Ask the kitchen staff of a fine restaurant who eats better, them or the patrons… same goes for car dealers; often the clients drive better cars than the sales staff. Hotels too – guests sleep in nicer suites than the workers live. At the end of the day, if you want loyal customers, provide them with a superior product – a product even you dream of.
Take this approach as a landlord too. Provide your tenants with an exceptional place to live – a home that is even better than your own.
4 Reasons Why Tenants Should Live Better than Landlords
1. They’re paying YOUR mortgage. Don’t take them for granted. Treat them like royalty and you’re set for life.
2. The nicer your rental property is to live in the less tenant turnover you’ll have. This is critically important to a landlord’s success. Tenant turnover is costly. Every time a tenant moves out you have to clean, paint, and fix random things. It costs money. Not to mention that it can cost you a month’s rent if you can’t fill the investment property seamlessly.
3. The more polished your rental property is the higher the quality of tenant you will attract. I know a few landlords who have the attitude that it’s “just a rental,” which basically means do the minimum because they’re just tenants. Let me tell you, this is not the way to go. Put in the effort, and spend the extra money, to make your rental property welcoming. Make it stand out.
Just this week I found a great deal on Bosch dishwashers, so I bought two for rental suites I own. I didn’t have to buy Bosch – hell, I don’t have a Bosch dishwasher in my house, but I know my tenants will appreciate it.
Your entire mission as a landlord is to find great tenants. It starts with providing them a fantastic place to call home - a place they’re proud to show their friends.
Good tenants are worth their weight in gold. Remember that…
I’m happy to be the one to tell you that half the people who apply to rent your investment property will likely cost you more than the rent they pay. Great tenants, the ones who will water the grass and clean the gutters without being prompted, are hard to come by. But by making your rental property welcoming, they’re a bit easier to find.
Like a magnet, well-maintained rental properties attract well-maintained people.
4. By making your rental property attractive, and spending perhaps a little more money on it than you initially wanted to, it’ll keep you attentive to the asset. The finer your investment property is the more you’ll want to keep it that way. It’s human nature.
If you’ve spent your hard-earned dollars beautifying your rental, the moment something goes wrong you’ll want to have it fixed. You will be a more diligent landlord for it. This is precisely how you should be as a landlord, and it is paramount to keeping your tenants happy and your property in check.
Make your rental property a palace and watch great tenants come your way. Provide them a place they’re proud to call home. Don’t do the minimum… over deliver on quality, even charge a bit more in rent, and your life as a landlord will be fruitful. Funny how that works.
Stay hungry,
Aaron
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