Is it really possible to get good tenants coming to you for free without expensive budget-breaking advertising?
Can you really save hundreds, perhaps thousands of dollars per year, without lost downtime from empty rentals?
My Dad has been a real estate investor landlord for over 50 years. He still manages his 37 properties and has everything from Section 8 to moderately upscale condos.
Want to know his secrets for keeping all those tenants happy and practically eating out of his hand?
9 Secret Tips for Keeping Good Tenants Coming to You for Free
1. Treat your tenants as customers even when you must be firm. Consider them to be the lifeblood of your business because they are. Without them you would have empty units and no income. Yet your property taxes and expenses will still pile up anyway.
2. Always be courteous and keep steady control over every situation. They will respect you for this.
3. Return tenant phones calls within 2-5 hours. If it’s an emergency, such as a broken air conditioner, get back to them fast. This builds loyalty.
4. Act interested no matter how trite the complaint and then train your tenants not to call you for small stuff.
5. Take care of all repairs within two days. Never keep your tenants waiting for a new water heater just because______. Hot water is very important to them, just as it is to you.
6. Respect their privacy. Sure it’s the law in most states that you have to ask them to enter, but be especially considerate of their feelings. There are certain things even the best tenants don’t want to share with the landlord. This will keep you out of a lot of trouble.
7. Fulfill all promises. If you told them you will replace the living room screen, follow through. Every time you do you will be giving them another reason to trust you.
8. Don’t jump on them for the small things. Yep, it’s irritating when they park on the grass so your lawnmower guy can’t weed eat around their giant SUV but let it go. Save your battles for the more important things such as when they move in an unauthorized guest/squatter.
9. Always keep in mind you’re really dealing with an emotional human being. If you get that trapped- almost- dead- mouse removal call, go over there and calm them down. There are tenants who will get very upset at seeing such a sight. If you’re too squeamish to do the dirty work yourself, get someone else to do it. The point is it means a lot to that tenant who will most likely reward you later by being exta considerate of you. What goes around comes around.
Your tenants are one of your greatest assets. Get and keep the good ones, and they will bring in more good tenants very much like themselves. This is free traffic and it’s priceless considering how much the average classified ad costs these days.
Save your advertising budget and reinvest that money in more properties. After all, not only are your tenants helping you provide for your financial independence but they are also contributing toward the future wealth of your family.