Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

Incentives for good tenants

By Ashoka Lion Subscribe to RSS | April 6th 2012 | Views:
loading
 
  



With the current economy, you know how difficult it is to find quality tenants, much less keep your best tenants if they can find a better deal down the street. If you are just starting out in property investment, and even if you already run several home and complexes in the Dallas or Houston area, you can never underestimate the value of a responsible tenant. You need to recognize and keep your tenants who may on time payments and help you keep your property in the best condition possible. These are a few ideas that can help you recognize, keep and plan for future tenants to ensure that you only have the best renters.

As a landlord you need to be constantly checking the market locally and in the surrounding areas. The uncertainty of jobs and salary often results in people constantly looking for cheaper deals. If you do not stay on top of the cost of similar properties, then you may find your tenants moving down the street. Take initiative and go examine these homes, apartments and condos to determine the upgrades offered, deals and incentives and the contract terms. By doing all of this you are able to better determine what you need to offer new and current tenants in order to be competition to other investors.

Ideas for you as a landlord:

While many people offer move-in deals (and this is something that you may want to consider), this can attract people who are only interested in saving money quick; you should be more interested in keeping your best tenants. There is stiff competition in all the major Texas cities between landlords and we are determined to make you one of the toughest competitors. We have compiled a list of creative ideas that you can use as a pre-emptive method to keep renters.

1. Lowered Rent:

a. Design your rates so they are $25-$50 more than your goal rent, then offer this same rebate to on-time payers. This will help you sift out your most responsible renters.

b. Offer discounts for auto-debit

c. Separate your year into terms (2, 3 or 4). For renters who are early or on-time (not during grace period) in their rent, offer them lower rent for the next term.

2. Bonuses:

a. Who doesn't need a little extra cash for the holidays? Visit with your tenants to propose a holiday bonus! For each month they are early/on-time on their rent you will put $10 of the rent money into a separate account. The first week in December you will match their separate account dollar for dollar and send them a check.

3. Upgrades:

a. Make sure that your tenants are happy with the property; they are your customers and should be given that consideration. Give your property periodic upgrades. This can be anything from new paint, kitchen or bathroom appliances or upgraded cable (without the upgraded price). If your tenants know that their place gets regular facelifts they are more likely to stay...they don't know if their new place will be the same.

4. Communication:

a. Organize annual inspections. This will keep a good relationship with your tenant and also keep you informed of any problems with the property. Keep good records of these inspections and act quickly on the necessary repairs.

When a tenant does leave:

While all of these efforts will entice many of your best customers (rental tenants) to lengthen their lease, you will have good tenants leave for reasons out of your control. The best way to deal with this is learn from the situation. Ask questions, including where they are moving, what they liked and disliked about your property/ property management and ask them to describe their experience. This may be some of your best feedback and can help you plan for the future.

We understand that it may be difficult to implement all these idea, but try to consider a way to show your current tenant base that you appreciate their good tenant behaviour. A few small gestures can avoid you having to deal with make ready, advertising, and leasing cost.

Ashoka Lion - About Author:
Jay Raman is the managing director of Ashoka Lion, a Houston and Dallas area property management firm. Jay and his team have been in the business for the past 6 years, and manage over a hundred fifty properties in the Houston area, and they have recently entered the Dallas market in 2011. For more information, please visit: http://rental-property-management.ashokalion.com/

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:
http://www.articleside.com/business-articles/incentives-for-good-tenants.htm

Related Business Articles Subscribe to RSS

India Property – Tips on low cost techniques for maintaining your commercial property
Published by John Smith on March 7th 2012 | Business
As your India property ages, it will definitely cost you more to maintain the building particularly ...
 
Why destin florida homes are best and great choice for buying property
Published by Dany on May 11th 2012 | Business
If person wants to buy any property in Destin Florida then person should read this informative and w...
 
Costa Rica Real Estate : Tips to help you find the perfect property for yourself
Published by Kristine on January 17th 2012 | Business
Over the past few years, there has been an overwhelming attraction to Costa Rica real estate. More a...
 
Letting property to student tenants in Edinburgh
Published by Carol Riley on March 12th 2012 | Business
There are number of student tenants in Edinburgh. If you want to rent out your property to students ...
 
Some legal advices for tenants of property to rent in Scotland
Published by Cathrine Mckay on June 6th 2012 | Business
There is always a tenancy agreement between a tenant and landlord. The tenant is always safeguarded ...
 
Patents South Africa protect your intellectual property
Published by on June 19th 2012 | Business
Call a patent attorney that specializes in Patents South Africa and they provide you with peace of m...
 
Garden Side Gates could help make your property more secure
Published by Angie Turner on June 18th 2012 | Business
Security is a key consideration for any homeowner who wants to make sure that their property is...
 
Real estate agents in Walsall lead you in investing property
Published by Redstones on January 21st 2012 | Business
Lettings franchise offered at Redstones letting agents, one of the leading estate agents in Walsall ...
 
Do you require Building Surveyors to help with a property purchase?
Published by on June 16th 2012 | Business
Buying a new home or business premises is one of the biggest financial decisions people can make, an...
 
Temple Realtors offer specialized services related to property transactions
Published by Rori Lyn on March 2nd 2012 | Business
If you are planning to sell the house then the very first thing you would like to know is how much y...
 
Five factors of Planning a Fencing Project for Your property
Published by Kusum Kalwar on January 25th 2012 | Business

If you are thinking about installing fencing around your home or garden there are few things to ...
 
A Real property and unique property
Published by Rosy on August 16th 2012 | Business
The Montreal assets Blog is concerning this market conditions in Montreal and also the neighborhoods...
 
Rpm Management- the best way to maximize income from property
Published by James Blee on May 15th 2012 | Business
If you are into the business of real estate or you own a real estate which is large in size then you...
 
Profitable property ahead in Gurgaon
Published by Atul Sharma on June 18th 2012 | Business
The article is based upon the real estate properties in Gurgaon. You can draw lot of information on ...
 
Mistakes to avoid while choosing property management North Shore companies
Published by Jack on August 15th 2012 | Business
Choosing the best property management North Shore company is not an easy task. Learning more about t...
 
How a landlord can manage his property in Edinburgh
Published by Carol Riley on March 19th 2012 | Business
Being a landlord you have to be very careful regarding the management of your property. You should b...
 
Getting the property valuation
Published by Sara Phelps on December 12th 2011 | Business
If you want a home buyer report a chartered building surveyor or general practice surveyor will offe...
 
The Importance of Letting agents and Residential property management Dublin
Published by Leslie Hoffman on January 14th 2012 | Business
Hiring experienced letting agents and residential property management Dublin is extremely important ...
 
Mini self storage Beale AFB: vital to safe property from climates & other difficulties
Published by Erleroadself on November 30th 2011 | Business
Since Mini self storage Beale AFB is essentially helpful for individuals who are planning of moving....
 
Regain your financial standing through credit counseling Houston,credit counseling houston
Published by Chris Adam on March 31st 2012 | Business
There are lots of people who fall into a debt for different reasons. Usually after falling into a de...