Inglewood Business Magazine Jan 2017

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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 continued on page 28...
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Inglewood Business Magazine Jan 2017

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