As a real estate investor, one of your tasks is to look for the best deals, but you also want to have happy tenants. Because happy Tenants are more important then you might think.
As real estate investor it is even more important to have happy tenants, because otherwise you’ll have more headache than the income that you get, can make up for. And In this video today, I’ll be discussing how I treat my tenants.
00:58 Why I visit my tenants, and this time my daughter joined me
Now just the other week, depending of course when you see this video…
I went out to visit several of my properties. like I always do, once a while just to keep track of my tenants, and also to check their situation. Now, many tenants have an automatic payment on their rent, each month, the same date they will receive their salary, and mostly what I see, is about 2 or 3 days later, they’ll always send the rent for their home. And in most cases, that’s the only thing, we notice as landlord. I do wish my tenants to be happy. Especially happy in the home they have.
Therefore, just visiting the homes myself, is very helpful to them. Now, not everyone wishes to be visited by their landlord, if that is the case. I’ll just send property manager to check once in a while. Just to stay connected to the people who live in the homes.
05:06 How to select tenants
Selecting tenants is an easy procedure, but there are quite some boxes that I want to tick, before someone can live in one of my homes. Now, in the Netherlands, it is very common to use the amount of salary that you get, as a selection method, as the rent cannot be more than 30% of your monthly income. And in most organizations, this is enough to apply for a rental place. Now in my case, this is not enough. Because having enough salary to pay for rent, doesn’t mean these people are also good tenants.
09:01 Why projecting your human side to people will cause them to be human towards you
It still sounds weird, to be human towards your tenants. Well, I use it as an example of course, but I’ve lived in my share of rental properties in the past as well. And I’ve had good landlords and less good ones. But I remember very clearly when I was working abroad, I had a landlord who would come and visit his tenants once in a while, and I noticed that I really enjoyed having him as a landlord and I really wouldn’t mind paying him at the end of the month. I really appreciated and respected him and when it was my birthday, he would even send me a small gift. And yes, this really meant nothing special, but just the idea… just because I had to fill in my date of birth, for the rental contract.. he knew, when it was my birthday, and I know it’s all part of the whole system, but it made me to be appreciated as a tenant.