As an individual landlord, you have unique challenges in maximizing the money you earn on your rental property.
\nAs 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.<\/p>\n
AIM FOR LONG-TERM TENANTS<\/p>\n
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\u2019t work every time, but hopefully if you choose this strategy it will be successful.
\nTreating 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\u2019s worth of rent fixing and repairing normal wear-and-tear items, not to mention countless hours completing the whole leasing process \u2014 advertising, taking phone calls, interviewing, showing the property, getting credit reports, drafting the leases, discussing the lease, move in day, etc. It\u2019s a lot of work.
\nSo 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.<\/p>\n
REMEMBER THE BASICS<\/p>\n
Additionally, in order to keep tenants a long time, maintain your cash flow and avoid angry tenants or having to re-lease the unit:
\n\u2022\tKeep your properties well maintained and fix any issues in a reasonable period of time.
\n\u2022\tDon\u2019t try to charge your tenants for items like plumbing or repairs \u2014just pay for it.
\n\u2022\tAsk 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.
\n\u2022\tIf 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.
\n\u2022\tIf they pay on time, take care of your property and are good tenants, reward them with minimal rent increases.
\nKeeping 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\u2019ll learn over time why treating your tenants well \u2014 the ones who are paying for your golden years \u2014 is just a good idea!<\/p>\n","protected":false},"excerpt":{"rendered":"
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\u2019t 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 […]<\/p>\n","protected":false},"author":4,"featured_media":343,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[],"jetpack_featured_media_url":"https:\/\/realestatepowerhouse.com.ng\/en\/wp-content\/uploads\/2017\/10\/tenants-happy.jpeg","_links":{"self":[{"href":"https:\/\/realestatepowerhouse.com.ng\/en\/index.php\/wp-json\/wp\/v2\/posts\/342"}],"collection":[{"href":"https:\/\/realestatepowerhouse.com.ng\/en\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/realestatepowerhouse.com.ng\/en\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/realestatepowerhouse.com.ng\/en\/index.php\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/realestatepowerhouse.com.ng\/en\/index.php\/wp-json\/wp\/v2\/comments?post=342"}],"version-history":[{"count":1,"href":"https:\/\/realestatepowerhouse.com.ng\/en\/index.php\/wp-json\/wp\/v2\/posts\/342\/revisions"}],"predecessor-version":[{"id":344,"href":"https:\/\/realestatepowerhouse.com.ng\/en\/index.php\/wp-json\/wp\/v2\/posts\/342\/revisions\/344"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/realestatepowerhouse.com.ng\/en\/index.php\/wp-json\/wp\/v2\/media\/343"}],"wp:attachment":[{"href":"https:\/\/realestatepowerhouse.com.ng\/en\/index.php\/wp-json\/wp\/v2\/media?parent=342"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/realestatepowerhouse.com.ng\/en\/index.php\/wp-json\/wp\/v2\/categories?post=342"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/realestatepowerhouse.com.ng\/en\/index.php\/wp-json\/wp\/v2\/tags?post=342"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}