A year after I started my Property Management venture I recently received this amazing review from my tenants who have just relocated out of California. What they had to say about my wife and me as landlords: “Hello Sof, thank you to you and Shelly for being the best landlords along the Mississippi! Calex was an absolute pleasure, for my entire family, and we will remember the amazing year that we spent there. We shot a lot of pictures and videos of Greta’s development and growth there, including her first steps toward walking. We’ll definitely regret it”!
I was astonished to read this feedback, as I really tried hard to be nice to anyone. I tried to be fair under all circumstances and always refer back to the lease. I even deducted the security deposit of their deposit for small things, but I recorded every detail and made sure they were able to sign the lease in a timely manner. Then I thought about it and realized that my achievement is due to several actions I took correctly. In Particular, I screened for good tenants and took care of them and responded to maintenance issues promptly, frequently communicated with tenants and conducted regular inspections. Adhered to the lease as well as enforced it and treated my property as a Real Estate commercial property.
I followed pretty much every step described in the book Heather as well as Brandon Turner’s “Book on Managing Rental Properties” with a few modifications specifically for my property. It’s a great book, by the way and I would strongly recommend purchasing the audio version, too, because Brandon is the author’s voice and is hilarious when he reads “I Heather” quotes/stories. My previous tenants had left the house clean and ready for the new tenants who moved in two days after leaving. The only thing I wasn’t thinking about when I first started my tenancy, was the amount that I had been establishing. My tenants were making me a huge sum of change, at the time, and also doing their best to take security of my home. When they announced that they were planning to move out of state to assist their family members who are suffering from health issues, I was with their decision. It’s true, a part of me wanted evidence of medical conditions. I was anxious about finding tenants. Luckily I had a process to help me with this!
While I was initially depressed and concerned that my top (full disclosure: the first and the only) tenants were leaving I saw this as an opportunity to get it better the next time and improve the process for new tenants and that’s precisely what I have done. After that, I had a second idea. I was wondering what the real estate market in the areas my clients were moving. We’re currently looking for bargains in their new town and I’m able to find an individual I am confident in to help me!
Looking back at opening day, I’ve realized that I made a number of errors with my tenants, for instance, not asking them to record attendance of everyone who visited the house. However, they followed my instructions and distributed applications to all of them, and we received a number of completed applications from them. It was fantastic! Now the new tenant and I are off to a wonderful beginning. They have completed the lease, the inspection at the time of move-in report and paid all rent and deposits electronically and on time. We completed the first maintenance tasks which were not that significant and I honed my procedure further, which means I can do more efficiently next time. New tenants are enjoying my home and I’m happy to fulfill my duties being their landlord. It’s an all-win situation!
Vairt is a Crowdfunding Platform for Investing, tokenizing and liquidating real estate assets through Block chain. Once you are ready to make an investment, you can make an investment in less than 2 minutes. Sit back and relax as your property gets funded. Vairt analyzes Property Investment Opportunities using a 100-point proprietary screening tool and independent third-party market data to assess the investment attractiveness of each property. We give you the Opportunity to Invest in Real Estate for as little as $5000. All properties on our platform are listed for 30 days to give investors ample time to raise funds.