing lightly. The temperature has reached 30 degrees below zero. The phone rings and our tenants are complaining they have no heat. Quickly, a call is made to the oil company. The oil delivery is made and this remedies the situation. The landlord follows-up to make sure everything is o.k. Our tenants know even with freezing temperatures, we do care and act immediately. Here's another example, one of our tenants' decided to use the laundry facility in one of our empty units. We approved her authorization to do laundry. While she was there, she discovered water spraying from underneath the bathroom sink. Already, two inches of water had accumulated. The bathroom and most of the surrounding kitchen is drenched. She called in a panic. "The water is spewing from underneath the bathroom sink," she says. I was unsure what to do. I called my best friend, my husband, and he remedied the problem within two hours. The tenant did not have to call about this emergency. She chose to, demonstrating the importance of good, strong relationships with your good tenants. 6. Maintenance Your property rental maintenance system will increase your real estate value and cash flow. Hence, you will be able to charge a little more rent for the up keep. When you're scheduling maintenance projects for the year, make a checklist. Your checklist should include preventative maintenance; cosmetic, simple upgrades, and tenant renewals. Below are some simple guidelines for an effective property maintenance system. Preventative:
Cosmetic:
Upgrades:
Renewed tenants:
7. Drive-by or Walk-around Property Inspections Throughout the winter months, you should drive-by your property every two months. Particularly if you don't live nearby. Other areas without snowy winters may require more or less property attention. During your drive-bys or walk-around inspections, look for obstructions on the front porch, on the deck or the entranceway. And depending on your geographic location, pay attention to the condition of the property's lawn, flowers, and shrubs. In the spring, summer and fall a monthly drive-by or walk-around is sufficient. Below is a list of items to check:
8. Walk through Inspections Property inspections are a positive way to build strong relationships with your good tenants. Tenants who call with small problems are often viewed as pesky tenants. However, inspections performed quarterly or bi-annually will likely make your tenants more comfortable. Good tenants prefer telling you their maintenance problems in person rather than over the phone. You can also correct most tenant problems immediately. 9. Death in the Family Acknowledging a good tenants loss is a courteous and warm gesture. Send the tenant(s) a sympathy card, a bouquet of flowers, or a catered platter of food. This goes a long way towards building a long-lasting relationship with your tenant(s). 10. Long-term Tenants of Three Years or More If you have developed a positive, respectful relationship with your tenant and they renew their lease, than consider their renewal a job well done on your part. Tenants who renew and have been in good standing with you over the last few years will appreciate some updated interior features. Below are a few ideas to make your tenant feel good while increasing your property's value at the same time.
11. Good Tenants Recommending Other Possible Tenants Good tenants will gladly recommend other tenants because the new tenants will become their neighbors. Besides, your property is the tenant's home and they are more apt to suggest helpful, pleasant, compatible neighbors. In addition, establishing a finder's fee program is an excellent incentive to encourage your tenants to introduce you to responsible, prospective renters allowing you to minimize your advertising costs and the hassles related to finding new renters, while potentially signing on another good tenant. Certainly, any finder's fee program should be in writing, and possibly reviewed by your attorney, so that both the landlord and tenant understand how the program works, specifically how and when fees are to be paid. Retaining good tenants could create an endless pipeline of prospective tenants for you by your tenant's word of mouth rather than employing traditional, cost-prohibitive methods. One warning: The same due diligence should be followed with any tenants referred to you by tenants presently renting from you so that you don't run into problems later on. 12. Provide your good tenant(s) an Information For Your Apartment Form The Information For Your Apartment Form is important when you or your property manager cannot be reached. Below is a list of subjects the form should include:
You can view, the complete form at http://www.my-real-estate-software.com/apartment.html, so you can keep your good tenants happy and prevent those annoying middle of the night phone calls! As you begin to integrate these suggestions into the management of your property or properties, you'll learn how to keep good tenants. When you respect, train, and show some generosity you will create a win-win relationship for the both of you that can last over twenty years or more. Good luck and happy managing! Article by D. Maurice. D. Maurice is the Webmaster of real estate software, my-real-estate-software.com, a resource of Professional real estate Software for the Property Rental Manager, Landlord, Investor, Realtor. Real estate software used to Acquire It, Manage It, Market It, and Maximize PROFITS! Please visit her site for more free tips and software used to build your real estate portfolio.
MORE RESOURCES:
Real-Estate - Google News |
|
|
|
RELATED ARTICLES
Property Investment - What Future For the Biggest Bubble of All Time? The Economist magazine published a special report in this months issue entitled "House Prices ? After The Fall". Some might call it pessimistic, alarmist, nonsense or worse but only the foolish would choose to ignore the research that comes out of a think-tank with the kind of resources that this highly respected publication has. Farm Expired Listings For Big Commissions Many real estate agents begin and sometimes sadly end their careers without a plan. And as the saying goes, failing to plan is as good as planning to fail. Apres-Ski European tax haven Andorra enjoys the same fiscal benefits as better known Monaco, adding to property demand from those looking for residency in a tax shelter as well as traditional ski chalet buyers who flock to the country between December and April each year.With the end of the ski season last month many ski resorts in Europe have closed up shop until early December with overseas property owners having little prospect of rental income in the summer months. Buying Houses at Discount Prices Buying a house is the best way you can create immediate equity. Gaining equity through buying a house is something which is very easy to do, as long as you follow these guidelines. Curb Appeal First, lets start with what it is. Curb appeal is quite simply the rate of attractiveness your home projects to viewers from the street. Credit Help: Buying Real Estate -- Not the Same as Buying Cars Credit for Buying Real Estate is Different than Credit for Buying CarsForget what you've been told about credit.You may be shocked at some of these tips because this information runs contrary to what other so called experts tell you. Buying Land Online In the old days people generally only bought land and improved Real Estate in the areas in which they lived or traveled often. Today, thanks to the blossoming of the Internet, one can purchase land all over the United States from the comfort of home. What is a Predatory Lender? Several months ago, the 3,000-member California Association of Mortgage Brokers (CAMB) created the first real definition to describe the abusive lending practices of predatory lenders. According to the CAMB, predatory lending was described as "placing consumers in loan products with significantly worse terms and/or higher costs than loans offered to similarly qualified consumers in the region for the primary purpose of enriching the originator and with little or no regard for the costs to the consumer. Dont Just GET THE DEED - The Infamous Kitchen Table Closing Q: Hi Lou, I have a property under contract that I want to resell/flip as-is to a rehabber/renovator, but I may have to purchase it quickly and simply record the Quit Claim Deed, without using a closing attorney or waiting for a title exam. I need your advice. 6 REASONS for Investing in Florida Real Estate Investment Property NOW I invite you to take the next few minutes to learn the truth about the real estate market, how it compares to other methods of building assets and why it is such a lucrative form of investing. Many potential investors will say, 'I need to get into the Florida Investment Property market', especially taking into account current stock market fluctuations and the HOT market for investment properties, but simply don't know the facts about Orlando property investing and how to use sale and leaseback method of property management. Realty Agents: Don't Ask Don't Tell? Real estate stories radiate from the water cooler and cocktail parties like a brush fire out of control. Like early stages of fires, real estate transactions start out manageable, but occasionally real estate consumers fan the flames because of inexperience, and some real estate agents misplace the water buckets. Santa Visits a Just-Moved Newcomer in South Florida Twas the night before Christmas and all through the house Not a creature was stirring, just the Mac and the mouse, When all of a sudden a wail filled the air As the burglar alarm detected a hair.I ran to the keypad, pushed down on the code Hoping neighborly tempers would not explode. Do I Have To Buy Real Estate Through An Agent? Sometimes when we are very busy professionals and very rich it might be convenient to let an agent do the groundwork for us. Letting them make appointments, drive to the property, roam through house after house sizing them up until they find a few great homes that might be just perfect for us. The Real Estate Agent Alphabet Alphabet Letters after a person's name seem to bestow some kind of special prestige. PHD, MD, ESQ are common. Estate Agents on the Costa Blanca Spain Properties for sale or to rent on the Costa BlancaAs a general rule of thumb, newly built properties on the Costa Blanca are generally cheaper than existing or re-sale properties - cheaper still if you buy 'off plan' (before the house has been started). Property prices have rocketed here over the last five - ten years and many fortunate people have found that their properties have grown in value enormously even before they had moved in! Even though the market is now leveling out, a property in Spain is still an extremely good investment. How To Build A Million Pound Property Portfolio Looking to quickly build a million pound property portfolio? You could try a high risk and speculative technique that has been used over recent years by investors hoping to make big profits from property.The technique relies on re-mortgaging and negotiating good discounts on off-plan property to take a £50,000 deposit and turn it into a million pound property portfolio within a couple of years or less. Hey Landlord! Is Your Lease Legal? The longer you are a landlord the more you strive to create the perfect lease/rental agreement. Landlords learn in the school of hard-knocks that some tenants are certified trouble makers and we try our best to protect ourselves with a carefully structured restrictive lease. Real Estate Investing - The Marvel Of Home Depot And Lowes Repairing a rental home (or your own home) use to require running down to the local hardware store or to the nearby building supply house. After several stops around town, you found everything you needed to solve your maintenance problem. Thinking About Selling Your Home? Owning a home is the original American dream. It's the old frontier spirit, wanting to claim your own tuft of the New World. Do You Speak Real Estate? Anyone interested in real estate should be able to talk the talk. Here is a list of common phrases and words with a short explanation.
|
|||||||||||||||
