Who are the Folks That Makes an Ideal Tenant?

Finding the right tenant is a common challenge that most property managers encounters at one point or another in their life. The following bits and pieces of information in this article will allow you to have a better idea in picking the right or ideal tenant.

Searching for the right tenant can be simple or even a challenge sometime, but having an idea of the different types of America’s work force qualities as tenants could help you decide and screen the right and ideal tenant for your property.

So you have done your credit check with your prospective tenant ( you done it, right?) and now you’re probably wondering what part of the demographics would make an ideal tenant.

Generally there are Four (4) Population Strata or Groups where your prospective tenants will be coming from:

1. The Rich

- Generally own, not rent.

- Want homes that are too expensive.

- Will hire a lawyer to pick apart the lease.

2. The White Collar Worker-Wants To Be Rich.

- Doesn’t possess the skills for performing routine maintenance.

- Doesn’t usually have the tools.

- Wants to own and move as soon as possible.

- Subject to transfer.

3. The Poor

- 25% of population includes:

- Elderly

- Disabled

- Unmotivated Down-and-outers

- Job hoppers

- Appeal to amateur investors.

4. The Skilled Blue Collar Worker - The Ideal Tenant

Includes:

- Plumbers

- Electricians

- Truck drivers

- Factory workers

The “Skilled Blue Collar Worker” are the stable Americans who keep the country glued together.

Why Blue Collar Workers Make Better Tenants?

- Get paid for what they do.

- Used to working with their hands.

- First to get hired.

- Willing to take any job if laid off.

- More prone to provide the routine maintenance required.

- Don’t mind getting dirty.

- Getting the home they cannot afford to purchase.

- Will remain in the property longer.

The final choice in picking the ideal tenant will still up to you. Use these valuable tips for making the best choice on your next tenant screening process.

Note: Make sure that you “do not” discriminate renting to individuals because of their race, religion or gender. Additionally, the information mentioned here are merely just a guide and purely educational.

Resty Malia is a seasoned real estate investor who specialized in Home Foreclosures Investing and the owner of Buying-a-Home-Foreclosures.com

You heard a lot of reasons why not to be an active landlord when you first got into real estate investing. One of them was this: you’d never be able to take a vacation again.

Maybe now it’s been five years since you bought your first property, and you really haven’t taken a vacation in all that time. Those travel brochures look pretty inviting. Or maybe there’s an investors convention or cruise where you could relax and get new ideas about our industry.

The truth is that you can get away for a weekend or even a week, as long as you prepare ahead of time. The preparation is no different than what any other professional needs to do. Simply put, you must make sure that everyone who depends on you knows you are going away; that you have backup people in place to take care of any problems that arise while you’re gone; that you can be reached in case of an absolute, drop-dead emergency; and that you don’t have any specific project that requires your presence scheduled for the same days as your trip.

My longest ever trip was two weeks to China in January of 2005. For 14 days, I’d be literally on the other side of the world, in a country where my cell phone wouldn’t work and email would be occasional at best. I began preparing for the trip two months in advance.

Find a trusted friend

My first job was to find a friend or relative who could take on the property management while I was away. He had to meet five criteria. First, he had to be someone I utterly trusted. I could not take a chance on someone who might misbehave and cause damage to my reputation. Second, he had to be a reliable person in all respects. Third, it had to be convenient for him to take on this additional responsibility. Fourth, he had to be at least as handy as I was (not asking a lot). Fifth, he had to be willing to do it.

Remember that there is a difference between trustworthiness and reliability. My stand-in property manager would have access to the business checkbook. A trustworthy person wouldn’t take off with the money in the account. A reliable person wouldn’t leave the checkbook where somebody else could take it.

My choice for my stand-in was my brother in law Will. I asked him with more than a month remaining before the trip so that if he couldn’t or wouldn’t do it, I would have time to find somebody else. Fortunately, he agreed. We also discussed compensation at that time. It’s important to resolve this question ahead of time. I didn’t want Will to do it as a pure favor, even if he would be willing to do so. We decided on a flat fee for the two weeks and an additional fee for any visit he had to make to the properties.

If your trusted friend refuses money, you need to find some other way to show your appreciation for the big favor he’s doing. Give his family a terrific thank-you present or make a donation to charity in his name.

Let everyone know what you’re doing

My second job was to let all of my important contacts - which included all of my tenants and regular contractors and utilities - know when I would be away. I wanted their routines to stay the same as much as possible, so I told them about Will, and that he would have my cell phone and email address. I asked the tenants as a favor to not bother Will with small complaints, but to leave those for me to resolve when I returned. And I took care of any current complaints before I left. I similarly cleared up any outstanding issues or unpaid bills with my contractors and utilities and made sure they had nothing scheduled for when I was away. I made sure the utilities, in particular, knew that any bills that came in while I was gone would not be paid until I returned.

Put together your “travel kit”

My last step before the trip, done as close to my departure date as possible, was to make sure Will had everything he needed while I was gone. I gave him a package including:

• A complete set of keys for all properties, including apartment keys.
• Keys and information on any post office boxes I use.
• Enough blank, signed checks so that he could pay any bills which must be paid on the spot; for example, for emergency repairs.
• A list of all of my tenants including their addresses, phone numbers, and email addresses.
• A list of all my preferred contractors and their contact information.
• My cell phone, with charger.
• My email account address and password.
• My personal rules for contact by tenants; how often I check email and when I turn my cell phone on and off.
• A check to pay for his services.

Finally, I took him around the properties and pointed out trouble spots. We also discussed some of the procedures that might come up (for example, how to bleed air from hot water lines).

One thing to add to this list would be the rules that tenants must obey. That way, your trusted friend will know if someone’s doing something he shouldn’t. However, you don’t want your friend to have to be the enforcer. Just have him note the issues and let you know about them for later.

During and after your trip

Going to China, I really did not know when I’d be able to call back to the US or go on the Internet. Fortunately, this is a pretty rare situation. Most places where you might go on vacation, you’ll be able to connect semi-regularly. It’s clearly better to call than to email, since you can get answers right away.

Obviously there’s not much you can if you are thousands of miles away and a serious situation develops. But you might be able to give your friend some advice to help him resolve the problem, or at least make him feel better. And if the problem involves a specific complaint from a tenant, contact the tenant and let him know what you will be doing. Obviously such a problem demands your immediate attention when you get back.

When you do return home, meet your trusted friend as soon as possible to get your “travel kit” back and pay him any money he is still owed. And thank him profusely, of course. Then follow up on any situations that arose while you were away as soon as possible.

Brendan O’Brien is the founder and president of Property Master Web™ Software. He is a contributing writer to REIP The Rewards® Magazine and is an active landlord and real estate investor. O’Brien designed Property Master Web™ with a team of 26 real estate investors and professionals to create the most comprehensive property management software solution for everyone, from first time investors to multiple property mangers. In addition to software, the advisory board has written 162 Landlording Tips that are a great resource for any property manager. For more information about Property Master Web™ visit http://www.PCPropertyMaster.com

Property investment in Bulgaria becomes more and more popular among Brits and other EU countries residents. Now that Bulgaria is a member of the European union, the investment has become less risky. The property market is going up for over 4 years now, but the prices are still much lower than the average in other EU countries.
To make the best of your property investment in Bulgaria, you would need to find a reliable property management agent. The property management packages usually include 2 main scopes of services:

• Taking care of your property while you are away, incl. cleaning, laundry, payment of bills for electricity, water and telephone, payment of annual municipal and local taxes, regular inspections, etc. The prices for these packages range from 500 to 900 Euro per year, depending on the type of property and its location.
• Rent management. These services are provided for people, who are investing in “buy to let” properties (such as apartments in holiday resorts). The property management agencies organize the whole process of the renting: advertising the apartment, meeting the renters, organizing viewings, signing rent contracts, etc. The prices for this package are either percentage of the first rent (usually 50%) or percentage of each rent (usually 10 to 20%).

If you are planning to purchase a newly-built apartment in a sea or ski resort, you will also need assistance with the interior design and furnishing of your property. The property management agents might help you with that too. The prices vary depending on your requirements, but to make it suitable for renting, the repair works of a 100 sq.m flat will cost around 10,000 Euro.

Invest in apartments in Bulgaria. Profit from rents and property price increase.
http://apartments.propertyinbg.co.uk/

The slow Real Estate market has led many would be sellers to consider turning their New Tampa home into a rental unit. There are many challenges owning and managing rental homes, but before understanding all of the complexities about property management and being a landlord, finding a tenant is the first order of business. The days of placing an ad in the local paper and finding a tenant right away are gone, so knowing who is looking for a rental home and how to find them is very important.

There are all many different types of people searching for a rental home. Sometimes there seems to be as many reasons for renting as there are homes for rent. This is typically overlooked by those that had not planned on renting their home. The needs of these tenants vary significantly and one must demonstrate the ability to meet the needs of any tenant prospect in order to have them submit an application. A closer look at the types of people looking for a rental home in New Tampa will better prepare the owner for the reality of the New Tampa rental market.

Most of the tenant prospects will fit into one or more of these categories:

• Moving to the area, want to rent before buying and are real candidates to buy a home. Most state a desire to know the area prior to purchasing and many will purchase within the first year.
• Moving to area and need to rent before buying because their home is under construction. Many of these would be tenants are looking for shorter term and flexible leases where they can leave early if their home is finished.
• Moving to the area and need to rent and are not necessarily potential buyers. These tenants could stay much longer then one year if the home, community and service live up to expectations.
• Sold their home and need to rent for financial or other reasons. Sometimes owning is just too expensive and equity from the sale of a home can ease the burden of other debts. These tenants will sometimes pay as much as a years rent in advance.
• Don’t like their current New Tampa rental home and want a better place to rent. This could be an issue with their current landlord, neighbors or community.
• Need a bigger rental unit then the one they currently reside in. This could be a recent addition to the family or just natural expansion over time.
• Forced to move because Landlord sold or is planning to sell the home. This happened in many of the condo conversion projects in New Tampa the past few years.
• USF Students that need housing in the area but away from campus. New Tampa is not really in high demand for university housing due to cost, but some prefer and can afford the extra expense to live in a nice home and community.
• Separation and those in the middle of a divorce that need to stay locally. In many of these cases, the tenant prospect has not rented in years.
• Credit issues limit some tenant prospects from being able to buy. These tenants could be the type to always pay rent on time, but get carried away with other things like vehicles and credit cards.
• Temporary transplants for a local job. This is usually more common in areas with more high tech jobs, but there are still plenty coming to the area for 1 or 2 year contracts that do not want to purchase, specially in this market.
• Military transplants that are willing to commute. While MacDill is a bit of a drive for some, others are still drawn to the New Tampa community.
• Just prefer renting. There are some people out there that are fully capable and qualified to purchase, but just do not want to.

It will be important for the person responsible for finding and placing the tenant to know how to react to the needs of each tenant prospect. Remember, these are people looking for a place to call home, so any level of insecurity could cause them to go elsewhere. Many times the homeowners get to caught up in personal needs that they forget this simple fact.

It is also worth noting that some of the tenant prospects could be candidates for a rent to own or lease purchase option. Many just want to know that if they like the place, they will have the opportunity to purchase it at a later date. Granting this option is not necessary to secure the tenant, but being able to clearly identify their fears and addressing that fear will go a long way.
If you are considering turning your home into a rental, be sure to talk to a few professionals prior to placing that first ad or hiring an agent to put the listing in the MLS. New Tampa is still a market in transition and more agents are starting to look more closely at the rental market and providing tenant placement services to owners that could not sell their homes. That being said, very few tenant prospects will be found using the MLS in New Tampa, so it is important to know what other resources are available and will be used to find a tenant for your home.

Rob Duncan

Real Estate Broker / Property Manager

Rent New Tampa, Inc.

813-436-9732
info@rentnewtampa.com
The best New Tampa Property Management and New Tampa Home Rental resource.

Other articles:
Setting the Rent for a Rental Home

Although some developers and estate agents in Turkey offer after-sales services, independent companies are springing-up in the main resorts to cater for a growing demand from foreign property owners for professional management. If you are not living in Turkey a reliable management agent to check your property regularly, carry out any necessary maintenance work and look after the garden is essential, particularly if you are letting out the property.

“A good management company is of the utmost importance,” comments Heidi Yildiz, an estate agnet in Fethiye. “Not only can you be safe in the knowledge that your property is being looked after, but you don’t have to deal with all the day-to-day hassles of ownership. Also, if you are renting a seamless service is paramount.”

In an increasingly competitive market place, developers themselves are becoming more aware of the importance of after-sales services to their clients and several companies have introduced sophisticated online systems through which property owners can manage their properties, book services like airport pick-ups and even pay their bills with a credit card.

For an annual or monthly fee developers or independent management companies generally provide a weekly ‘property check and air’ service, along with additional services such as airport transfers, cleaning, laundry and welcome baskets. Most companies can also help with more unusual requests like babysitting, household shopping and help with bookings for golf, horse riding or other sporting activities and obtaining a telephone line or ADSL connection. Assistance with clearing personal belongings through Turkish customs is also sometimes available.

Find out more about buying property in Turkey. Dominic Whiting is a journalist and publisher of the Buying in Property Guides, http://www.buyinginguides.info

When we build an Internet business, we naturally wish to become a large-scale, global company. But, do you feel more comfortable in an overcrowded mall as one of hundreds of faceless customers– or as a valued guest in a cozy shop? Do you like your specific needs to be as important to a salesperson as his own?

The less business you have, the better are your chances of success. Sound unrealistic? Well, here are the facts:

The smaller your region, the better your customer service.

You probably remember surfing the net, looking at hundreds of vacation rental sites. Was destination important to you or, did it make no difference? Personally, I can’t imagine that someone would search for just some kind of property somewhere in the world.

I see a difference between Sydney and Rome and prefer sites dedicated to specific destinations. Why? That’s easy. It’s because I like the individual attention I get. If I have questions all of my questions (even about the color of the walls in the bathroom) will be answered with care and in detail. Plus, I can get information about which banks have the best exchange rates, where the best eats are and, well, about anything and everything a traveler wants to know about really.

The network does not replace live interaction.

Even the most informative web pages can not replace live interaction, when you get specific replies to your specific questions. You should read the web page to find the info you need. We all value our time and prefer to talk to a live person and get an immediate reply. Multi-user portals are simply unable to achieve that close interaction between a web site owner and web site visitors, whereas small web sites can.

As a web-site owner, you will gain negotiating skills. These will show you are trustworthy, and help you to succeed in the rental business.

Tenant details are invaluable.

If you have been in the business of leasing or renting real property for several years, you’ll have quite a database of tenant and owner contacts. Storing every detail about them can help you regain them as clients. Before the high season begins, send them a newsletter about a new option, discount or benefit for your website visitors and include a brief reference to their family. For instance, tell them how cute those twins, John and Jack, were, who ‘decorated’ your wallpaper with their creative paintings last year, or, ask about their little dog Sparky, who misused your flowerbeds and lawn.

Your tenants will appreciate your attentions and will make early reservations. You could hardly expect that at large vacation rental portals.

‘Closer’ money.

If you charge property owners for listing their properties on your small vacation rental website, it’s easier for you to collect payments from them. Local transactions are easier, faster and more secure than payments from all over the World at international vacation rental web portals.

Document your financial relationships.

Operators of large vacation rental websites have owners from different countries with different local laws, so it is hard to control all the agreements and negotiations between property owners and tenants, but a small vacation rental website dedicated to one specific country or region shows more professionalism and generates more trust if it offers rental agreements prepared on behalf of property owners and guests.

If you operate a website dedicated to one region, you can compose legal documents valid for your region and appropriate for your owners and guests. Such rental agreements should describe the most likely disputes that can arise between owner and guest: furniture and fixture damage, insurance, guest and owner responsibilities, abandonment, payment schedule, etc. People feel more comfortable when their financial arrangements are backed up by legal documentation.

The smaller your region, the more income opportunities you have.

Would you like having more happy clients, who naturally turn to positive testimonials and word-of-mouth advertising? The owners of small rental websites can cooperate with local service providers and get good commission from this cooperation. For instance, they can agree on discounts with souvenir shops and hand out discount coupons to their guests. Discount coupons issued specially for a specific villa or house work best. The same can be done with restaurants, car hire and yacht rental services, etc. This will no doubt contribute to generating interest and building trust on your vacation rental website.

VIP attitude is more important than VIP house.

Even if the house for rent is not the essence of luxury, you may win your client’s favor with your professional demeanor and attentive attitude. I have seen dozens of examples in which good attitude has compensated for the shortcomings of a property. Remember: you lease impressions, not properties.

Be Sincere.

Last but not least, the guiding principle for the owner of a vacation rental website is to really want to make people happy. Your main and sincere wish should be to make a guest’s stay as good as possible. Making a profit depends on this. You need to listen hard to what your guests are saying. Remember that when a guest rents house for his vacation, he wants a break from work and day-to-day worries. He does not want his vacation to be clouded by trivial inconveniences. Love your owners! Love your guests! Love properties!

Stacey Daniels is an advertising copyrighter and a marketing consultant of iStateSoft LLC (http://www.istatesoft.com)