Random thought this morning. On several bp episodes, they mention you have to train your tenants properly. What are some effective ways of executing that? What are some examples? Thank you!
I'd recommend a high power hose with really cold water.
@Carl Mathis duly noted. Thanks!
@Vinh Nguyen I just read about this recently in one of Brandon’s books, Rental Property Investing. Here are a couple ways he mentioned training tenets and others I’ve came across:
-set systems you follow for certain scenarios such as rent payment. If it is late there is a fee, no matter the scenario. If it is not paid in x amount of days a notice to evict is posted.
-if you have a maintenance call for a clogged toilet, the tenet pays a 50 dollar fee upfront. Trains them to take care of issues they create.
-For the common scenarios you will come across you have set standards you follow for all of your tenets so they know what to expect and you have a consistent way of handling the situation and making it easy for yourself.
-Make sure your rules are within the lease agreement and follow them from the start
@Stephen Mackivitch well said. Thank you!
Stephen is exactly right. It means you set the rules in your lease and you follow them from the very beginning, consistently.
If the tenant pays late on their third month and you decide to waive the late fee, you are essentially telling the tenant your rules are negotiable. Next time they are late, they'll expect you to waive the late fee.
It's important to know your lease inside/out and then have policies and procedures that match.
I not only have things spelled out in my lease but I make tenants sign a paper with a list of rules (most are already stated in the lease).
I do this because most tenants aren't going to read the lease - maybe 10% of tenants sit down at lease signing and take the time to read the lease in its entirety... but they will read the one page rules list.
@Karl B. Do you have a copy of those rules you would be willing to share?