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.
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It may seem like a small thing, but having a solid rental application is the first step in finding great tenants. Since BiggerPockets is all about helping you succeed in real estate investing, we’ve put together a complimentary Rental Application for you to use. Download it today and go find some great tenants!
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.
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!