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Sure Fire Ways to Keep Tenants at Bay...
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Added: 01/02/2004
Type: Summary
Viewed: 834 time(s)
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Sure Fire Ways to Keep Tenants at Bay...
We all the know the importance of selecting good tenants. Good tenants translate into rent being paid on time, and the property being kept in good condition. bad tenants on the other hand can result in evictions, property damage and so much more. What is a landlord or property manager to do to keep tenants at bay? Here are some sure fire tips that helped me once the tenants moved in.
1. Get your property inspected by the town...
That's right you want the local government inspectors to inspect the property. Once inspected they will keep an accurate record of what they found and what was fixed. If you get this done prior to the tenant moving in, you now have a government record showing that the property was in certified livable conditions prior to them moving in.
2. Have the tenant fill out the Move In form...
Once the tenant has moved in, what you need to do is have the tenant fill out what is called a move in form. This form is basically an inspection form as filled out by the tenant. It stands as the tenant's own certification of the property and if they found anything to be unsatisfactory. Make sure they sign the paper. If the paper is unsigned it's basically worthless. This stops them from saying, "That hole was in the wall when I moved in." Follow steps 1 and 2 so far and you know as well as the eviction judge will know they are lieing.
3. Monitor, Monitor, Monitor...
Just because you moved a tenant in doesn't mean the job is over and you sit back and collect rents. You should have in your lease a clause that states you will do quarterly inspections of the property and that and set in their if damages are found the amount of time the tenant has to fix them. If tenants know you will be coming regularly to check on things, they will keep things in order.
4. Tenants can be like children, therefore you must be stern...
Now is not the time to be the great, wonderful nice landlord. This is a business. You are in it to make money not friends. Although I do believe in being friendly with tenants I do not believe in cutting deals or breaks. Make sure your late rent fee is clearly outlined in your lease or as I like to use a rent credit if the tenant pays on time. You want to hold the lease to the letter. If the rent is due on the 4th and you receive it the 5th, charge the late fee. No breaks here. You let them go once and they will expect it every month and before you know it, your rent that was due on the 4th every month is now coming on or around the 17th.
5. Don't be afraid to evict...
That's right. Don't be scared or intimidated to evict a tenant even if they are only one monht behind in the rent. Now you will have to check your area as far as eviction proceedings begin as to the timeframe when you can actually start eviction. In my area, you can begin as soon as the tenant breaches the lease, in my case, if no rent is received by the 15th on the 16th I file eviction papers. Let them know you mean business. If they know or even think you won't file the eviction papers, they will take their time in paying the rent.
6. No deals...
You are at the eviction and your tenant owes you $700 and offers you $400 and then the other $300 tomorrow, what do you do? Nothing...you go through with the eviction. Yeah they have $400 today but I highly doubt they will have the other $300 tomorrow. Chances are they are stalling for time to either find another place and vacate the premises before you know what hit you, or waiting another month where they will try the same tactic in court. In my area the tenant is required to pay the rent due in full by the end of the business day. If they don't have it in full the tenant must go. I am in this to make money, not be a haven for people who want free housing. I provide good quality properties and respond to tenants' needs and in return I expect the rent paid in full and on time every month.
If you follow the 6 steps I provided above, chances are your investing career will go a lot smoother. It did and still does for me.
Michael C. Podlesny has been a full time real estate investor for over 5 years and also heads up http://www.TenantAbstract.com. The web siteis a free resource for landlords, property managers and real estate investors that provides free tools to help increase cash flow, decrease rent vacancies and retain good tenants.
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