Treat Tenants As Treasured Customers Not As Problems How You Can Give Great Service To A Small Rental Property
One easy solution to property management is for you, the owner,
to live in one of the units. That way you can ensure that the building
and grounds are kept clean and in impeccable condition. If
you’re mechanically inclined, you can promptly repair and maintain
most things that need fixing.
In the other scenario, you own a four-unit building but do not
live in it. It would be desirable to have someone living on-site being
responsible for lost keys, showing vacancies, doing minor repairs, and
performing a host of other servicesMake one of your best tenants
responsible for overseeing the property and give them a rent reduction
as an inducement. For repair work and landscaping, you are better
off paying an outsider. It’s important that tenants have immediate
access to someone when they need assistance, like a super or a handyman.
At a minimum, you need someone on the property who will call
you, the owner, when a situation arises needing your attention..
Throughout this book, I’ve talked about the ways Trump gets premium
prices for his properties by offering impressive luxuries people aren’t used to seeing. He will only use the finest marble, and each
piece has to match. He will only use mirrored steel and it has to be
perfect. It’s one thing...
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A classic example of timing a sale was demonstrated by Leonard Kandell
who made his fortune by constructing and leasing residential
apartment buildings in New York City. Traditionally, he was a longterm
holder. However, when the idea of converting apartment buildings
into cooperative apartments beca...
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The following are examples of several strategies that successful realty
investors utilize. Some of the strategies are short term and some
are long term.This strategy is long-term in nature, because you’re investing in a
property that you intend to hold, and then either develop it some
time in the...
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Renting houses or apartments has always been a great way for realty
investors to show a good return on their investment. However, when
it comes to renting houses to tenants, there’s another potential
method one can use to earn an even greater return. You can do it by
giving a tenant an option to b...
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Sometime a piece of real estate requires a change of use to achieve a
greater value. If you have a residential building that isn’t doing well and
the zoning permits the change to office use, check it out. If it’s costeffective
based on the cost of the conversion and the increased income
from off...
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