Monday, August 18, 2014

5 Things You Must Do To Keep Tenants Happy

Tenants are the key to owning a successful rental property. Finding tenants is easy; finding great tenants that take care of your property is hard. Once you land the perfect tenant it is important to keep a positive relationship with them. The more appreciated by and connected to the landlord they feel, the better they will take care of the property and the longer they will stay. To keep a great tenant, be sure to do these things:

1.    Communicate – Be clear with your tenant. The particulars of your property, the rent price and due date as well as any special items that you expect from them should be stated up front. Once the client is in the home, speak with them once a month to check in on your property. 

2.    Be Available – Not every claim a tenant makes deserves immediate attention, but bear in mind we are talking about keeping great tenants. Great tenants won’t (normally) be wasting your time. When something goes wrong, the tenants need to be able to reach you. You can’t expect them to take care of major problems themselves – it is your home after all. Many times tenants simply want to be heard and know that you are aware of the situation.

3.    Keep Up With Maintenance – Your tenant will leave if everything is broken. Inspire your tenant to have pride in the property (and therefore take care of it) by making sure everything stays in tip-top shape. 

4.    Respect Their Privacy – Yes, it is your house, but you’re allowing a family to make it their home. Do your best to never come un-announced. You need to trust them, and they will trust you. You need to find new tenants if you can’t trust them. 

5.    Be a Human – Show appreciation for your tenants. Think about sending a card on Christmas or on their birthday. Be approachable and get to know them a little. In other words, be a human being.

      By investing a little, you can keep great tenants in your home. That allows you to make more money and protect your investment. If you chose to do it on your own, you’re limited to a finite number of properties. However, when you work with Provident, we can help you do all of these items on a large scale that helps you build your property portfolio.

Friday, August 1, 2014

Rental Properties; Can You Get Rich Quick?

If you’re searching for a get rich quick scheme – rental property is not for you. If you’re looking for a smart investment that will continually increase your income over time – rental property is for you. 

How rental property makes money
A rental property makes money by collecting a monthly fee from tenants who live in the home. Therefore, the main goal is to keep tenants in the property. The monthly fee from rent minus the maintenance and debt payments is how a rental property makes money. 

Maximizing your investment
You can’t control when the water heater goes on the fritz. There will always be maintenance that will cost you time or money. By working with Provident Property Management you won’t have to spend any time, and not as much money on maintenance. You will also have the benefit of having a team dedicated to keeping your property rented, so you can always be making money. 

While rental properties won’t get you rich quick, if you keep your debt down and performing preventive maintenance you will consistently grow a portfolio of homes that make you money. Choosing to work with Provident will help you to keep costs down, that way you can create a consistent income and grow your net worth.