Your investment can only generate revenue for you if there is a tenant living there. Vacancies will hit your economics hard, so once you’ve found the right tenant you’ll want them to stick around.
Just as important is the fact that, if you create the right type of relationship with your tenant, then they’re more likely to take care of your property. This will protect the property’s value, and happy tenants are less likely to harass you with repair requests. That’s a good thing.
Answer your messages promptly and make needed repairs in a timely manner. This is an investment that pays off twofold. First, I’m a big believer in the saying that “a stitch in time saves nine.” Ok, that’s a shopworn cliché, but the fact is that if you catch a repair early then it’s likely to be cheaper to repair. Secondly, quick repairs make for happy tenants. Show your tenants that you respect their welfare and they’re more likely to respect your time. Put some effort into building your relationship the right way and you’ll be amazed how infrequently your tenants bother you. Your only regular task will be walking to the mailbox to pick up the monthly check. But get started on the wrong foot and they’ll be phoning you for every broken light bulb. That’s not a good thing.
