Learn the easiest way to create a great tenant. It’s all about keeping them happy and being nice! It’s really that simple–be nice, be fair, be generous. If you take one step, your tenant will probably take three.
Step One
Go the extra mile. If you want your tenants to go the extra mile for you, you have to go there for them first.
Step Two
Set a fair rent; don’t rip your tenants off. It’s okay to charge above market rent if your property is above market value, but otherwise don’t overcharge or you’ll build resentment.
Step Three
Reward on-time or advanced rent payments (for example, with movie tickets, a scratchy or two, DVD rental vouchers, chocolates, anything nice that your tenant will like).
Step Four
Know who your tenants are and at least a little bit about them. You should be able to have a conversation with them about their life (e.g. “How are little Johnny and Sarah? “Are you still playing golf?)
Step Five
Be available to your tenants. If you miss their call and they leave a message, respond promptly. There is nothing more annoying than a property manager who never answers your call and never gets back to you.
Step Six
Discuss win-win options with them. For example, if the door handles need replacing, offer to pay for them if the tenant installs them. Or if they find a room in the house too hot, offer to install a ceiling fan for an extra $7 a week rent. You must ensure that both parties are benefiting, not just you.
Step Seven
If you aren’t going to manage your properties yourself, then appoint an excellent property manager. Not an average property manager; in many cases, the average property manager isn’t going to be good enough. If you are going to put someone else in charge of your income, your livelihood, your babies, you want someone really good.