It can be a tricky proposition keeping tenants these days, as houses have not been cheaper to buy in a very long time. Even with credit markets still unstable, many former tenants have taken advantage of the significant drop in housing prices. That said, there are still plenty of people who have no choice but to rent, however you’ll need to work just a little harder to keep them happy and reduce your overall turnover and vacancy rates. You aren’t making any money on vacant properties, and in many cases they can even cost you money. It only makes sense to minimize vacancy rates, so read on for a few tips to do just that.

We all know there are bad tenants out there; we may have even had 1 or 2 of them. We have all by now developed our own set of guidelines as to who we will rent our properties out to. My advice is to skip the credit checks, as the vast majority of renters have poor credit. As landlords, we need to understand that, because if you wait around for a tenant with good credit your unit will likely be vacant for a substantial amount of time. Instead, focus on checking in with past landlords and/or personal references. These points of contact will give you a much better idea of how the person is as a tenant.

Minor conflicts between the tenant and landlord can easily flare up into situations that neither party really wants. If you as the landlord see a problem that you have to address with the renter, make sure you’re calm and rational. If your temper flares, you really shouldn’t be surprised if you’re met with an equally abrasive attitude. This isn’t saying you should never be assertive. This is our business and our responsibility, and we need our conditions to be met; however, far more flies are caught with honey than with vinegar, so keep that in mind at all times.

There is a fine line between checking on your property and invading your tenant’s privacy. In today’s world, privacy is hard to come by. Renters expect to have it at home just as much as someone who owns their own home. Yes, you should make sure your property is not abused, but tenants do not want to feel like they are being spied on. The best way of avoiding that is to simply keep the tenant in the loop. Let them know that you drive-by and/or conduct random inspections periodically, before they even sign the lease.

Also keep in mind that in most cases, tenants who are late truly want to pay you in full and on time. Be understanding of their situation, but insist on communication. Everyone occasionally pays their rent late, but you should insist they let you know when they will be doing so. Your goal is to keep the rental payments coming in, whether late or not. Remember that once the property is vacant it’s not making you any money, and long term tenants are always the best ones to have.

Author Bio: Visit free-rental-property-investing-info.com for free landlord forms, income property tools and checklists, and no-hype educational info focusing solely on managing, analyzing, and buying a property.

Category: Real Estate
Keywords: income property, investment property, real estate