While it may sound overly simplified, keeping your properties full is the most obvious method for ensuring you’ve got rent money coming in each month to cover your mortgage payments. Don’t allow yourself to slack on advertising for new tenants. And don’t put off screening applicants or filling your properties because you get busy or overworked. Recognize filling your vacancies as a major aspect of your REI business success and deal with it quickly and efficiently every time.
Do your best to find quality tenants. While you want to keep your properties full, finding good quality tenants is key. By “good” it means they pay their rent on time, keep the property maintained and don’t abuse the lease. By using background and credit checks, you can find the best tenants available and thereby do what’s possible to keep your rent checks coming in regularly, which will help you pay the mortgage when it comes due.
Look for long term tenants. Don’t assume that your quality tenants will necessarily be long term ones. Some good renters may know they can’t stay more than a few months at most. They may be students or working a temporary job. They may just be living in an area waiting to move or retire somewhere else. Whatever the situation, opt for long term renters when the choice is available. Doing so will make filling a vacancy less frequent.
Keep the property well maintained. If you want good tenants, long term tenants and tenants who pay their rent on time, do your part to keep them. Deal with maintenance issues quickly. Make repairs as necessary. Upgrade appliances or at least ensure the ones you provide are in good working order. Respond to your tenants’ calls quickly, or be sure be sure they know you’ll be unavailable for awhile.
Being a good landlord will go a long in way in developing lasting relationships with your tenants, which will in turn, help you keep them in your property longer. Often a tenant and landlord relationship can turn an average tenant into a great one simply because they want to keep that relationship intact.
These simple tips can help you to develop long term, rent paying tenants who will keep your properties looking good and the rent coming in on time every month.