As an individual landlord, you have unique challenges in maximizing the money you earn on your rental property.
As an individual landlord, as opposed to a property owner with apartment buildings and an on-site manger, you have unique challenges in maximizing the money you earn on your rental property. All real estate has issues and hassles, so reducing them should be your top priority.

AIM FOR LONG-TERM TENANTS

First, treat your tenants like they are the most important people in your life. In fact, since they are likely paying for your retirement, they really are the most important people in your life. Acting and conducting yourself in a respectful manner will usually make your life a lot easier and your properties more profitable. It doesn’t work every time, but hopefully if you choose this strategy it will be successful.
Treating your tenants well help you keep them in your property longer. Every time your rental unit turns over, even if you have a new tenant ready to move in the next day, you will probably spend a month’s worth of rent fixing and repairing normal wear-and-tear items, not to mention countless hours completing the whole leasing process — advertising, taking phone calls, interviewing, showing the property, getting credit reports, drafting the leases, discussing the lease, move in day, etc. It’s a lot of work.
So why not just try to keep your tenants as long as possible by treating them really well? And that starts by acting toward them the way you would like to be treated.

REMEMBER THE BASICS

Additionally, in order to keep tenants a long time, maintain your cash flow and avoid angry tenants or having to re-lease the unit:
• Keep your properties well maintained and fix any issues in a reasonable period of time.
• Don’t try to charge your tenants for items like plumbing or repairs —just pay for it.
• Ask reasonable rents, maybe even a bit under market, so that you have a large pool of applicants and can select the best credit quality v group that you think will be good tenants.
• If there are problems, like a broken water pipe, deal fairly with your tenants and compensate them a reasonable amount if it ends up being a big hassle for them. That way they are happy, they stay and they keep paying rent.
• If they pay on time, take care of your property and are good tenants, reward them with minimal rent increases.
Keeping these tips in mind should help you minimize vacancy and costs, plus have reasonable people in your property who will take care of it. And you’ll learn over time why treating your tenants well — the ones who are paying for your golden years — is just a good idea!

October 13, 2017

Making More Money by Keeping Your Tenants Happy

As an individual landlord, you have unique challenges in maximizing the money you earn on your rental property. As an individual landlord, as opposed to a property owner with apartment buildings and an on-site manger, you have unique challenges in maximizing the money you earn on your rental property. All real estate has issues and hassles, so reducing them should be your top priority. AIM FOR LONG-TERM TENANTS First, treat your tenants like they are the most important people in your life. In fact, since they are likely paying for your retirement, they really are the most important people in your life. Acting and conducting yourself in a respectful manner will usually make your life a lot easier and your properties more profitable. It doesn’t work every time, but hopefully if you choose this strategy it will be successful. Treating your tenants well help you keep them in your property […]
October 9, 2017

Rent Receipts: Why You Should Provide Them

Most independent landlords still manage rent payments offline: Tenants send a monthly rent cheque through the mail, and landlords deposit it in their bank. Whether you should switch to an online payment service is another story — but if you prefer to receive payments the traditional way, you should think of it like any other transaction and provide (or be willing to provide) a receipt. A rent receipt can be helpful for tenants, offering additional documentation that the payment was received. But it’s also useful for landlords, providing you with a streamlined way to track all payments as they come in — so be sure to save a copy for your own records, too. HERE ARE 4 REASONS TO GIVE YOUR TENANTS A RECEIPT FOR THEIR RENTAL PAYMENT. Rent receipts create a paper trail for cash payments Now, you may not accept cash, and that’s fine — just include the […]
October 19, 2016

Tips for Real Estate Investment in Nigeria

The state of the global economy is gradually picking up after a worldwide recession. The economic meltdown, which shook western economies devastated investors, individuals and institutions alike. It’s after shock is still being felt all around the globe and also in emerging economies, Nigeria inclusive. Global investment recorded huge loses and investors had a hard nut to crack. However, with the loss of attention in the capital market, investors are steadily turning their focus to the more secure investment; real estate. Though real estate investment involves a high capital outlay, it comes with a less volatile and attendant risk as opposed to stocks and shares. Some of the benefits of investments in real estate are as follows: (i.) It generates regular income for investors. (ii.) It creates wealth for investors and property owners, as capital value appreciates with time. (iii.) It provides a shield and security against mortgage and capital […]
October 7, 2016

HOW TO WIN BACK LOST CUSTOMERS

Recovering lost customers is only possible if you’re willing to find out why they left in the first place. Unfortunately, many professionals are often clueless when it comes to understanding why their customer leaves. According to a study conducted by a firm, almost half of all sales managers believe that the primary reason that customers leave is that they found a lower price somewhere else. And another third believe that the primary reason is that the customer’s “needs changed.” WRONG, WRONG, WRONG!!! That same firm revealed that, when customers stop using a product or service, the reason is almost always either bad customer service (cited by 74 percent of respondents) or poor quality (cited 32 percent of respondents). Price was only an issue for only a quarter of the respondents, and product functionality (i.e. “needs changed”) came in at a measly 14 percent! Blaming price and functionality makes it virtually […]
September 22, 2016

5 Mistakes Too Many Tenants Make When Renting an Apartment

Signing a lease without reading it carefully No matter how frenzied the market is, don’t rush into a rental agreement if something doesn’t feel right. Once you finally find the perfect apartment, it can be tempting to sign on the dotted line as soon as the landlord hands you the lease. Don’t. Signing a legal agreement you haven’t read is a recipe for disaster. While you may be able to get out of a bad lease,  doing so can be a big hassle and may come with financial penalties. “A landlord may try to rush you into signing a lease. He / she may say that all leases are ‘standard’ and that you shouldn’t bother reading it … Don’t let a landlord intimidate you or stop you from reading the lease.” When reading your lease, it’s especially important to make note of the length of the lease, when the rent […]
September 5, 2016

Major things that turn buyers off

While every buyer is their own man or woman, there are some common complaints from buyers looking for properties that don’t pass muster. Know what they are and you can avoid them when it’s your turn to sell. Clingy sellers It can be extremely difficult to let go of a property, especially if it’s somewhere you’ve made a home and stitched together memories. But once you’ve decided to sell you need to commit to that process. Give your agent room to do their job, and potential buyers the space they need to get hooked. Sellers that linger during an open inspection, or start regaling inspectees with merry tales of every last crevice will turn most people off. Even if your stories are actually quite charming, you need to remember that selling a property is a business transaction, and stay as dispassionate and objective as possible. Dirt Walking into a property that’s […]