How Landlords Get a Bad Rap
You’re a good landlord. You’re out there working your tail off trying to provide a nice product to your great tenants.
Then wham! Along comes some tenants that have been trained how to be bad tenants by bad landlords. They’ve been taught that it’s okay to pay the rent late. It’s okay to party and disregard the quiet enjoyment of their neighbors, etc. Heck, that bad landlord might even have paid the bad tenants cash to get out of the last apartment instead of doing an eviction. The bad tenant has been rewarded for his bad behavior by bad landlords, and thinks bad behavior is the way to get ahead. [You always get what you reward!]
Here’s an example: I recently got some great new tenants that moved to one of my apartments because their last landlord would not take action to stop the all-night-long heavy traffic and partying going on in the apartment upstairs from them. Their last landlord just let my new tenants out of their lease instead. Now that former landlord has bad tenants upstairs from a vacant apartment he’s trying to rent! Where’s the logic in that?
I don’t have any of that kind of crap going on in my units. All of my tenants know that I have an evil twin…and none of them want to meet her. 😉 There’s a sort of “ethics presence” in knowing that I have the will to confront bad tenants if I have to, and that I intend to protect the quiet enjoyment of my good tenants. Consequently, I rarely have to bring out my evil twin. [Perish the thought!] More…
Entrepreneurs are Different (and so are Great Landlords)
We all instinctively sense that entrepreneurs are different. But what is it that makes an entrepreneur tick? What makes an entrepreneur successful? What is the entrepreneurial mind-set? Let’s explore the elements of the entrepreneurial DNA.
You may have a day job, but if you are an income property owner you are also an entrepreneur. But be careful, if you use your employee brain to deal with your entrepreneurial endeavors, you could fall short as a landlord. Here’s why: More…
Ka-ching! That’s Your Curb Appeal Working for You
Gosh, it is so cool to own a little rental property!
It’s (normally) growing in value, it’s a forced savings so you’re not tempted to spend your down-payment and growing equity on doo-dads and bright shiny things, your great tenants are paying your mortgage down every month, you can keep more money in the family budget every year because of the savings on your taxes, you will have nice passive cash flow from now through retirement, plus you’ll have something of value to leave to your loved ones or favorite charity.
Sweet!
But it takes constant vigilance to keep the property in good repair. On the front end, it can be painful when you’re shelling out remodeling bucks. But upgraded properties = an improved tenant clientelle, an improved qualify of life as a landlord, an improved quality of life for your tenants, plus the value that will be added to the neighborhoods where your properties are located are all immeasurable benefits! Good landlords add a lot of value to the communities where they own property. It’s the ONLY way to do business as a landlord. More…
Here Comes Spring Turnover!
Can you feel it? Spring is appearing and change is in the air. Our landscape contractor has already begun to clean up and beautify each of our properties. We’ve had a bunch of residents respond happily and thank us.
The last two years were “lean” so we skipped adding new black soil to the planter beds and raked them out instead. We also planted fewer new flowers and perennials. But this year we’ve budgeted for a little more beautification because we intend to compete like crazy for the great tenants that will be looking for a fresh new apartment.
Spring and summer are a residential landlord’s biggest turnover months, so get ahead of the curve with your marketing plans, and don’t forget to also do everything possible to keep the great tenants you already have!
Most of the turnover will be done by the end of July, so work smart to have every vacancy filled by then. August vacancies will be much more difficult to rent because of the reduced demand, and by September it will be super difficult to attract the few tenants that will be moving in the fall and winter months.
Now is the time to prepare to compete for the great tenants that will be in the market for a fresh new apartment in the next few months!