Every landlord has conjured up an idea of the perfect tenant or rental property outcome. It might involve cash flow or how much and how often rent should increase. Are your expectations realistic or are they set too high? Is your cash flow positive, but still achievable?
Here are some expectations for your rental property you should revisit that may change your opinion:
A great tenant is one who cares for your property like it was their own. They pay rent on time and are friendly and harmonious with the neighbours. They will also look after the property’s outside appearance. You should also understand that life can throw curveballs at anyone, so once in a while a tenant may miss a payment due to an unforeseen circumstance.
Another misconception held is that single, white-collared professionals are the best tenants. The truth is that couples, students, families and even tenants with pets can be just as good. Student renters are notorious for loud parties and living a young lifestyle, but this doesn’t mean they won’t pay rent promptly or care for your property any less than the busy worker. It all comes down to the individual tenant, so conduct a thorough screening process during the approval process.
Things can go wrong. Regardless of how big or small the issue is, you are responsible as the landlord to address your tenant’s repair and maintenance needs. Don’t get annoyed if they contact you to fix the bathroom drain or air conditioner