Wellington Property Investors’ Association recently had experienced investors come and talk to their meetings every Monday during May. The plan was to reveal different investing strategies that work for investors and the plusses and minuses of these. However, the unintentional but recurring theme throughout all the talks was the importance of getting good tenants. Every single speaker mentioned just how vital this was to their success. Many had developed robust strategies for choosing great tenants, often refined from making plenty of mistakes! One warned about the perils of renting to family members. Another found they had a brothel in their property, and a whole heap of unauthorized renovations. Another had a tenant who infested the entire 11 room property with bedbugs. Funny stories in hindsight, but all experienced their fair share of stress when it was going on. It is often easy to give up and sell when a bad tenancy situation arises. And many a landlord has used the old ‘house is going on the market, you’ll have to leave’ excuse to avoid confronting a less than perfect tenant. Sadly, the market is not always kind to them, and their investment experience dints their confidence and their bank account. I know several people who have sold properties for less than they paid for them just because they wanted the pain to end.
A bad tenant is a hiccough in your investment journey, it doesn’t need to be the end. One bad tenant is an education and a valuable experience. Two bad tenants, and you should consider doing things differently. Three or more bad tenants? For goodness sakes, improve your property (get advice on the top priorities) and get a competent property manager looking after it lickety-split. Clearly you are not cut out to pick tenants yourself. Can’t afford a property manager? Really? How much does sorting things out after bad tenants cost you? What damage was done to the property and your psyche? What is the value of peace of mind?
A number of our clients comment that our service is actually free for them, because things go so much more smoothly, they get better rent, the property is filled faster, and they get time with their families again. One even credited us with saving their marriage. We didn’t know we had, but nice to be able to help.
So if you have a bad tenant that is putting you under stress, don’t give up, get help. Rental Results, that’s what we do.
A bad tenant is a hiccough in your investment journey, it doesn’t need to be the end. One bad tenant is an education and a valuable experience. Two bad tenants, and you should consider doing things differently. Three or more bad tenants? For goodness sakes, improve your property (get advice on the top priorities) and get a competent property manager looking after it lickety-split. Clearly you are not cut out to pick tenants yourself. Can’t afford a property manager? Really? How much does sorting things out after bad tenants cost you? What damage was done to the property and your psyche? What is the value of peace of mind?
A number of our clients comment that our service is actually free for them, because things go so much more smoothly, they get better rent, the property is filled faster, and they get time with their families again. One even credited us with saving their marriage. We didn’t know we had, but nice to be able to help.
So if you have a bad tenant that is putting you under stress, don’t give up, get help. Rental Results, that’s what we do.
