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How to Create a Great Tenant

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It's all about keeping them happy and being nice!

It's that simple... be nice, be fair, be generous. If you take one step, your tenant will probably take three. Don't understand, read on...

Have you ever rented a property where the landlord was unpleasant to you? Or where you felt ripped-off when you discovered faults that you wouldn't have seen in a 15-minute inspection (e.g. loose tiles on the bathroom wall, a sliding door that comes off the tracks when you open it too fast, the oven light is broken, the lock on the toilet door is playing up).

Or where the property manager was impossible to get a hold of, and useless when you actually did get a hold of him/her (e.g. didn't know who you were, didn't remember any of the previous conversations you'd had, had to consult his/her files to remember what house in his/her portfolio you were talking about).

These experiences build resentment, even in the best of people. It may be only on a subconscious level, but it makes you less enthusiastic about looking after the house properly. You won't 'go the extra mile' for a landlord you resent.

A tenant who WILL go the extra mile will:

Do minor repairs at their own cost

Add value to your property (e.g. by installing a broadband connection, a wall-mount for a dryer [if it's a unit/apartment], or by painting the balcony railing etc)

Always pay rent on time or even in advance

Be extra careful not to scratch walls or floors

Clean everything better so it doesn't age/rust as fast

Basically, you want your tenants to go the extra mile. So you have to go there first by treating them well. How does one go about this? Well, some simple and low cost ideas are:

Set a fair rent; don't rip your tenants off. It's OK to charge above market rent if your property is above market value, but otherwise don't overcharge or you'll build resentment.

Reward on-time or advanced rent payments (e.g. with movie tickets, scratchies, DVD rental vouchers, chocolates, anything nice that your tenant will like)

Know who your tenants are and at least a little bit about them. You should be able to have a conversation with them about their life (e.g. 'How are little Johnny and Sarah?' 'Are you still playing golf?')

Be available to your tenants. If you miss their call and they leave a message, respond promptly. There is nothing more annoying than a property manager who never answers your call and never gets back to you.

Discuss win-win options with them. For example, if the door handles need replacing, offer to pay for them if the tenant installs them. Or if they find a room in the house too hot, offer to install a ceiling fan for an extra $7 a week rent. You must ensure that both parties are benefiting, not just you.

If you aren't going to manage your properties yourself, then appoint an excellent property manager. Not an average property manager; in my experience, the average property manager isn't good enough. If you are going to put someone else in charge of your income, your livelihood, your babies, you want someone REALLY good.

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Nat has had a passion for property since her third year of university. She is co-director of a property investing company and is the author of several high quality articles. Read more at http://www.sustainable-wealth-creation.com/property-investing.html

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