I Am Your New Landlord and Here Are My Expectations
If you read my first article, “When a Tenant Won’t Pay Rent On Time” (see articles at FreeLandlordSoftware.com) you may remember the first step when dealing with a new tenant is to be firm with that tenant from the start.
Well what about when you inherit new tenants? This happens when you have purchased a new rental property that is currently rented by tenants that you did not select. In this situation, how can you be firm from the start?
The first step is, reading the current lease, and thoroughly understanding the terms specified therein. Second, you need to let the tenant know that you intend on enforcing the terms of the current lease. Finally, when the lease is finished, if you intend on keeping that tenant, resign the tenant to your own lease with your own terms.
It is always better to start the new relationship with the existing tenant on a firm note. Chances are, they feel at home in your property and they see you as the new guy or gal. You need to let them know, they are living in your building and they are expected to follow the terms they agreed to when they signed their lease. When you make your expectations clear and you enforce those expectations, the tenant will have no choice but to follow those expectations or the can expect to find a new place to live. Firm, fair, consistent…
Sometimes a tenant is used to the previous landlord who let them slide regularly. This will be a challenge for you to earn the respect of this tenant who is used to a wishy washy landlord. It is even more important in this scenario to “speak softly and carry a big stick”.
A good idea is to start with an introduction letter to your new tenant hitting several key points:
1. My name is, I just purchased the building and here is my contact information.
2. The rent is due on the 1st of the month and there are late fees (if in the lease) which will be enforced.
3. I am experienced in the eviction process for tenants that do not follow my expectations.
4. I will be doing regular maintenance checks on the property and you will be notified when I will be doing them.
For your convenience, you may download a copy of the “First Letter to Tenants” template for free at FreeLandlordSoftware.com. Save it to your computer. Edit it and I suggest that you save the edited copy in a file named after your tenant.
In conclusion, please remember that it is much easier to begin firm and earn respect from the first introduction than to try to gain back that initial shock value later with a tenant that disregards your rules.
Well what about when you inherit new tenants? This happens when you have purchased a new rental property that is currently rented by tenants that you did not select. In this situation, how can you be firm from the start?
The first step is, reading the current lease, and thoroughly understanding the terms specified therein. Second, you need to let the tenant know that you intend on enforcing the terms of the current lease. Finally, when the lease is finished, if you intend on keeping that tenant, resign the tenant to your own lease with your own terms.
It is always better to start the new relationship with the existing tenant on a firm note. Chances are, they feel at home in your property and they see you as the new guy or gal. You need to let them know, they are living in your building and they are expected to follow the terms they agreed to when they signed their lease. When you make your expectations clear and you enforce those expectations, the tenant will have no choice but to follow those expectations or the can expect to find a new place to live. Firm, fair, consistent…
Sometimes a tenant is used to the previous landlord who let them slide regularly. This will be a challenge for you to earn the respect of this tenant who is used to a wishy washy landlord. It is even more important in this scenario to “speak softly and carry a big stick”.
A good idea is to start with an introduction letter to your new tenant hitting several key points:
1. My name is, I just purchased the building and here is my contact information.
2. The rent is due on the 1st of the month and there are late fees (if in the lease) which will be enforced.
3. I am experienced in the eviction process for tenants that do not follow my expectations.
4. I will be doing regular maintenance checks on the property and you will be notified when I will be doing them.
For your convenience, you may download a copy of the “First Letter to Tenants” template for free at FreeLandlordSoftware.com. Save it to your computer. Edit it and I suggest that you save the edited copy in a file named after your tenant.
In conclusion, please remember that it is much easier to begin firm and earn respect from the first introduction than to try to gain back that initial shock value later with a tenant that disregards your rules.
This article is free for republishing
Source: http://www.articlealley.com/article_113493_33.html
Source: http://www.articlealley.com/article_113493_33.html
Labels: investment
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