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How to Attract and Keep Above-and-Beyond (Not Just Mediocre) Tenants

How to Attract and Keep Above-and-Beyond (Not Just Mediocre) Tenants

1 min read
Matt Faircloth

Matt Faircloth, co-founder and president of the DeRosa Group, is a seasoned real estate investor. The DeRosa Group, based in historic Trenton, N.J., is a developer and owner of commercial and residential property with a mission to “transform lives through real estate.” DeRosa creates partnerships to finance select real estate investments and has a proven track record of providing safe, profitable investment opportunities to their clients.

Experience
Matt, along with his wife Liz, started investing in real estate in 2004 with the purchase of a duplex outside of Philadelphia with a $30,000 private loan. They founded DeRosa Group in 2005 and have since grown the company to hundreds of units in residential and commercial assets throughout the East Coast. Under Matt’s leadership, DeRosa has completed tens of millions in real estate transactions involving private capital, including fix and flips, single family home rentals, mixed-use buildings, apartment buildings, and office buildings.

Matt is an active contributor to the BiggerPockets Blog and has been featured on the BiggerPockets Podcast three times (show #88, #203, and #289). He also regularly contributes to BiggerPockets’ Facebook Live sessions and teaches free educational webinars for the BiggerPockets Community.

Matt authored the Amazon Best Seller Raising Private Capital: Building Your Real Estate Empire Using Other People’s Money. The book is a comprehensive roadmap for investors looking to inject more private capital into their real estate investing business and is a must-read for anyone looking to grow their business by using private lenders and equity investors. Kirkus, the No. 1 trade review publication for books, had this to say about Raising Private Capital: “In this impressively accessible introduction to a complex subject, Faircloth covers every aspect of private funding, presuming little knowledge on the part of the reader.”

Matt and his wife Liz live in New Hope, Penn., with their two children.

Education
Matt earned a B.S. in Industrial and Systems Engineering with a minor in Business from Virginia Tech. (Go, Hokies!)

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DeRosaGroup.com
DeRosa Group’s YouTube channel
LinkedIn

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Vacancy can easily kill the cash flow on your rental deal. Every month of vacancy is 8% of annual rent you won’t be seeing for that rental unit! The best way to keep your rentals profitable is to keep them full with great tenants. So what is a great tenant and how do you attract them?

In my humble opinion, good tenants pay their rent on time. That’s a baseline. Great tenants go well beyond on-time payments. They treat the property with respect, seeing it as a home versus a rental, and they treat you as the owner and provider of that home with respect also.

How to Attract and Keep Above-and-Beyond (Not Just Mediocre) Tenants

My great tenants do things like plant gardens at the property, perform their own landscaping (actually, that’s in the lease, but at least they do it well), respect their neighbors, and abide by the law (tenants who willingly break the law in your property are not great tenants, agreed?). I would even go so far as to say that great tenants, through their behavior and habits, add value to your property.

Related: 11 Ways to Boost Tenant Retention for Higher ROI

In today’s video, I talk about how to attract these great tenants and how to keep them in your properties year after year. Through the efforts I outline, I believe that you will be more profitable over the years with your rental.

Check out the video to learn more. I hope we can get a good convo going, so please leave a comment in the section below! I look forward to hearing from you!

Have a great and profitable week!