True Alex. However, I still rather keep a good one than have vacancy time finding a new one or risk getting one not as good as the one I have already built up a relationship with. That's my theory on dinasours.
Tenants... they just dont get it
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To me, a good tenant is one that pays on time and doesn't trash the place. I have no relationship with tenants since I'm interstate and never meet them anyway.
Alex
This thread reminds me that I have often wondered how many new property investors work out before they part with their hard earned and gear themselves up to the eyeballs that they are not simply becoming investors...they are becoming landlords.
One wonders if we used the word "landlord" more often people might have a more realistic expectation of the grief that can go along with property investing
One wonders if we used the word "landlord" more often people might have a more realistic expectation of the grief that can go along with property investing
Sounds the same for any line of buisness to me.. cusotmer objectives do no t align with the shop owenr's objectives.... employee's objectives don;t even align with the business owner's ojectives !! Whose do ?
ONLY when tenant / employee / customer and the business owner have a mutual benefit are these aligned... That is the reaosn for developi g & using techniques (staff motiviation-bonsues...e tc etc ///otherwise crredit mgmt would not exist, as everyone would see, understand & care about everyone else's needs....). I don't think residential tenancy is THAT different, it is maybe more visibly emotive cause we need shelter to live, but good vsand bad exists in many other apsects of life & business as well.
My comment about them not getting it....is more about they are going to be evicted and will need to find a new place to live in a tight rental market and yet they are still being difficult.
The agent negotiated a time that would suit them to have people coming through rather than use 24 hrs and bring people though at any time of the day.
Offered to help them find further accomaodation but still they are trying to tell agent what the agent can and cant do....
The rang consumer affairs about other issues but when it comes to me having the right to sell MY house they suddenly seem to think that the tenancy act doesnt exist....
The agent negotiated a time that would suit them to have people coming through rather than use 24 hrs and bring people though at any time of the day.
Offered to help them find further accomaodation but still they are trying to tell agent what the agent can and cant do....
The rang consumer affairs about other issues but when it comes to me having the right to sell MY house they suddenly seem to think that the tenancy act doesnt exist....
Similar thing happened in one of ours. Tenant starting to get very annoying and difficult after a rent rise, however surprisingly, haven't heard a peep since he got his eviction notice. Maybe he realised his games cost him a rental.
I guess it depends on how you want people to view your brand.... As Alex so often says, the property "market" is a very non-specific average...I don't invest in the property "market", I invest in a 3km radius of my home....I know every street, I know where each pub, cafe, restuarant, clothing shop, newsagent is. I also know what sort of tenants I want, and I treat them with the respect that I would like shown to me and my family if I were living in someone else's house.
On more than one occasion, people at a home open have mentioned that they knew previous tenants of the house, and subsequently become tenants themselves.
If rent is on time, there are no car bodies in the front yard and I am not getting phone calls from the neighbours.....I leave my tenants alone to have the peaceful enjoyment of their home.
I look into my tenants eyes at the start of a tenancy and have a chat with them about what sort of landlord I will be, and what my expectations are of them....you just have to get their attention right from the start, and ENGAGE!
Glenn
Glenn, you are I see things very much the same. Perhaps this is why we don't ever have many issues with "bad" tenants. I sometimes wonder if we have just been lucky, but I don't think luck is the answer.
I really believe that if people meet me (which they certainly do, as we self manage) they have a much better idea that I am not just some faceless, greedy, money hungry landlord who is out to fleece them.
They also have to call ME personally with any issues, rather than be able to call some busy, harrassed young PM and demand, third party, something be done, and I also think this is a big benefit.
We have pride in how we keep our IPs, and so tenants are not renting a ratty, dirty place. If I had a PM doing all this, I would have to take their word that the place is in "good condition" and there are plenty of instances on this forum, where this has just not been the case, and a house has been almost falling down, with the agent giving the "tick" of approval at the regular inspection.
We generally don't do inspections, because I find it intrusive for our tenants. We have put three young people in the last place, so I will find an excuse to do an inspection part way through the lease (possibly change the battery for the smoke detector, but plenty of other ways to get in without them feeling I am snooping), but generally, I have never done an inspection, as I would HATE anybody coming into my home, giving my housekeeping the once over.
I know that is not the purpose of an inspection, but that is how I would feel.
I really believe that if people meet me (which they certainly do, as we self manage) they have a much better idea that I am not just some faceless, greedy, money hungry landlord who is out to fleece them.
They also have to call ME personally with any issues, rather than be able to call some busy, harrassed young PM and demand, third party, something be done, and I also think this is a big benefit.
We have pride in how we keep our IPs, and so tenants are not renting a ratty, dirty place. If I had a PM doing all this, I would have to take their word that the place is in "good condition" and there are plenty of instances on this forum, where this has just not been the case, and a house has been almost falling down, with the agent giving the "tick" of approval at the regular inspection.
We generally don't do inspections, because I find it intrusive for our tenants. We have put three young people in the last place, so I will find an excuse to do an inspection part way through the lease (possibly change the battery for the smoke detector, but plenty of other ways to get in without them feeling I am snooping), but generally, I have never done an inspection, as I would HATE anybody coming into my home, giving my housekeeping the once over.
I know that is not the purpose of an inspection, but that is how I would feel.
I agree also, but when your customer is not a good customer, and dosn't pay for the product they are buying then why would you as a business owner keep supplying them?
Investing is a business, not a charity.
I agree,
and because I am conducting a business with my investment properties, I prefer to distance myself through property managers and let them deal with the tenants in a professional way, so as not to get personally involved.
This is not to say that I am ignoring my "customers".
On discussion with a PM about an evicted tenant who is behind on his rent and has since moved out, we decided not to Black List him and allow him to pay back the money he still owes with installlments. This was due to his circumstance as a single dad - he had to give up his job to look after his kids.
Further more if my tenants have been on time with their rent I send them Christmas presents. This can be anything from movie tickets to pot plants.
My answer to Startled: Give them a discount on their rent. If you really want to sell it - give them an incentive to help them realise you understand the inconvenience.
Sometimes you just need to put the emotions aside and ask
"What am I trying to achieve here?"
I presume its a good sale price within a reasonable time frame.
How would you best achieve this? With the current sitting tenants? With the property vacant?
If the answer is with the current sitting tenants then you need the place to look neat and have reasonable access. How could you best ensure that the tenants present the place well and are co-operative with opening?
Laugh in their face when they ask for lowered rent during the sales period?
If you lower their rent and get a great sale price you have had a great outcome. It really doesn't matter if they have been crap payers. If you get hung up on that then you will end up with a lose-lose situation rather than a win-win.
"What am I trying to achieve here?"
I presume its a good sale price within a reasonable time frame.
How would you best achieve this? With the current sitting tenants? With the property vacant?
If the answer is with the current sitting tenants then you need the place to look neat and have reasonable access. How could you best ensure that the tenants present the place well and are co-operative with opening?
Laugh in their face when they ask for lowered rent during the sales period?
If you lower their rent and get a great sale price you have had a great outcome. It really doesn't matter if they have been crap payers. If you get hung up on that then you will end up with a lose-lose situation rather than a win-win.
Thanks for all your replies. Things seemed to have settled down...I think the reality has set in for them, that they are going to have find another place to live. Havent heard anything further about a decrease in rent, so will wait and see. The house is on the net now so hopefully it will be sold soon.....
GoAnna, the tenants were the ones who selected the times for inspection...not the agent.
There was never any intent to have people going through at all hours of the day....I am very mindful that it their HOME and we have tried to keep the disruption to the minimum.
GoAnna, the tenants were the ones who selected the times for inspection...not the agent.
There was never any intent to have people going through at all hours of the day....I am very mindful that it their HOME and we have tried to keep the disruption to the minimum.
With today's attitude to get away with whatever one can get away with, you are extremely lucky or very goot at picking the right tenants.
It has been 6 years since I did my last mid-tenancy inspection....
Luck has got nothing to do with it...
Glenn
I couldn't agree more. No way do I want to run a charity. I'm very particular who I enter into a business relationship with. No bad cusomers in my "shop".
I think you missed my point. In this scenario what is the tenant's motivation to assist you in getting a good sale? The threat of a bad reference? I just don't think its smart given the money involved.
GoAnna,
I dont think compensation would make any difference to how they present the house, I will wait and see what the agent comes back after the open house.....I have a figure in my head and I wont sell for any less...If the offers are too low the problem then becomes getting rid of the tenants so I can re- lease it....We will then look at perhaps selling another investment property...
I can understand what you are saying about giving them an incentive....and I certainly have the most to lose.. so I assess it again after the first open house.
I dont think compensation would make any difference to how they present the house, I will wait and see what the agent comes back after the open house.....I have a figure in my head and I wont sell for any less...If the offers are too low the problem then becomes getting rid of the tenants so I can re- lease it....We will then look at perhaps selling another investment property...
I can understand what you are saying about giving them an incentive....and I certainly have the most to lose.. so I assess it again after the first open house.
Now they want $150 a week compensation.....
