Real Estate Investor · Palm Harbor, FL · Member since 2009 · 79 posts · 76 votes
16y
If it's a tenant I go through a check list and even video tape the inside and outside of my house before they move in. If I'm wholesaling to an investor he gets the keys at closing and all docs are signed and delivered there.
I suppose a nice gift basket would go over well with a couple buying one of my rehabs or it would spread some good will to tenants.
Homeowner · Burleson, TX · Member since 2008 · 756 posts · 376 votes
16y
I go over and sign the lease, provide all required disclosures, collect monies owed, go over the unit with the tenant, give them the keys, and get out of the way.
I haven't thought about providing local phone numbers or gift baskets. Interesting.
Real Estate Investor · Palm Harbor, FL · Member since 2009 · 79 posts · 76 votes
16y
If it's a tenant I go through a check list and even video tape the inside and outside of my house before they move in. If I'm wholesaling to an investor he gets the keys at closing and all docs are signed and delivered there.
I suppose a nice gift basket would go over well with a couple buying one of my rehabs or it would spread some good will to tenants.
Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
16y
I'd add to the above: Give phone numbers for the mandatory utilities, and change the billing for any utilities to the new occupant (if a rental, only those that are to be paid by tenant). Make sure meter readings were taken where utilities are metered.
Gift baskets? Well, maybe if it's a high end flip - but that's what you get from watching HGTV, just because the TV show does it doesn't lead to any increase in your bottom line.
Flipper/Rehabber · ALLENTOWN, PA · Member since 2010 · 38 posts · 19 votes
16y
Originally posted by Steve Babiak:
Gift baskets? Well, maybe if it's a high end flip - but that's what you get from watching HGTV, just because the TV show does it doesn't lead to any increase in your bottom line.
Investor · Conroe, TX · Member since 2008 · 19 posts · 1 vote
16y
I guess I should have been more specific. Im not interested in Flipping or Wholesaling. Im strictly asking about Rentals.
It seems like some many people on here are 100% Business and forget about the Human aspect of Rentals. If you treat people like you care, it will come back to you.
It is important to do all the due diligence (paperwork, documentation, legalities) but at the same time you want people to feel comfortable.
Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
16y
Give them a clean and well-kept property, and take care of their maintenance and repair needs punctually. If you get enough rent to cover gift baskets, that's great - but who do you think you're fooling? The tenant will figure out that the money for funding gift baskets comes out of the rent somehow. They'd rather you make the rent lower!
One other thing I do include is a "homeowner's manual", since renters for the most part have never owned. This is a 3-ring binder with a copy of all of the service / owner manuals for the various appliances in the house. Also some lawn care instructions. Also air filter replacement directions. Care instructions for anything that might be needed, basically. If they can read, and follow the directions, then you might not get a phone call for something simple at odd hours.
And notice I said a copy of the manuals; I keep the originals to make the next set of copies as needed.
And I have been to the seminar where the speaker said to give out turkeys (or a certificate good for one) near the Thanksgiving holiday. Not sure that's such a great idea either, but go ahead if you think you can afford it.
Landlord · Seattle, WA · Member since 2010 · 3k+ posts · 1k+ votes
16y
I often have a list of utility companies to contact, nearest schools and other numbers that have been helpful.
Primarily it is about going through the checklist with the tenants, taking pictures of anything found. Definitely full payment must be received as well. Then they can have the keys.
Real Estate Investor · Austin, TX · Member since 2009 · 66 posts · 12 votes
16y
I've done the walk through with the tenant, collect the first payment and in the lease package that I've prepared, i have all of the phone numbers etc. that they will need for cable, power, water, trash, electric, etc.. Also, any coupons that you might have for Pizza or the local sandwich shop are nice for people that have just spent their whole day moving.
Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
16y
As far as the homeowner's manual goes, it is just photocopies (I plan on scanning originals into PDF at some point, but haven't yet). So, photcopy the heating system manual, the washer manual, the dryer manual, the dishwasher manual, the stove manual, etc (you get the idea). Manuals for some other oddball things (blinds, shower stalls, windows) that need special cleaning or that have moving parts. Then 3-ring punch holes into them (or however many rings in your binder), and place into a looseleaf binder. You can use tabbed dividers to identify each different section. I have a tenant who still has it from 10 years back - because I inserted replacement pages for the items that died and were replaced!
I also include some printed lawn care instructions (I think from Scott's or some other big name in that field), but I don't think it helps the lawn that much if nobody follows them :wink:
Almost forgot to mention the fire extinguisher and smoke alarms too!
You might also give them a pocket in the binder to hold a copy of the lease!
And I label the outside of the binder with the words "Manual For" and the address of the place, so that it's "customized".
Real Estate Investor · Baltimore, MD · Member since 2008 · 1k+ posts · 268 votes
15y
I stop by around time they move their things to make sure all is fine, to see if they need anything.
I also call the next day to make sure they are doing fine. And then I send a letter congratulating them.
People like when you care about them. Moving-in is stressful and tenants appreciate you checking on them.