3 Things You Better Tell Your Renters If You Want To Be A Successful Landlord
I admit it. I scare renters. What’s more, I actually enjoy it.
You’ve heard the saying, “You train people how to treat you.” I believe this wholeheartedly when it comes to tenants.
When I rent one of my properties, I always meet the prospective tenant face-to-face and give them The Talk. Look them straight in the eye, don’t smile and say something like this:
I will be the best landlord you have ever had, provided you do 3 things.
1. You must pay the rent on time. I have no sympathy whatsoever about late rent. If you are short, borrow from family and friends, not from me. Don’t even try an excuse on me – it won’t work. This is my investment, it’s not a charity. If you don’t pay I have no problem at all making you leave.
Of course, you have to follow this up with action. Do Not tolerate late rent. Period. You are better off getting a new renter then to train them that it is okay to be late. I’ve had people that were deadbeats for other landlords who pay on time every month.
2. You must take care of my property. I am not a rich person, I can’t afford to have someone destroy my property. I do drive-bys, and I will inspect it from time to time.
3. You must be a good neighbor. I know all the neighbors. They have my phone number. They are not afraid to call me. I will not inflict a bad neighbor on them. It would just take you a few minutes to drop the neighbors a line and give them your phone number, just in case. Neighbors make great watchdogs.
Ask them point blank – Can you agree to these 3 things?
Watch their eyes. Trust your gut. Don’t be so desparate that you’ll take anyone. Train them right up front and you’ll save tons of time and money down the road.