Investor · Madison, WI · Member since 2012 · 242 posts · 61 votes
Does anyone as a landlord do anything they have thought is cool and has worked out well?
For example, I had refrigerator magnets made for our property management company with the phone number to call for issues. Almost every tenant has them on their fridge when we go into rentals to do repairs, so I feel it's worked out well so they always know where the phone number is.
Has anyone else done anything like this? I have to imagine there are more great small ideas to make things easier in general for both tenants and landlords.
We use electronic key pads when renting SFHs. We have the prospect drive by and call back to get the code if they would like to see the inside. We get their name and already have their phone #. There has been discussion on BP regarding this, but it works for us. We change the code often and only buy in good areas. I obviously would not do this in a war zone.
Regarding the topic of raising rent on tenants: we've only owned rentals for 3.5 years so far, and have taken things on a case by case basis. One tenant has lived in her unit for over a decade, and her rent for her 3 bedroom is lower than the rent for a 2 bedroom unit. She's told us she has no desire to move, which is great, but she's still way under market. We left her rent the same for the first 3 years we owned the place, but finally raised it 4% last year (which means her rent is still less than that of a 2 bedroom).
On another property of all 2 bedrooms, we inherited tenants that were also well below market rent, and now that their leases are ending, we are raising rents a little, but still keeping them lower than market rent.
Our philosophy is this: offer a good unit at a good price, and then keep the rent at or below what the tenant could find elsewhere if they moved out. If they can't find a better deal than what we're offering even after our rent increase, then they aren't likely to move.
I allow large breed dogs which is something I notice most landlords don't do. I charge a $500 deposit beforehand, but as long as the beasty doesn't wreck the place the tenant gets their deposit back.
We provide the light bulbs for all light fixtures and appliances that we provide. It helps keep tenants from putting the wrong kind of bulb in the fixture. This reduces the chance of damage to the electrical fixture and wiring. Lucky for us, our local electric utility company will exchange up to 6 CFL bulbs at a time for free, no limit on how many times you can do this. Bring in your burned out CFLs and take away new. How sweet is that? We purchase the specialty bulbs (appliance, fan, porch bug light, etc.) and incandescents. Tenants have a choice: CFL vs incandescent and warm vs cool color.