What tips do you have to reduce tenant impact?

Question

John Warren · Answer

@Sam Hopkins you forgot the most important thing on the list! Make sure to buy properties in areas where the tenants are nice, hard working folks who don't trash your units. The reality is that good tenants can make a so so property last forever, while bad tenants can crack your ceramic tile flooring, punch holes in your solid wood doors, and break your brand new windows inexplicably. I just got done doing my bi-annual inspection on one of my properties in Lyons, IL. The property hasn't changed at all since last inspection, and all four of the tenants take great care of the place. My maintenance guy even commented on how little there was for him to do.

Dennis M. · Answer

@Theresa Harris

Flush mount Led lights that need no bulb changes

Solid wood doors

Ten year smoke detectors that need no batteries

-No chandeliers or chained hanging lights

No garbage disposal

No dishwasher or electrical devices

No ceiling fans

Nothing fancy ,expensive to replace ,or antique

Nick C. · Answer

The tips you mentioned are definitely helpful. I think the best way to avoid destructive tenants is to have a screening process in place and sticking to it, don't settle for a tenant that doesn't meet your qualifications, no matter how long the property sits vacant.

Theresa Harris · Answer

It is about the type of tenant you have and the condition of the space.  Having a house that is well taken care of and in good shape will help.  If you have a place that needs fixing or looks run down, the tenants are less likely to take care of it.

Amy Heitner · Answer

Tenant screening is one way to minimize the risk of rental income loss for landlords and property managers. By using a tenant screening service, high-risk tenants can be identified so that they do not continue to use landlords as a revolving line of credit.

Find a service that includes a tenant credit check and a tenant background check for criminal and eviction records.

If you let it be known that you are using this service, high-risk tenants will likely not even apply.

Amy Heitner · Answer

Tenant screening is one way to minimize the risk of rental income loss for landlords and property managers. By using a tenant screening service, high-risk tenants can be identified so that they do not continue to use landlords as a revolving line of credit.

Find a service that includes a tenant credit check and a tenant background check for criminal and eviction records.

If you let it be known that you are using this service, high-risk tenants will likely not even apply.

Lynnette E. · Answer

I am trying the opposite method for the 4 unit apartments I just bought.

I am trying to make them really nice to attract better tenants.  Good tenants will take care of things better.  I want to attract families as best I can.  And I want higher rents if possible too.

I am putting in a dishwasher.  Supplying the washer and dryer in the laundry rooms in each apartment.  Supplying the refrigerator.  All the lights were recycled by the last tenants when it was foreclosed on, so every light needs to be put in, so we are putting in lots of ceiling fans.

Generally I would not supply washers and dryers, but the units with a laundry room in the apartments are the upstairs units and I really do not want to risk damage to the building and new floors by renters hauling washers and dryers up the stairs.  And I think I can charge $50/month more with the w/d present.  Plus I want the units to attract lots of applicants and the reputation of the building in the past is very bad.

If I keep everything at the minimal then I will get minimal rent and have minimal applicants to choose from.

I think that how one controls the damage to the apartment is mainly by controlling who one rents to...and eliminating carpet, putting in door stops behind each door, and using good paint!

Lien Vuong · Answer

In addition to those tips I advertise my properties about 5% less than market value to attract a larger pool of tenants. When you're asking for the sky high rental rate you'll get it but it some times will be at a cost of a demanding tenant. Think "I pay $x so why is this happening?" calls.

I would rather have some one who is paying slightly less but are respectful and self sufficient than high rents and needy.

Jay Hinrichs · Answer

also limit to NO carpet.. I cant tell you how many of these places I have walked through and the carpet is shot in less than  a year.. I mean they spill stuff and never bother cleaning it.. amazing.. but so true ..

also if we are talking kind of starter housing or lowest rent for houses like C and D class those tenants are not used to garborators and or diswashers.. so they dont miss them and dont expect them.. but you can be sure if you put those in they will be broken

Rachel H. · Answer

@Sam Hopkins Pick the right tenants...the ones who take care of things! Usually, I can monitor people during open houses (which I hold regularly). There are small things prospective tenants do and/or say that can hint at what kind of a person they are. Though, you'll need to put in time to observe these actions and dialogue by holding open houses and getting to know prospective tenants. You'll meet different types of people. Just because someone looks good on paper does not mean they'll be the best candidate. There are high maintenance tenants and low maintenance ones depending on their personalities. I'm very careful who I choose when screening for prospective tenants. Though, it's a skill that comes with experience. Hope that helps!

What tips do you have to reduce tenant impact?

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