Inglewood Business Magazine Jan 2017

IBM
Real Estate
Turning
Trouble
Tenants Into
DREAM
Tenants
Got problem tenants? Try an approach that keeps your vacancy
filled, your tenants happy, and your sanity intact.
If you’re renting out real estate, part of your job as a landlord is to
trust your property to complete strangers. But there are concrete
steps you can take to identify and solve common issues and protect
your investment.
WHERE’S YOUR TROUBLE?
Start with identifying the issues. How are your tenants causing
you stress? If you know what needs fixing, you can better apply
solutions to the problems that plague your business.
Almost every landlord deals with the issue of late or missing rent
payments at some point.But being a landlord means you’re an
entrepreneur, which means you’re running a business. If you find
yourself constantly hunting down rent checks from your tenants or
if they consistently pay late or ask for leniency month-to-month,
your business will suffer.
Similarly, when a renter decides to break or bend the terms
you’ve agreed upon, this is a clear indication that your tenant has
little regard for the requests and restrictions that protect your
investment. For example, housing pets when the lease states
that there can be no pets on the premises is breaking the lease
agreement. The fact is that a rental lease is a legal agreement
between the landlord and the tenant and letting these issues slide
can turn into even bigger problems down the road.
16 Inglewood Business Magazine January - March 2017
Finally, phone calls at all hours of the night for every little leak
or crack is a hallmark of an unsustainable tenant-landlord
relationship. If you have a needy tenant with irrational complaints,
trying to keep up with their demands can lead to burnout and
frustration. Over time, the tension will build that could lead to a
complete breakdown in communication.
Thankfully, there are solutions to the problems of late payments,
property damage, disregard for the lease terms, and boundary
issues. Your initial reaction might be to lash out and become the
angry landlord with the wagging finger and the eviction threats.
But that can easily make a big problem even worse. Instead, try
these approaches, which will help keep your vacancy filled, your
tenants happy, and your sanity intact.
BE PROACTIVE
One of the best precautions you can take as a landlord is to pick
your tenants carefully. Institute a thorough screening process at the
outset, and you’ll avoid a fair share of headaches on the other side
of the transaction.
The problem is, no matter how qualified tenants might seem during
their screening, there is no guarantee they won’t end up causing
you trouble down the road. To head this off, set clear expectations
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