Yesterday I was speaking to a friend in Kelowna who has 3 rental properties and was complaining about his tenants on how everything gets destroyed and that he is constantly doing repairs. Having about 6 years of experience ourselves, we have never really run into those situations and I was able to share our “secrets” with him. One of the things we do, is to list the rent just below market value. This will create more interest and will allow you to interview and pick and choose the tenant that you prefer. Getting $100 less every month is better than having to spend $5,000 when they move out. We also have everyone sign a 1 year lease and do not rent month to month. This creates consistency and attracts tenants who would like to stay long term. Of course, ensuring the property shows well and is manicured when they come visit the property and move in, is essential. That will also help attract tenants who are cleaner and care about how the property looks. Doing a criminal record check and a credit check along with calling their references is also a good idea.
I found an article called “12 tips for being a good landlord and having happy tenants”. It has some neat little ideas to help make your relationship better. You can find the article here: http://www.biggerpockets.com/renewsblog/2012/08/13/tips-good-landlord-happy-tenants/
Here is a summary of the article:
1. Educate the tenants on the rules and your expectations at the beginning.
2. Make sure the property is clean when they move in and that the home shows well.
3. Have the grass cut when they move in so they can see the condition you would like the property kept in.
4. Stay on top of repairs in a timely manner.
5. Follow up with the tenants to make sure they are happy and stop by every once in a while to check on the property.
6. Have a small rewards program to make them want to stay in your property
7. Give a small gift such as a birthday card or a gift certificate around the holidays
8. Give a roll of address labels with their new address
9. Make it easy for them to pay rent. Either prepaid cheques or pre-labeled envelopes.
10. Provide a change of address booklet at the post office
11. Have a welcome letter saying how happy you are they moved in.
12. Train your tenants to pay on time.
If you are thinking of purchasing an investment property, please give us a call, we know of some great deals and are always happy to help!