Things You'll Need:
- Lots Of Patience
- A smile
- Tough Love
- Good Screening Company
-
Step 1
Always Screen your Tenants, never let anyone slide in just because they are a friend of a friend. Trust me, this always will backfire in the End. With the current economic conditions you may have to lower your credit and rental history standards to get good renters. I find this to have worked out ok so far. Most of these tenants have nowhere else to go and will pay the rent above all. However, Don't let you judgement slip on the peoples background check for Criminal and Evictions. If you find that a potential Tenant has with Criminal History or Evictions in the last 10 years it would be best to pass them up. Although they may appear to be nice people, this could bite you in the end, which could cause other good tenants to leave, because you let a problem into the property.
-
Step 2
When it comes to paying rent, everyone at one time may have to be a few days late. Be understanding with them, but don't let it slide too far. I have found that if you give the tenants an extra week, if they come talk to you about it, it works out best for the both of you. However, IF you plaster their door with late notices, phone calls, and chase them down in the parking lot. It will take you longer to get your money, if any at all. You want the tenants to feel comfortable telling you their situations and helping them out. In the long run they will stay with you longer. I have ever never recommend letting a tenant fall more than month behind, they will never catch up.
-
Step 3
Keep the common areas and property looking nice, nothing says "HOME" like a clean lobby and landscaped property.
-
Step 4
Treat all tenants like friends when they come in the building, Ask them how their day was? How are they doing? Being friendly opens up the line of communication between tenants and a landlord, for a better end result.
-
Step 5
Fix Work Orders in 24-48 hours, I cannot tell you enough how far this goes with tenants. Any reasonable work order should not take more than 2 days to complete. Tenants cannot believe how quickly my maintenance staff comes in and fixes their problems.
-
Step 6
Each year we hold Annual Pool Parties by the Pool for the tenants. We BBQ, give away door prizes. This allows the tenants to socialize and get to know their neighbors. Its a great way to retain tenants, by creating a community, instead of a BUSINESS!
