![]() | |
![]() | |
![]() |
Real Estate Information |
|
![]() |
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: Posthaste: Cottage real estate rush slows to a 'standstill' as remote-living honeymoon ends Yahoo Canada Finance Signature Bank's New York Real-Estate Problem National Review South side hotel headed for start near downtown Fort Worth The Dallas Morning News 8 Best Places to Live in Texas, According to Real Estate Experts Travel + Leisure Elon Musk sounds the alarm on real estate, warning a spike in defaults on mortgages and commercial loans could hammer banks Yahoo Finance Elon Musk Warns Of A Real Estate Crash: Our Approach Seeking Alpha $6.29M estate hits market as most expensive home listing in Concord - Charlotte Business Journal The Business Journals Commercial real estate could become a problem for midsize banks The Washington Post Michael Saunders makes top 500 real estate ranking Your Observer Here Are NYC's Biggest Real Estate Loans in February The Real Deal Crescent Real Estate exec heads to West Dallas investor The Dallas Morning News The Top Real Estate Companies in Georgia Real Estate GFP Real Estate Signs Eight New Leases Totaling 13291 SF at 209 ... Real Estate Weekly How do real estate agents get paid? Stephanie Jones tells us what we need to know when buying a home WLUC Real Estate Transfers (Week of March 27) Times Bulletin SVN | J. Beard Real Estate Arranges Sale of Retail Portfolio in ... REBusinessOnline Real estate transfers: 3-22-23 - Sent-trib Sentinel-Tribune Plan B Investments Buys 70 Property Portfolio from Trei Real Estate Sovereign Wealth Fund Institute Foreigners Check Out Greek Real Estate Online GreekCityTimes.com New York Real Estate Journal's 2023 Women in Construction ... New York Real Estate Journal Online Commercial real estate firm, agents and staff recognized by parent ... Greater Wilmington Business Journal Market Turmoil Slows Momentum for Real Estate Interval Funds Wealth Management Private equity real estate firm acquires St. Mary’s County shopping ... Maryland Daily Record Real Estate: March 13 – March 17 Newport This Week Wilton Real Estate Report (March 17-23, 2023): Five Properties ... Good Morning Wilton Acento Real Estate Partners Buys DC-Area Apartments Multi-Housing News Forren retiring from West Virginia Real Estate Commission post Parkersburg News Real estate, utilities ETFs see outflows; crypto products lure inflows ... Pensions & Investments Who are the top selling real estate agents in Chattanooga? Chattanooga Times Free Press Real estate plans from candidates Brandon Johnson, Paul Vallas Crain's Chicago Business Real Estate Experts Rank TOP 8 Texas Cities To Live In 2023 Traveling Lifestyle Breaking Down Real Estate's Banking Crisis Nightmare The Real Deal Is Real Estate the Next Shoe to Drop? Investing.com Real estate developer Robert Rosenberg, who died Friday, had ... Greater Wilmington Business Journal Prairie Land REALTORS® partners with MLS Grid to manage real estate data feeds, standardize vendor licensing Yahoo Finance Sheppard Mullin Lands Five-Attorney Real Estate Team Business Wire Tedisco Helps Open New Mechanicville Real Estate Firm The New York State Senate In Duluth, Real Estate Collides With Climate The New York Times 2023 Distinguished Real Estate Award University of Cincinnati State of Federal Real Estate | Transportation and Infrastructure ... The House Committee on Transportation and Infrastructure Link Real Estate Investment Trust : REIT's Rights Issue is 240% Subscribed Marketscreener.com Delray dream run real estate professional Pecotic set to achieve dream by combining work with tennis, sets goal of playing 25 tournaments this year TennisUpToDate.com REAL ESTATE | DPW crews rehab salt shed in Hartford, WI | By ... washingtoncountyinsider.com City Likely to Settle with Ex-Real Estate Adviser For $9.4M Voice of San Diego Tahoe real estate TV show to launch in April Tahoe Daily Tribune School of Business Launches Online Real Estate Development ... Montclaire News How the Banking Crisis Could Hurt Real Estate Lending Knowledge@Wharton Real estate market appears to be stabilizing Addison County Independent This One Rookie Homebuyer Move Drives Real Estate Agents Crazy Realtor.com News Real Estate: Large Ranch in Christoval San Angelo LIVE! Seacoast real estate agent suspended. RE/MAX closes his local ... Seacoastonline.com |
![]() |
![]() |
![]() |
RELATED ARTICLES
Investing in Real Estate Profitably: Eliminating the Need for Mortgage Insurance In an earlier article, we presented various options for ensuring that you have positive cash flow when holding rental houses, by minimizing loan payments. One problem which we now can address is to how to eliminate the need for paying mortgage insurance. Join the Bulgarian Property Boom With Confidence An Irish property investor in Sydney, Australia has created an investment kit that provides potential buyers with all of the relevant facts, figures and information to confidently buy Bulgarian property, which grew an average of 30% in 2004. "Bulgarian Property - The Overseas Buyers' Kit" contains a complete guide to the tax and ownership laws, calculators and various information-gathering templates. Secrets of Making Money from Real Estate - Part 5 Where to from here:One property is great, but It wont make you very wealthy. Below is the expansionary model of what I think a good real estate portfolio should look like. The Real Estate Market In Spain: Making Profits Out Of Sand The Real estate market in Spain keeps gaining momentum and is of a vital interest among overseas investors. Property prices in the country continue growing at rapid pace due to a sustainable development in many areas of the mainland and the islands. The Irish Property Market - Expensive But Worth It? Lying on the edge of Europe facing out to the Atlantic Ocean sits Ireland, one of Europe's smallest countries and often described as 'The Emerald Isle". A beautiful country characterised by vibrant, colourful cities and towns set amidst endless unspoilt green fields, Ireland is now officially the best place in the world to live. Seller Financing - Six Safety Tips Why offer seller financing when you sell? A higher price, a good return on your money, a faster sale and to sell a property that is otherwise difficult to sell. Some good reasons, but how do you do it safely?1. Selling by Owner Escrow or Closing Checklist Home sellers should keep on top of their pending sale; especially when selling without the assistance of a real estate agent. Sometimes busy real estate agents forget to monitor all aspects of a pending sale. Real Estate: Reasons and Priorities for Purchasing Property Real Estate: Reasons and Priorities for Purchasing Property. It's not just about Real Estate as an Investment. Property for Sale in Bulgaria - Emerging Property Markets 1 The latest investment property headline is this: Popular and well trodden markets such as France and Spain are out, Bansko is in.Where?Bansko, Bulgaria. Bulgarian Property Market Insight GOLF GRABS BULGARIA!At the present time there are only three golf courses in the whole of Bulgaria: one at Elin Pelin, near the capital, Sofia, and two owned by Air Sofia. These are located at Ihtiman, opened in 2000, 40km from Sofia, and at Sliven, opened in 2004, 90km from the Black Sea. Howard Stern is Hot in Real Estate Howard Stern has over 20 property related files in Queens, 27 in Brooklyn and 1 in Manhattan. The files include mortgages, releases or satisfaction pieces, liens and powers of attorney. Buying A Home - Zoning and Architectural Review Board Restrictions When you buy a home, you need to be aware of the various things that can limit your control over the property. This is as true for finished lots and single family homes as it is for townhouses, condos, and apartments. Should You Allow Buyer To Rent During Closing? It's not uncommon for an investor to sell a house and have the buyer request the right to rent and occupy the property while the closing is being completed.You're a bad guy if you refuse and often in hot water of you agree. Appraisal or Home Inspection? People sometimes confuse a home inspection and an appraisal when they are in the process of buying a home.Most mortgage applications involve an appraisal, which can be a physical inspection of the property plus a written analysis of similar homes that have recently sold in the area. Find the Right Apartment Quickly and Easily Using an Apartment Locator Service You've probably seen the ads or heard about apartment locators. But what do they really do and why should you choose an apartment locator to help you find an apartment area?One of the biggest reasons to use an apartment locator is the fact that there are hundreds of apartments to choose from. Budgeting Your Log Home: Where Do You Start? The Log home industry has matured these last many years, but there is still a lot of confusion about how much a log home costs. Naturally, everyone wants to know the cost of the log package; however, the budgeting only starts here. Investment Concerns for Selling Your Home Besides the emotional upheaval of uprooting from your home, your property is most likely the biggest investment you have ever made, and its sale causes financial stress as well. You must protect your investment nest egg and secure your future. When is the Best Time to Move? As Realtors, we are often asked, "When is the best season to move?" This is a tough question, one we cannot answer for you. Most people are asking about price, do they fluctuate throughout the year? NO. Selling Your Property Without An Estate Agent It is possible to save £1,000s selling your home privately and cutting out the estate agent, but what are the issues that you need to consider?Pricing the propertyPrice your property too low and you could short-change yourself from the true market value, price your property too high and you will simply put off potential buyers.Before you put your property on the market, you need to do some market research. Moving On: Powerful Tips For Selling Your Home Maybe you're moving to a larger home to accommodate a growing family, relocating for a new career opportunity, or purchasing a townhouse for retirement. Whatever the reason for the move, you'll need to take the necessary steps to sell your home for the best possible price, within a reasonable amount of time. ![]() |
home | site map |
© 2006 TIGER MEDIA |