It’s more than a great credit score and clean criminal record. It can be elusive. But it important to find that elusive tenant.
A good landlord wants someone with a proven track record of financial responsibility and rule-abiding behavior.
Some of this comes before you sign the lease and some of this comes after.
NUMBER 1 – PAY THE RENT IN FULL ON TIME
Before you lease you can get some idea of the ability to pay, afterward it is the landlord-tenant relationship that creates a situation that encourages on time payments. The easier you make it to pay, the easier it is to be paid on time. Automated, Electronic, Money Order, Check, Cryptocurrency anyone?
NUMBER 2 – HAVE A SENSE THAT THE RENTAL IS THEIR OWN
As a landlord, make sure your property is in good shape. Then 1 month after the tenant moves in, have a surprise inspection. Checking filters, checking lights, checking something. When the tenant knows you care, they will have a better sense that the property is valuable to you.
NUMBER 3 – DON’T ALLOW ANYONE WHO IS NOT ON THE LEASE
The lease agreement is designed to protect both the landlord and the tenants. It needs to be signed by anyone over 18 living in the rental property. A good tenant will not sneak in secret roommates. If you find there are non lease residents, write a new lease for the remaining term including the new tenant. You may or may not run a full background/credit check, at least run a criminal background – even if it’s on your dime.
NUMBER 4 – MAKE SURE THE RENTAL STAYS CLEAN
Have an inspection at least every 6 months to see how sanitary the place is. A messy house invites pests that are hard to get rid of, even when the tenant leaves. If extermination is needed, or special cleaning, charge it back to the tenant. As the tenant sees you are diligent, they will be too.
NUMBER 5 – RESPOND TO MAINTENANCE ISSUES QUICKLY
Give your tenant easy options to submit maintenance requests. Then make sure you respond. Every maintenance call should include a full house inspection.
NUMBER 6 – DEAL QUICKLY WITH THE HIGH MAINTENANCE TENANT
When you are called for an issue that is not the landlord’s responsibility follow a simple plan. First time, respond, fix, explain that this is not an issue for the landlord (or No Problem Found), explain that there is usually a charge but, as a courtesy, this first time there will not be a charge. If it’s a plumbing issue, leave a plunger. The second time, attempt to resolve over the phone and explain that this time there will be a charge. Then charge them. This method will often help the tenant to understand what is expected.
NUMBER 7 – REWARD TENANT MAINTENANCE
If you have had no or few maintenance calls from the tenant, and you’ve inspected to make sure there are no deferred maintenance issues, reward them. A $10 gift card goes a long way.
NUMBER 8 – ENFORCE THE LEASE TERMS
If the tenant is not complying with the lease terms, (illegal activity, safety issues, noisy) remind them only once. With that reminder give them an order to cure or quit. Then make sure it happens. What you inspect is respected.
NUMBER 9 – DECIDE WHETHER ON A 1- OR 2-YEAR LEASE RENEWAL
Tenant turnover is expensive and time consuming, so if you have had a good year, consider a rent increase and a 2-year lease that holds the rate for 2 years. Otherwise continue with a 1-year lease.
NUMBER 10 – REQUIRE RENTERS INSURANCE.
Not only will renter’s insurance help cover the cost of replacing a tenant’s stolen or damaged personal possessions, it can also cover the cost of damage caused to the property by negligence. The good news is, renters’ insurance is extremely affordable and costs less than a few cups of coffee a month.
I HOPE THAT THESE TIPS CAN HELP YOU “CREATE” THE PERFECT TENANT
Originally posted 2020-01-18 21:01:22.