EP42: Managing and Training Your Tenants: Tips and Strategies with Amelia & Grace
Hi, friends! I hope you are ready for some of the best tips and strategies we have for managing and ‘training’ your tenants. This week, we’re diving into red flags to watch out for when it comes to new/potential tenants (and inherited tenants!), and sharing with you some of the ways we have ‘trained’ our tenants to shift them onto our property management software and follow basic rental procedures. Let’s dive in!
Red Flags
Sob story tenants
Wants to pay multiple months of rent at a time/upfront
Carries ‘cash in hand’ the day they tour the unit to rent ASAP
Has no rental history
Bad credit score (medical bills excluded)
Someone that just seems ‘off’ on Facebook
While some of these may be case by case, you need to learn to use your best judgement and truly go with your gut. Some of those sob stories may be completely true and someone may have simply had a run of bad luck, but in our experience this is rarely the case in those instances. Also, it’s important to remember that the tenant pool declines in quality, once you get above a certain affordability.
Bonus! If you have a tenant who needs to better their credit store, TenantCloud offers rent recording to help bump credit and this offers both owners and tenants win-win!
Managing & Training Your Tenants
Training isn’t just for your property management and staff - but can also be used to get tenants all on the same page as well! Here are some of the situations where you can manage and train your tenants:
Paying rent in person; instead transition them to online payments on TenantCloud or directly deposit to your bank
Setting tenant communication boundaries
Creating expectations for maintenance requests
Outline rules and regulations in your lease (+ enforcing them!)
Enforce late fees/rent payment due dates (TenantCloud makes this one super easy by automatically applying them to late payments!)
Once an eviction notice has been posted any and all communication should be in writing
Stick to your eviction notice policy!
Our final piece of advice this week is to treat your business like a business by creating and sticking to your boundaries!
We will catch you in the next episode!
Resources:
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