Post 2 - What is a good tenant and how to take care of it - # Entrepreneur of the Week over the years…
Post 2 - What is a good tenant and how to maintain it - # Initiated week
Over the years we discover that an integral part of our return is related to the relationship we have with our tenants. Same apartment, with the same monthly rent can insert 6%, 10% or 1% annual yield. how?
If you have a tenant who causes permanent damage to the apartment and feels that every small repair should fall on you (including replacing the fluorescent bulb) - you are in trouble.
Therefore, in some of my properties, especially in low-income areas, I emphasize to the tenants that some of the electrical appliances in the apartment belonged to a previous tenant. They can use them but I am not responsible for correcting them.
Tenants who start asking for a large amount of repairs - will be entitled to an increase in rent after two years.
On the other hand, a good tenant - who I do not hear from almost all year and the monthly rent ticks like clockwork I want to keep good good. Recently, I had a tenant who announced she would be leaving at the end of the year. Management companies of course will not dare do anything to keep it - because they can profit from the repairs and locating a new tenant (full month of rent).
I talked to her, told her I'd really like you to stay. She explained that the reason for her leaving was that she was looking for a new school for the child. I told her that I would be happy to leave the rent for the same amount even though I wanted to raise it and that the rents in the area were higher. She asked for time to think for up to a month before the end of the lease. Fortunately a few days ago she announced she was staying for another year.
Most importantly - get to know your tenants, their names, if they have children. Make them feel like you own different homes that they care about - and you will benefit from good tenants over time. True, this does not always work. There will always be problematic tenants - but you can keep the good ones and cultivate relationships with them for years.
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- Everything is important… But just make a small point about a homeowner's warranty for electrical appliances (all of which is written from experience in the state of Florida) and I am writing to you both as a licensed real estate agent and as a management company owner: electrical appliances are the property owner's responsibility. point. If you have several properties in a nearby area, I recommend you call an electrical insurance service company (like Total or Service America), the average cost per property will be about $ 380 per year, and the cost of calling the service is rolled out in a tenant contract, so you as the property owner buy quietly.
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