I’ve been responsible for a friend’s rental property for the past 5 years, a property manager for approx. 2 years, a tenant for the past 4 years, and I find great tenants for landlords. Over the years, I’ve learned that being a landlord can be a really great experience. However in order to have a great experience as a landlord, certain things need to happen.
1. You need to know how to choose a great tenant. A good tenant is a good person who pays their rent on time, takes care of your rental property, is easy to communicate with, and is generally a nice person. I do my own background checks, because I think I can learn more about a tenant by checking out his or her references personally rather than sending it in to a company, and I have a set of criteria that I rarely deviate from.
2. Once you find this great tenant, it’s up to you to be a great landlord and treat this tenant like you’d like to be treated. When a tenant notifies me that they need something repaired, I’m on the phone right away working on getting that repair taken care of asap. When you have a great relationship with your tenant, normally they will not require a 24 hour notice because they want the repair done as soon as possible, and they know that I’ll make that repair a priority. My maintenance men also know that I want repairs done quickly, so they do their best to work me in.
3. So last, but definitely not least, my tenants know that I expect the rent to be paid on time (the due date) unless there’s a very good reason why it can’t be. I only give a grace period of one day before a late fee is due. My lease stresses that if rent is not paid on the 1st it’s considered late.
The benefits of all of the above is a tenant who stays a few years; the tenants in my friend’s house are on their 4th year. Also, I’m not a landlord who raises the rent. If I have a great tenant, I want that tenant to stay, so I’m not interested in rocking the boat, so to speak. Give it try, I guarantee that it works. If you have and questions, give me a call at 651-245-4674.
Greater Midwest Property Management