Advertising for the tenant you want.

One of the major keys to making rental management easy is choosing a tenant that fits your needs and helps to make the Managers job go smoothly.

How you advertise not only determines who will apply for your rental properties, but also gives the applicants an indication of how organized you are, and if you run your business like a business or a hobby.

When we are advertising we are screening, not discriminating. We have a predetermined rental criteria to compare every tenant to, so that we can be objective in choosing who to work with.

If you are the lowest price rental that needs a tenant now - you will get applicants that can afford the lowest price and have not planned ahead and need an available place NOW.

On the flip side - advertising 30 days in advance of your vacancy will allow you, and your applicants, to give proper notice, plan ahead for verification of background and finances, and will show the tenant that you are an organized Owner/Landlord.

We want to train each tenant to fit into our systems, be considerate of our management rules, and be organized. The bar you set for communication and respect during the screening process, and 1st month of tenancy will determine if your Landlord/Tenant relationship is good or bad. And a good relationship makes you money, and can last for years.

Question -

How do you deal with tenants are already in the property when you buy it? What if they don’t meet your predetermined rental criteria? How do you communicate your expectations to them?

That is a great question. When we purchase properties that have tenants included our first order of business it to open a line of communication and let them know what we expect. In some cases it becomes necessary to part ways, but we have found that working with them to part on good terms helps them to get into a better situation.

1. Sometimes we keep existing tenants.

We always present to them a new lease agreement that is ours and eliminate the prior lease. Many times we do this at the same terms as the old lease, but if rents are particularly low, we inform them of the changes and give them an opportunity to make a decision to stay or go. If you choose you can offer them an incentive to stay. We always think of capital improvements to the property. Any “gift” to the tenant is a gift to us. Windows, a new front door, a new toilet. These all improve the property and these items stay when the tenant moves out.

2. Sometimes tenants prefer to move out.

If a tenant wants to move we focus our efforts on helping them to do so. We have made arrangements to keep them on a month to month basis so they can find new accommodations. In these situations we have them pay rent, and we have even offered to refund portions of it IF they agree to leave the property clean and in good shape. We recently bought a hoarder house and our tenant stayed in the home for a few months, but we also provided a dumpster during that time and she cleaned the home and yard. When we did take possession it was clean and we did not have to trash out the home. It saved us money and gave us time to prepare for the work we wanted to do to it.

3. Sometimes a tenant is not agreeable.

Offer a settlement agreement. If they agree to move out in exchange to be let out of the lease it can go a long way to solving your problems. But some tenants refuse to be peaceable and work it out. In these situations we treat them like any other tenant. They must pay the rent that they have agreed to. If not we can evict. They must obey the rules of the property and our management company. Some rule violations are cause for eviction. If they refuse to communicate, or destroy the property in any way you can also evict for that cause. In this situation, consult with your attorney, post proper notices, and avoid violent confrontations. Never feed the fire. Most importantly keep good records, and document the communication so you can have a smooth eviction.

I want to hear from you.

What processes can you improve by adjusting your screening and communication with rental applicants?