Vacant properties don’t make money. Having empty homes is one of the worst issues that real estate investors face. The process of finding good renters can be long and arduous, which is why when you find tenants who always pay on time and treat your property with respect, it’s important to ensure they are happy and satisfied with the arrangement. Here’s a few ways that property owners can build a positive relationship with their tenants and ensure you will always have a steady stream of rental payments heading your way.
Go Over the Details of the Lease Agreement
Although most people understand the importance of reading their contracts, the unfortunate truth is that there are many who don’t. You may have their signature to protect your legal rights, but that doesn’t necessarily mean you have their understanding. To ensure that they keep their end of the bargain, it’s important that you go over important details of the lease agreement, so that both parties are fully aware of all responsibilities and expectations.
Communication is Everything
Having an open dialogue between property owners and renters is vital. When a good report is built early on, tenants feel comfortable addressing issues throughout their stay in the home, and owners are aware of potential issues with the property and those living there. It’s hard to know what to expect when you’ve gone months without visiting the property or speaking with the tenants. Don’t be afraid to pick up the phone every once in a while, and make sure that your tenants are doing okay.
Respond to Maintenance Requests Quickly
There is an untold number of horror stories that exist from tenants with landlords who will let their property fall to shambles before paying a plumbing or electrical bill. Neglecting your houses maintenance is not only detrimental to keeping happy renters, it can end up costing tens of thousands of dollars in property damage for not addressing the issue. A small leak could be a warning sign of an impending pipe rupture. You don’t want to pay for a kitchen or bathroom renovation and a new plumbing system when you could have simply hired a plumber to fix the original problem. If your tenant calls complaining about frequent sewer backups, issues with their breaker box or any other maintenance request, call a professional right away and get it taken care of.
Keep Your Rent Reasonably Priced
Be sure that you are charging a fair price for the property. Stay on top of comparable rental units in the area so that you know what the home is truly worth. If the tenants realize they are overpaying, they will likely move out the second the lease agreement expires.
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If you’re a busy real estate investor looking for experienced professionals who can properly manage your properties, call the team at DKRental.net today and find out how we can help find the best solutions for you.
