If you have the money to invest in multiple properties but you prefer to administer them yourself to get more profits instead of contracting a real estate agency you need to understand the logistics to keep your place at the top of its game so your tenant will be happy and pay the rent on time. As you get experience and learn how to deal with people, you will have a pretty clear idea of the type of tenant you want in your properties. Even if they are well behaved and keep a tidy pace at all times make sure to apply some of this advice for the sake of both parties and to avoid issues that could affect the business relationship with a good tenant.
· Keep your Property Bright and Shiny for new Tenants
This is something you’ll pick up after renting out your first property. There is a common term related to setting up a property among real estate agents to show it to potential tenants. The new pad or apartment should have a “magazine-like setting” to get their attention. If you don’t have furniture, make it look bright and spacious. If you do have furniture make sure the place looks minimalist. Avoid overcharging the ambiance of the rooms with unnecessary accessories.
· Make sure to inspect the Place Periodically
While landlords have the right to know the state of their Number One Property at all moments, the way to check them out is at least one time every six months. This should be carried over after making an appointment with the tenant. Not only is a common courtesy but it’s also a way to lend trust on them if they have proven to be able to keep the place in good condition. If any problems arise between visits make sure to let them know that you can be reached at any moment to deal with the issues of your property.
· Keep a Stock of the Material Used to Equip the Place
If you get a place delivered on whites and greys and you fix it with a contractor to rent it out, be sure to keep a stock of the material used to fix any issues that present itself in the future. From painting to drywall or ceramics, anything of the original materials used to get your place up and running will help you keep your condo or apartment looking good after fixing any problem that requires reconstruction or removal of debris.
· Make Sure to Keep an Open Line of Communication with your Tenant
We are not suggesting that you build a budding relationship with them, but you can be courteous about it. Make sure to know if they are employed and listen to their reasons for delaying payments, you can balance your communication skills to keep track of their situation. Also always make sure that they let you know at least two months ahead of the end of each contract if they are planning to renovate to be on the lookout for new tenants in case they move on. The last thing you want is to have your Number one property unproductive and fall behind on mortgage payments.