Keeping Tenants
Keeping Tenants Indiana Realtor Indianapolis Real Estate
Agent Homes for Sale in Fishers Geist Zionsville & Central
Indiana Carmel Realtor, Real Estate Agent in Anderson,
Noblesville
Turning over a property from one tenant
to another is almost never easy. It can be a time and money
consuming task, and there is always the possibility that the
property will remain vacant for the period between tenants.
The rent payments stop but the expenses continue, chewing
into your bottom line. You will always lose tenants. People's
situations change, they buy houses of their own, their job
situations change. You can't prevent that. What is foolish
is to lose a good tenant because of a factor that you could
have had control over.
Why is it so important to keep a good tenant?
- With the tenant in place, you know what
you have. You never know what you are going to get when
you have to find a new one.
- To find a new tenant, you will likely
incur advertising costs.
- You will have to spend time qualifying
and showing the property to new tenants.
- There are often damages to the property
caused by one tenant moving out and another moving in: furniture
bangs up against walls, things get dropped, etc.
- There are generally costs incurred in
turning a property over to a new tenant, for example painting,
carpeting and the like.
Hints on keeping good tenants:
Communication
The tenant must know that if there
is a major problem, you will be responsive and handle it.
If it is a minor problem, they need to handle it themselves
or wait until you can do it. If the rent needs to be raised,
call them and let them know rather than just sending an impersonal
letter (although you will need to follow up the phone call
with information about the increase in writing).
Firmness but Understanding
Tenants must know that rents are
absolutely due on the first of the month. If there is a bona-fide
problem (a medical emergency, for example) and if you are
notified promptly, you must be understanding of the situation.
Of course, this is a limited "understanding." Tenants who
have "problems" every single month need more of the firmness
than the understanding.
"Friendly Touches"
Gift baskets during the holidays or
the use of your handyman for a few hours are the kinds of
touches that help with tenant relationships. The cost is minimal
but the potential benefits (retaining a good tenant) are large.
Need expert help buying, selling, building
or renting a home in the Indianapolis area? Planning to
relocate to Indy? For assistance from Indianapolis' premier
Realtor, simply submit the form below, or if you
prefer, call Kristie Smith at 317-805-7360 (toll free 800-360-5733), or
send an email to Kristie.
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