Posted by Chris in FL on June 13, 2011 at 10:11:55:
Todd,
Well, I am not talking about xmas gifts… That is another matter. However, I do not offer the gifts to late payors or problem residents. I don’t incentivize them to stay with me - they can leave and be replaced with model residents (please)! I take care of the residents that build my wealth and make my life easy, and glad to do so. Mr. Landlord says the average across the nation for tenants is a little over one year - my good residents are with me an average of over 5 years and climbing (not counting newly purchased properties). Most never leave unless a life situation forces them to. Plus, the majority of my residents are good. You save the money - I will stick with the anniversary gifts. All I am doing is upgrading my own properties, and as a by-product it shows my good residents that I appreciate them and want them to stay with me. As I said, I almost never get a resident that moves “because their lease is up”. People get bored with same old house, same old stuff, same old life, they want a change. Ron LeGrand says “Americans have move-itis”. You give them a little upgrade, while updating the paperwork, and they love you for it. Also, I average several calls every month from referrals, too; people wanting to rent houses from me because so-and-so told them how great it is renting from me. The gift isn’t all - it is part of my overall plan to retain the best residents. I do repairs quickly, and do them the right way. I treat residents with respect. I train them how my system works, and how I want them to be as residents. The first line on my application states “Only clean and responsible people who pay rent on time may apply (valid photo ID required)”. Set the tone - here is what I expect… Here is what you can expect. I screen for the right residents. So, how much better do you think I do than John Doe landlord who fills his house with the first person that can hand him cash? I occassionally get someone that says “I can give you deposit and first month’s rent cash now and start moving in today.” My response - we do an application, $20 application fee… I can take the deposit, and if your application is denied I will refund you the deposit in full (I have a deposit form that puts it in black and white). If you have a history of paying rent on time, and keeping a place nice, I can have you moving in within a day or two. Also, when I get an application that looks good, I ask if they can give me a deposit on the spot, to hold the home while I verify the information they gave me… I learned to “sell when they are buying”. In other words, get their deposit, and they stop looking - they won’t give it to the next guy at the next house they look at. Application doesn’t check out - or they don’t take care of their current place - refund the deposit and move on. I could go on for three days about the little tricks to being a good property manager, but you get the idea. You do what works for you - those who are sloppy at the job make it so much easier for me to be above average (and get above average results). FYI, how much do you think the average vacancy costs you (counting repairs, clean up, lost rent)? My average vacancy occurs less often, and costs me less money, because of my property management techniques. Brian Tracy 101 - “get good, get better, be the best”.
I own a couple of small apartment buildings in Williamsburg, NY that have some three bedroom apartments.
I haven’t had any vacancies for a while in these apartments because as one roommate leaves another moves in.
Does anyone know how often I should paint these apartment with the same tenants living there?
I have seen an apartment occupied by an older couple who lived there 14 years and the place looked like new. My mother lived in the same house for 2O years before she had it redecorated and the walls and carpet likewise looked like new.
So it is all according to how people take care of the place. Normally I only redecorate between tenants but if a tenant requests a paint job, and they are a good tenant and have been there more than 3 years I will go ahead and paint.
By the way I have a system that makes redecorating a breeze. All apartments and houses get the same color scheme, off white walls and ceiling white ceilings. The ceiling white really brightens up a room and it seems to hide uneven surfaces too. Also it is cheap.
On the walls right now I am using peaches and cream a light neutral color from para paints. It is a good paint and covers well and it is also cheap. It is a stock color that comes in 5 gallon pails.
For kitchens and baths I use a kitchen and bath paint.
Now I only have 3 kinds of paint and use them in all cases. This means no wasted paint because the leftover from one job starts the next job. No problem matching colors in case of a repair either and I dont have 4O cans of paint cluttering up the basements and going to waste.
The real beauty of this method shows up when someone moves out. In most cases you can ignore the ceilings and give the walls one quick coat of paint and the apartment looks brand new. You dont even have to be too careful about painting around the edges and trim because it is the same color.
In most cases it is possible to fill nail holes and small blemishes and repaint an apartment complete in one day.
Once you try this system you will never change, it is so easy to keep your apartments looking like new.
their units once every three years. Most tenants paint themselves. So, I have a tenant now that wants his apartment painted. I told him to do it himself, and I will buy the paint. He’s just annoying, he has to ask for something because he paid his rent. (yeah he is one of those guys)
DJ-nyc
I don’t paint a unit until it’s vacant. You have to do it between tenants or it shows poorly. So why spend more money painting while the tenant is still in there - you just have to do it again when they move out.
I am in Schenectady NY,no regulations,I wouldn’t want to paint an occupied unit and never have generally in between tenants when needed.If you really wanted to maybe you could paint a bedroom between roommates and get them all done eventually
Re: how often must landlord paint? - Posted by Chris in FL
Posted by Chris in FL on June 08, 2011 at 22:39:38:
Woody,
Oddly enough, when a resident moves out, even after only one or two years, most of the inside tends to require painting most of the time (I like to make them show better than the competition). However, I have many SFR with residents that have been there for 5-10 years without the inside requiring painting. Depends on the resident and the unit, but if they don’t complain, and there is no peeling paint, etc., then why repaint? One thing I like to do is, celebrate a resident’s anniversary with a gift (no reason to ask if they will move or think they might; they have a nice home and a property manager that treats them fairly and with respect)… I ask them if there is something we can do to their home so they enjoy it more… Upgrades/maintenance need to be done from time to time - why not focus on what the resident wants, and give it to them in a way that is part of a process of keeping them in the unit longer (forever is my favorite timeframe for keeping a resident)?! Personally, I do this for resident’s that make my life easier - pay on time, and take care of the home… As for those that I have to “chase” for rent, or that create other headaches for me, not going to offer extras to keep them around. Don’t really mind if they decide to move. That is easy for SFR - where residents don’t know or see each other… Might be tougher in apartments, where residents talk about what is going on… But perhaps if it a written policy so it is adminstered without ‘favorites’ - pay rent on time, and less than X number of calls to property manager per year, and you get choice of these five upgrades? Something like that. I have done as little as a ceiling fan, to a new appliance, wood laminate flooring, new doorknobs and deadbolts, adding a screen door… My tentative gauges on whether to do a requested upgrade: is it worth this much to keep this resident/should it really be done anyhow/if it is too much, can I do a partial this year and more next year (floor coverings)/if it is unrealistic, can I do something less and still make the resident happy? Also, if money is tight, I give a list of choices that I can afford. Just a few thoughts on painting apartments with residents living there.
Re: how often must landlord paint? - Posted by Chris in FL
Posted by Chris in FL on June 10, 2011 at 01:12:12:
Woody,
More than just treat them well… Design what you do to entice them to stay forever, without ever creating the thought “should I consider moving”. Straight from Mr. Landlord Jeffrey Taylor - don’t ask if they want to renew their lease or not - just ask them what gift they want for their anniversary, as they sign their new/updated lease agreement. Treat anniversary like a formality with a bonus, rather than a decision of whether to renew or not. Totally different mindset created in the resident when you handle it that way. I can’t recall a resident ever leaving my places because “our lease is up; time to move”. Mine only leave because of life changes, and then mostly no longer being able to afford the rent (job loss, etc.).
Re: how often must landlord paint? - Posted by Kristine-CA
Posted by Kristine-CA on June 10, 2011 at 01:28:32:
I saw Jeffrey Taylor speak at a CREonline conference in…2003? To
this day, I remember that he used the term “client” or “customer”
instead of tenants. And that he considered tenants an integral partner
to his business. I remember that, and where he said he knew he didn’t
look like your average landlord…where he said that he was taller than
your your average landlord.
Re: how often must landlord paint? - Posted by Chris in FL
Posted by Chris in FL on June 10, 2011 at 10:04:09:
I have a Ron LeGrand CD with Jeffrey Taylor, and he uses the terms property manager and residents. I absolutely agree with him - tenant and landlord create negative images, and my residents are a tremendous boost to my wealth building strategy - I couldn’t do it without them! Good residents are better than money in the bank. The idea is always win-win… They get a good home, fair price, and a property manager that treats them right. I get residents who pay on time, keep up my house, and stay for a long time. I also like his idea of an anniversary (a celebration of our time together) gift, and I say something like, “let’s get together so you can pick an anniversary gift, and we can update the paperwork”, without ever asking “do you plan on renewing your lease?” I just expect them to stay until there is a reason why they are no longer able to. There are so many little things that we can get in the habit of doing, as property managers, that make it easy to get above average results - make the house nice and clean, do a good job of screening applicants, never move somebody in without a full deposit and first month’s rent, etc. Here is a slam dunk for getting people that will keep your house nice - go by when they are not expecting you and see how your leading applicant keeps their current residence… Whatever it looks like, that is what your place will look like in one year. Almost fool proof - even when neat, clean, decent residents leave, I come out okay. The house requires little money to get it looking the way I want it, I have their deposit to cover any damages or lost rent, and I get a deposit plus first month’s rent from the new residents moving in behind them. Also, often I put out my signs and start showing the house before they are gone, and if I get lucky I move someone in as soon as it is vacated. Hope this helps some of you as much as it has helped me over the years!
I used to be a landlord because it suited me financially. However, back in the 90’s I realized my county needed decent affordable housing, so I changed my focus & properties to meet that need. I bought a MHP & some L/Hs & started catering to lower-income families. I find it extremely frustrating w/some tenants, & extremely rewarding overall. I know my humble homes are the best my families can afford, so I make them as nice as possible & am responsive about repairs. Tenants get a box of chocolates at Christmas, & for most that is all they receive from anyone. I provide school supplies for all the children in the fall, & a personal gift for each at Christmas. No child in one of my homes is going to go without Christmas. I have one long-term tenant who has been (after a year or two of a rocky adjustment when I purchased the park) so good about paying that I reduced his rent $5 & last year gave him a Lowe’s gift certificate for Christmas (win-win, 'cause I’m sure he used it to improve my trailer). Those tenants who pay 3 days early receive a $5 “Early Bird” gift certificate to Target or Walmart. I also buy baby gifts, & both new & used children’s clothing for struggling parents. I’ve written letters to judges for even former tenants who were getting a raw deal, & I’ve even shown up in court in support. I do think it helps when tenants know I’m not their enemy. Note that this doesn’t work w/everyone, & there are still those who hate me because I fight them when they move in dogs or relatives. I don’t know for certain that my landlording practices save me money, & I still sometimes have disaster tenants, but I also have tenants who return to me when their move ups don’t work out & who refer prospects to me. If what I do doesn’t make tenants happy that’s ok, because it makes me happy.
BTW, I know for certain that the extra boxes of chocolates I buy for my repair folks & others in the community DO help me. I have no problems getting repairs & inspections lickity-split, even on the weekends when necessary, & no one avoids me when I come calling on a county office. The off-the-record free advice I’ve received has been priceless.
I gave up the anniversary and xmas gifts. I found them to be an unnecessary expense and never really did anything to solidy or improve my relationships with tenants. Late rent still came in late after giving a gift, most never thanked me for any of the gifts. Now I save $100 a year by not doing gifts.
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