A set of tenants moved out this afternoon. While I was in there doing laundry and cleaning up a little bit, I thought to myself: I totally rock! For close to one year now, I’ve continuously had tenants occupying my place with the rent fully paying my mortgage and home ownership association dues. That is no small feat.
Design: I’m no Martha Stewart, but I’ve kept my place clean, neat, and intact. It’s spacious, uncluttered, and eclectic but tastefully furnished.
Marketing: I believe this shows through in the pictures. It must because I’ve always had several people lined up to take my place. Recently one of them asked if I’d consider reducing the rent. “Well, no, because someone’s going to pay me the full $1,800. If it’s not you, it’ll be someone else.”
Pricing: This was easy because I want to cover my costs. But I do have a background in pricing!
Contract: I use a standard lease agreement with an exhibit listing everything included in the rental which is fully-furnished. I ask for an $1,800 deposit which I return barring any damage.
Customer Service: With the lease, I send a personalized welcome package with pertinent contact information, my favorite restaurants, websites to bookmark, preferred service providers, etc. I answer any phone calls or emails from my tenants immediately. I try to correct problems (dysfunctional stove, running toilet, leaky ceiling) immediately. If I fail to do so, I always offer some kind of discount.
4th set of tenants moving in soon!