Today is a real treat because I will be talking with one of my friends and mentors, David Tilney. In my opinion, he’s the best there is in the business. He will be sharing from his 40 years experience of being a landlord.
A lot of people are scared of being a landlord because of the negative stories. But David explains how it can be a great experience as he reveals things tenants want from a landlord.
1) Tenants want to live in a safe environment.
I clearly don’t want to buy anything that isn’t in a safe place either. I don’t want to have to send my spouse to an investment in an unsafe place at night to take care of an issue if I’m not available.
2) Tenants desire well-maintained properties.
You can’t expect tenants to take pride in a property if you don’t take pride in it. You want to offer them a place they can make a home. You don’t have to spend a ton of money. Just make sure things function right and look nice.
Three benefits I’ve discovered from keeping investments well-maintained:
- Generate more rent
- Appeal to better-qualified applicants
- It’s much cheaper to maintain properties than to run them into the ground and have to resurrect them.
3) Tenants want to understand the agreement regarding your rights and obligations and theirs.
As everything starts to become more automated, some landlords never meet a tenant face to face. I feel like that is a mistake because the initial signing of the contract should be a training session where you share expectations with your incoming tenant. You also want it to be the final step in your screening process to see if you’re on the same page. If you do the screening correctly, you won’t have to do many evictions.
4) Tenants want control of their occupancy.
This can be a conflict because you want to control. But basically what this means is they don’t want you to put a for sale sign in the yard two weeks after they move in and then have to find a new place to live. They want to be able to put pictures on the wall and have plants on their porch to make their space really feel like a home.
5) Tenants want an honest landlord.
As a landlord, you’ve got to overpromise and underperform everything you say and what you have in your contract. It’s very common that landlords often don’t do what they say they’re going to do. You don’t want to get that reputation. If you’re not honest, don’t get in this business. Be firm but fair.
6) Tenants want respect from the landlord, neighbors, and bureaucrats.
Many municipalities have been licensing rental properties to generate revenue. But many of them have gone to an annual inspection. Tenants feel like third class citizens in those cases. You need to protect your tenants from these types of things.
7) Tenants want to be appreciated for their business and stewardship of the property.
Many landlords only contact tenants when something is wrong. It’s very important to praise your tenants.
8) Tenants want a good move out experience.
Landlords want the same thing because it will be easier and save money. Also, if it goes well, a lot of tenants will refer you to others.
If you’d like to learn more and become an expert on being a landlord, check out davidtilney.com.