Real Estate Investing in the Real World
Real Estate Blog
TUESDAY, SEPTEMBER 12, 2006

The latest in my series on avoiding investor burnout...

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Principle 3:  You’ve found the right tenants, now take care of them

A rental property can only generate revenue if there is someone living in it. Vacancies are one of the greatest threats to achieving the financial performance that you expect out of your property, so once you’ve found the right tenant you’ll want them to stay. 

But more importantly, perhaps, being responsive and respectful to your tenants will also increase the likelihood that they take care of your property.  This will protect the unit’s value, and the end result is that happy tenants are likely to bother you less often.  This is what you want.   Answer voicemails promptly and address needed repairs quickly – this is an investment that pays off.  I recently had a tenant that would talk my ear off every time I came around.  He was the first tenant to move into the property after I purchased it and made some upgrades, so I had to visit a few times after he moved it to get some problems ironed out.  But building that goodwill paid dividends; they take great care of the house and I now never get a call. 

Next:  managing repairs…

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posted by: Chris Smith
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