For real estate investors, the best tip anyone can give you is how to keep great tenants. There is plenty of information out there on how to get rid of bad tenants, and how to screen for good ones, but why not just keep the good ones you have in the first place?
As real estate investors, the first and best rule is the Golden Rule: treat tenants they way you would like to be treated. Remind yourself that you have a good tenant. When they call, answer the phone. If you can’t, return their call as soon as you can. Even if you can’t fix the problem immediately, call the tenant right away to let them clarify any questions you have about their issue and let them know you’re working on it. Don’t over promise and under deliver, under promise and over deliver.
Another good idea is to be proactive. Real estate investors should maintain the property and its systems so that service calls are unnecessary. When you want to set up a maintenance call, be willing to work around the tenant’s schedule. Let them know you want to keep the property in good shape for them.
Always remember when dealing with tenants that life happens. People can have unfortunate things happen to them. Jobs can be lost, people die, and medical bills get overwhelming. If your tenant has been reliable, be willing to work with them. If you help them, they will most likely be grateful and remain a good, loyal tenant.
A good tenant who is in a $400 a month apartment is worth more to you over the long run than a bad tenant in a $4000 a month property, so be kind. Don’t make assumptions about people based on the amount of rent they pay. Discrimination is wrong, and illegal, so treat everyone well, until they prove to you they don’t deserve it. Be fair but not a pushover.
As real estate investors the best solution is to hire a management company that treats your tenants as if they were their tenants; one who does business by the Golden Rule.
We follow ALL of these practices with our client’s tenants! If you are looking for a GREAT property management company in Denver or Fort Collins, give us a call today! 303-489-9737