Notes

Retaining Good Tenants
All residents your properties must be treated as your business partners since they are responsible for income, expenses as well as your important thing earnings. It is important to have a great retention program and reward good tenants.
Why do people move?
People move for many reasons and often they merely want to move and possess silly in any way. They don't much like the neighborhood, wish to move their kids to a different school, get divorced and wish to relocate, or themselves gets bigger and they check for the bigger place. Some people end up buying their unique home, some transfer with their relatives or elderly parents, some relocate this can job change. Surprisingly the commonest reason people move is because they are increasingly being ignored by their landlord. Not having good relationship together with your tenants can cause them moving out from your property. Tenant turnover is obviously costly as unnecessary work and repairs should be done as well as the vacancy and advertising expenses have to be taken into account. To build a robust long-term relationship using your tenants it is essential to have a retention program in place.
Classify your tenants
Make a listing of all properties and classify your tenants ranking from A, B, C, D: A being simply the best headache free and D being the worst nightmare ever. Most likely your tenants class with coincide while using property class. What I mean by that that the best properties positioned in A type neighborhoods will probably have the best tenants. Good neighborhoods have more affluent, educated and responsible people who desire a better life for themselves in addition to their families. These are people who are always polite, respectful, pay by the due date and never call for unnecessary reasons. They will also care for their particular home and minor work which should be done like minor paint, carpet cleaning service or even get their particular appliances. B type tenants will also be a good paying resident with some flows. Tenant type ought to always be indexed by 2 factors: timeliness of rent payments and property maintenance. Lateness isn't necessarily an undesirable factor providing you be able to collect the rent in addition to the late charges which ends up being another way to obtain revenue. C type tenants are the type who have had eviction notices for non-payment, difficulty with maintenance because of increased wear. They are not responsible, their number isn't working, they forget to cover utilities, and they change from job to job always trying to catch up making use of their bills. They don't maintain property well so you may have received trash citations, violations and even complaints from neighbors. D type tenant is the one you desire OUT. These people are the type who are non-negotiable, will often have minimum education, get involved in illegal activities and in most cases live in D type neighborhoods (war zones). In D type neighborhoods the most effective strategy is to rent your house to your Section 8 or government subsidized tenant as rent payments always become a problem.
80/20 RULE
Like in any business, you probably spend 80% of their time on 20% of your tenants. The goal is always to analyze which tenants give you the most trouble and have gone them. It isn't really worth the time and energy to take care of headaches, extensive repairs, late payments and evictions. Get rid of them, require a reduction in the start making it operate in the long run. On the other side remember about your A and B type tenants and take some time for you to reward them to be great residents.
Implement Retention Programs
While you can be busy handling problems of 20% of one's tenants, do not forget in regards to the honest ones. In the very end they are the types who build your living better and headache free. Remember, when folks pay by the due date, they also have some expectations. When you have 100k with your bank account, you expect your banker to understand you by your name; same relates to your residents. Memorize their names and themselves composition. Build rapport, arrive at know who they are and what are their interests. Treat them how they do, make all necessary repairs punctually and every time, check in making use of their requests, and return their messages punctually.
• Move In Welcome Package. First impression is exactly what sets the foundation for the long lasting relationship. When people move into your premises makes it clean and no repairs are required. Assist them with getting their power bills transferred over and check in to ensure they switched it within their name. We normally give small welcome gifts to new residents as well. We also include a welcome package which includes all information they should have, including our Rent to Own program! Welcome package is surely an chance to upsell your customer in the long run.
• Quarterly Check Ups. It is a good idea to accomplish quarterly property inspections and make sure the properties don't need any work or maintenance. Once people plan to move it is VERY hard to change their mind, so don't reach a point when it is usually to late and allocate enough time to your good residents. If you do not have time to inspect the house or go to your residents, send them an e-mail, message or produce a quick call to confirm things. People always appreciate that.
• Avoid Frequent Rent Increases. If you've got good paying tenants, leave them at the exact property and don't enhance their rents frequently. Rent increases will ultimately become a problem and will make your residents move. It is especially common in times of recession when the house values drop and new landlords have the ability to offer lower rents because of lower mortgage repayments. Rent increases are ok if you are offering initial discount on your own rental or if you've got government subsidized tenants where a small rent increase is allowed annually. One year we made a decision to increase all of our rents by $25 so we lost several tenants. It cost thousands of dollars in unnecessary repairs, advertising costs, and vacancies! It is also your TIME that must definitely be considered that you just placed into getting the property rerented. In the very end you don't know what sort of tenant you will end up with and it can cost more take advantage the long run. To avoid that you just can implement small "inflational" rent increases and justify them by increase inside your insurance rate, property tax increase or improvements/updates that were done at the house.
• Gifts, Postcards and Thank You Letters. Show your residents appreciation by sending them a Birthday and/or Christmas cards. You will be surprised how happy commemorate people when they understand it. We ALWAYS give gifts to tenants on Christmas and New Year. It is also a great idea to give them a Home Depot/Lowes gift card or free carpet cleaning. It will improve your property and make your tenants happy. A lot of the times it is not the gift but attention you allow to folks, they regards plus a $25 gift will translate in great lasting relationship using your residents.
• Be Consistent and Do What You Promised. Managing rental properties is really a business also it should be treated like one. It is common sense but so many people don't do the things they promise. It makes landlord look unprofessional and irresponsible. It is your responsibility to become on top of management unless you have a management company also it is really a full time job! Simply do everything you promised and do not promise if you fail to deliver.
• Pay for Referrals. You can turn your existing customers into more referrals by sending them either e-mail blast newsletter with new properties or just flyers with your properties by regular mail. It is important to deliver the crooks to your "A" and "B" type tenants. Good people usually escort like-minded people and the itrrrs likely that high you can be getting one other good resident. Your tenants would not desire to put your relationship vulnerable and so are improbable to recommend someone they don't know personally. As in different business you wish to give incentives to your residents for referrals and it can maintain the type of commission, referral fee, or rent discount.
• Renew Lease EARLY. Make it a habit for you renewal lease no less than 60 day prior to the current lease expiration. At this point residents don't believe about moving and are prone to sign another lease. If you do it eleventh hour odds are they happen to be trying to find another place and may have found something better or cheaper, or both. Put the dates with your calendar and don't forget to deliver the lease by mail/e-mail and ensure the receipt with tenant. You need to know as soon as possible in case you current resident is moving out in order to start advertising the area. It is also a fantastic idea to check out your leave policies whenever they chose to move.
Policies & Procedures.
Being nice does not necessarily mean you'll be able to avoid policies and procedures. Set expectations of your residents upfront and explain them everything they need to understand (it needs to be in writing inside your lease agreement) about late payment policy, property maintenance, pet policy, sublet policy, tenant insurance, re-locate procedures, security deposit policies, local laws and ordinances. People may not be conscious of things they are doing wrong also it will cause you to be look bad eventually. Set all expectations upfront and be nice later! Find a tenant retention program which fits your life-style and implement it regularly, test a number of things. Remember property management clifton hill are various different and what works for just one person probably won't work with another.
Website: http://www.masonre.com.au/