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One of the most common struggles I see in the Lady Landlords Facebook Group is bad tenants.
Late payments…
Damage to properties…
Violating lease agreements…
It can be a nightmare if you don’t know how to handle it.
But it doesn’t have to be this way.
In fact, you can eliminate 90% of these issues by following three basic practices.
And in this email, I want to share those with you.
So let’s dive in…
1. Set Proper Communication Expectations
Make sure your tenants know HOW (phone, email, smoke signal)…
And more importantly, make sure they know WHEN to contact you.
That way you don’t find yourself responding to texts or calls while you’re trying to go to sleep.
Or enjoying a night out with your family.
2. Establish your “Boots on the Ground”
Build a close-knit network that you can call in case of emergencies.
It could be someone you know in the area that’s handy in a pinch…
Or a local plumber that’s super reliable.
Whoever it is, I suggest you do a little research and start making these connections…
… BEFORE you need them.
3. Put it ALL in the lease agreement.
If done right, the agreement can be the most powerful resource and reference for your renters.
Plus, it can help eliminate unnecessary back and forth.
Now, the easiest way to make sure this document is up to par is to use a state-specific lease.
Why?
Well, there are a few reasons.
But one of the most important is that it reduces the risk of being involved in legal battles due to violations of local regulations. And it also sets clear expectations. It’s important to know your federal and local laws!!
So there you have it!
If you start implementing these three things from the beginning…
It will not only save your relationship with your tenants…
But you’ll be the best landlord you can be.
Hope this helps!
To your success,
Becky
P.S. If you would feel more confident with me by your side helping you with whatever challenges you face as you grow your real estate portfolio… Tap here and let’s get started