Many of these tips fit overlap and this one overlaps with Tip #2, Screening Your Tenants and Tip #4 Don’t Re-Act, Pre-Act. As I stated before, the first tenant applicant is not typically the best tenant.
While it is often easier to find tenants the last week of the month, these also may not be the best tenants as they typically don’t plan to far ahead. Just because they need to move in within the next two or three days and you need to have the money coming into cover payments does not mean you need to take any shortcuts on your process of screening tenants. Bypassing your systems is usually the fastest and quickest way to create new problems for yourselves.
When we look back at any problem tenants we have ever had we can usually identify exactly which steps we didn’t follow in our system. The same can be said about taking action when problems occur. How you deal with the issue the first time is the precedent for what happens next time.
It could be something as simple as a tenant locking themselves out of their home and you having to come open a door, or it could be their rent check bouncing. Either of these events cost you time and money and if you don’t impress this upon the tenants either through fines written into your lease and enforced, or follow up letters explaining the process you can leave yourself open to further problems.
If you missed Tip #1, it is available here, Landlord Tips #1, Don’t buy where you live, buy where tenants live
If you missed Tip #2, it is available here, Landlord Tips #2, Spend Extra Time Screening Tenants, So You Don’t Spend Time Evicting Them Later
If you missed Tip #3, it is available here, Landlord Tips #3 – Being a Landlord is a Business, Treat it Like a Business
If you missed Tip #4, it is available here, Landlord Tips #4 – Don’t React, Pre-Act
If you missed Tip #5, it is available here, Landlord Tips #5 – Take The Emotions Out
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