Good tenants are hard to find. Add to that the cost of advertising for new tenants, the cost of cleaning and restoring the unit, and the loss in rental income during the vacancy, you want to make sure that your best tenants don’t move out any time soon. Here are a few tips to keep your tenants happy and ensure that they stay with you as long as possible.
As real estate investors we need tenants to occupy our rental properties so that we continue to receive the cash-flow we love each and every month. Many of us rely on our property managers to market and advertise the property, but some of us manage our own properties. Even if you're a highly passive investor using the services of a manager, you may want to share this list with your property manager to help you out the next time you have a tenant turn-over.
If you’re looking for a reason to reject a potential tenant because of a gut feeling, here are 99 reasons to do so. If something seems “off” and you don’t know why, trust your instincts. Your neighbors and other tenants will thank you.
1. They try and get you to lower the rent before they even see the property.
This is a sure sign that this tenant can’t really afford the property. Asking before the showing means that the value of the property means little to them, they only care about the cost.
For some residential investors, capital expenditure terminology — CapEx for short — is unfamiliar. Capital expenditure reserves are common in the commercial real estate sector but lesser known in the residential real estate space.
Hiring the right property manager is important for protecting your investment and achieving reduced vacancy time and maximized income.
A good property manager will bring high quality tenants to your rental investment properties. They will have a strong screening process and stay on top of maintenance issues. He or she will generally make your life easier by using technology to run an efficient operation and reach a large audience of potential tenants.
How does a real estate investor go about finding a good property manager?