Hey landlords, we’ve got a blog full of tips for you! Here at McGraw, we know how hard your job can be. Managing tenants is often the bulk of stress and frustration in this career. So here are a few tips that we have found to be helpful that you can implement into your practice to better prevent things from sliding into total disarray.
Don’t forget that your lease is your protection.
It is not a formality. To best protect yourself, as well as your tenants, make sure you have a comprehensive lease that covers everyone in any situation that may come. It’s always a better idea to have an overly detailed lease. Save yourself a headache now before you cause more stress for yourself in the future.
Stay firm on that lease agreement.
Why have a really good lease if you don’t use it? If you let your tenants slide on something small, they will start pushing the boundaries on bigger and bigger things– like paying rent. If you have a good, thought out, thorough lease, than you have to stick to it. Respect your own leasing agreement, so your tenants do too.
Keep good relations with your tenants, but make sure to keep the boundaries between a business relationship and a friendship clear. Of course being friendly to your tenants is good business, but it can hurt you if lines are crossed. If things need to be addressed in the tenant relationship, being emotionally involved will only makes things harder. Keep tenants as tenants and find friends elsewhere.
Find the Best Fit.
Once you have a vacancy at one of your properties, don’t be too hasty to fill it with just anyone who comes knocking. If you rush into finding a new tenant for fear of leaving a property empty for too long, you may find yourself managing a less than adequate tenant. If its not a good fit, it will cost you more in the long run. Instead, choose to be patient and put in the work to look for the best fit.
Don’t let maintenance issues slide.
To attract good tenants, you have to spend money to maintain the property for it to make money in the future. A good tenant will likely not be attracted to a rundown home. Though it may seem like a nice, money-saving short cut, it’ll come back to bite you in the long run. Fix those little issues before it gets to be more of an issue!
We hope that these few tips will help make your jobs become a little more manageable. Remembering to set appropriate boundaries within your leases and to follow through with them with your tenants, will help solve some of your biggest headaches. Don’t make these classic landlord mistakes! Give us a call for our professional assistance in helping you manage your property today at 918.592.6000.