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.

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. 

3 Moving Hacks to make your life easier

Moving isn’t always a fun experience, especially if you’re a do-it-yourself mover, but by prepping for your move in advance you can save yourself some headaches when you arrive at your new residence. 

1.    Number your boxes – Along with numbering your boxes, make a list of what is in them. This may take a little bit of time, but you’ll be grateful for that extra effort when you need something from the truck.

2.    Mark where the box is going ­– along with knowing what’s in the box, knowing which room it will end up in will make unloading easier and quicker. You can even use different colors of duct tape to color code rooms, eliminating the need to write anything on the box during packing. 

3.    Pack an Overnight Bag – You know you are going to need some items while everything is packed up. If you have some extra clothes, necessary toiletries and chargers for your electronics you can take a day or two to unpack without worrying about being uncomfortable in your new home. 

Remember that moving can be a stressful experience, so start as early as six weeks before your move to sort, plan and pack. You’ll be thankful you did.

Save Energy, Save Money

High energy bills are tiring, but they are also a symptom of deeper problems. Each year, the air from your heater or air conditioner could be seeping out the windows, walls, ceilings or doors of your home. By investing a little, you could save big in the long run. Here are three quick tips to save you money.

1.    Windows – These are your main energy-wasters, especially in older homes. Single-pane windows let the cold and heat in, as well as out, making it hard to keep your home comfortable. If you can’t afford to replace all the windows, start with a good, thick set of curtains. It may make your home a little darker, but it will also make it more comfortable. 

2.    Doors – If you can see the outside even when your door is closed because of cracks, then you know air can get through there as well. Quick repairs on older door frames to firm up the seal when the door is closed are both cheap and effective. 

3.    Thermostat – Like most homes, you probably have an electronic thermostat. And, like most homes, you probably have no idea how to use it. Luckily, it’s pretty easy to figure out. By programming your thermostat to turn off when you aren’t home (or when you’re asleep), you could save big time. 

Just remember that every little bit helps. The more you conserve energy, the more money you will save in the long run, and who doesn’t like more money?

How to Start Investing in Real Estate

Investing in real estate is one of the best ways to increase your monthly income and your net worth. Like most things, the hardest part for first time landlords is just getting started. The secret to success is two-fold; first break the process down into small steps, and second build a team to support you:

1.    Finances – The first thing you need is money to purchase the house. If you have enough liquid cash to pay for the house outright, you’re ready for the next step. If you don’t have money coming out of your ears, you need to draft the first member of your team; an investment banker. 

Look for a banker that you get along with, that is willing to teach you and uses simple language. Jargon and complicated processes aren’t on the road to success.

2.    Property – After you have your finances in order, you can start the search for the perfect property. Generally, there are two types of homes you will look at for property investment; move-in-ready and fixer-uppers. There are advantages and disadvantages for both types; you need to decide which way fits you and your budget.

This is also where we meet the second member of your team; a real-estate agent. There are many real-estate agents, and, like all industries, some are good and some are bad. You are looking for the same qualities in your real-estate agent that you found in a banker. A good real-estate agent will build a relationship with you and consistently find properties that will make you money.

3.    Tenants – Assuming you purchased a move-in-ready home, it’s time to start collecting rent. This is more complicated than you might expect. You need to screen your potential tenants, ensure the house is ready to move into and then maintain the property.

The third member of your team is Provident Property Management. A good property manager will make you money by protecting you asset, keeping tenants in your property and saving you time – allowing you to start the process all over and continue to build wealth.

Provident has a network of bankers and real-estate agents that we have personally vetted, which means we can help you find the missing member of your team no matter what stage you are at in the game. Contact us today to get a free consultation and start (or continue) your journey in property investment.

**BONUS!**

4.    Fixing the Fixer-upper – One of the benefits to getting a fixer-upper home is that you may be able to save money on the initial purchase of the home. You need to know what you are doing though, because the last thing you want is to discover you bit off more than you can chew after you’ve purchased a property.

Here you can add an optional member of your team. A good home-remodeler can help you fix-up the fixer-upper faster than you can do it alone, and still save you money on the initial purchase. If you are pretty handy, you can combine your skills with theirs to save you even more money while still quickly preparing the home for tenants.