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Having customers is the biggest factor to the success of any business. In the rental industry, the counterpart to customers are tenants. When you focus on retaining good tenants, you get to enjoy the rewards. How do you retain tenants? Keep them happy. It might be simplistic to say that keeping your tenants happy is easy. However, there are several ways to achieve this. It actually requires being a responsible landlord and going the extra mile. Here are more concrete ideas to apply: 1. Practice relationship building See your tenants as more than your source of income. Cultivate a good…

Did you and your rental property investment have a hard year? Did you find it overwhelming to navigate concerns related to your tenants and property during a global pandemic? (more…)

Ever wondered how another landlord has managed to hold on to a set of tenants for a long-term period? Why do you frequently experience tenant turnovers? How do you keep your tenants loyal? If these are the series of questions running through your head, then read on to find your solutions. Advantages of Having Long-Term Tenants Steady Returns Having long-term tenants means you can plan ahead. You can proceed with property upgrades knowing you have the budget to pay for it. It means being able to confidently take out another mortgage loan to add another investment property.  You can only…

The Fair Housing Act will often come up in a discussion related to rental property management. This is a law that one can easily and unintentionally violate, especially during the tenant screening process. And if one is oblivious, then one can also commit the same during the property marketing process.  The negative repercussions involve shelling out money for weighty fines, damaging your reputation as a landlord and a prospective tenant filing a lawsuit against you. It’s, therefore, your obligation as a property owner to study the Fair Housing Act and be more aware when implementing its conditions.  What is the…

So, you’ve nailed your first investment property—bring out the champagne flutes and toast to a great beginning! After the celebration, it’s now time to buckle down and learn what it takes to be a successful landlord. It may sound good on paper to generate passive income steadily through your rental property. But the reality of being a landlord has its own responsibilities, as with any job. It’s not something you can take lightly and coast along since competition can be stiff. If you’re looking to recoup your return on investment quicker, focus on implementing the best management practices. Here are…