When I was growing up, my first “job” was helping my step-dad manage his rental properties here in San Francisco.
He didn’t have a whole lot of property to manage, but there was enough to introduce me to some fundamental principles of property management.
It probably goes without saying that no matter where you own your income property, you want to have a good tenant. You want someone to care about your property, to pay their rent on time, and overall to just be a good tenant.
But to do that, you also need to be a good landlord.
The Trump University Blog recently provided some simple, common sense tips on how to attract good tenants (many of which simply included being a good landlord.)
My favorite tips (paraphrased):
Take care of your property and your tenants will too. This should go without saying. Keep common areas neat and clean and you’ll likely find tenants that want to keep the place tidy once they move in.
Send birthday cards. YUP, your tenants are human. They have feelings, emotions, and birthdays. And who doesn’t appreciate a birthday card. I know I do!!!
And my personal favorite: “Be present. Be available. Lack of communication can quickly break down the tenant/landlord relationship. Respond to their questions and concerns promptly.” Yes, again, common sense!!! But remember, as an income property owner your job isn’t just to collect a rent check. Your job is to provide a home, a shelter, and a safe haven, so to speak, for your tenants. Even if your response is, “I’m swamped but I’ll get on this ASAP” your tenant will appreciate that you actually care enough about their needs to respond right away.
To read all ten tips, check out the Trump Blog, but remember that you can start just by remembering that your tenants are human beings and if you treat them well, they’ll likely treat you well in return.