Looking inside your tenant of the mind
Base Mind-Reading Report 101 for a room
It 'obvious, but I say anyway. The better you understand your tenants and their personal situation, the better you can serve their needs and their own. Please note that your needs come after the tenants. Semper put your tenants' needs before their own and they buy property for you in return. This is a fair trade. Take it!
Many cold heart, self-serving, money-grudging, want-be owners do not understand human nature. Let me tell you now, if you can not put yourself in another person's shoes and see a problem from that person's perspective with empathy, not miserably in the "landlording" business and in life. Wise up!
Fear not. If your not sure what I'm talking about, here come the stories and details of how to be loved and adored by those kind people called tenants.
Let me first dispel the horror stories about landlording. If you follow my advice and lessons, you should have few stories to tell of pain. You hear the stories and their sound like this: Those damn lowlife tenants. They trash in our house, they disturbed the neighbors, it ruined our lawn, were filthy pigs who never paid rent on time, have never done what we told them to do and it cost us a fortune to get rid of them and repair our investment once they finally did move.
Well, guess whose fault it is. Yes, it is completely and unequivocally the fault of the so-called person asking themselves a landlord. The real name of this type of so-called owner is fictitious and ignorant because of these lazy fools the whole industry gets a bad rap!
There is a bright side to the scenario described above and that is this: It sets up a perfect opportunity for you to do the exact opposite of the game and create for you an unlimited supply of excellent trouble-free market for tenants life!
Tenants, believe it or not, are human beings. They are not animals or things to be mistreated, abused or taken advantage of. If you rent your preparing, as if your mother was going to be moving, his mindset would be realigned in short time. In fact, you start watching from a compassionate point of view. You do not cut corners. She does not let go of things that need fixing. You can use more attention, competence and diligence in preparing that dwelling for another decent human being to begin calling home. This is what you want to achieve.
You want to make a trouble-free, pleasant, aesthetically pleasing, creature comfortable, that meet needs, safe, secure, accessible and convenient place to live. When you provide those things and screen the population, is surprising as gold.
The process to get good tenants begins in your mind. With this, it means you have to educate themselves to be able to recognize the value and acquire properties that are structurally sound, aesthetically pleasing, functional and physically provide safety, security, accessibility, comfort and a feeling of pride for your tenant of the mind.
Sounds like a job, is not it? Well it is not. In fact it is so easy to reach, once they understand the process, you will not even think about it. It is naturally to you. I promise you that this is true and I'm going to try you as well.
I am absolutely sure that you can do it. So, for now, just take my word that as a fact, because it is. Here's an example of using a motto to align your thought process in relation to all the things I just said. Repeat the following:
Owner's Creed
I will not vote for rent to someone else, something that I myself would not be happy living in.
Mansions not included!
Now that applies to all potential property that is assessed as a potential rental property investment. Human nature is immutable. We have all the basic needs, wants, desires and expectations that include fear. When you remove the fear and provide comfort and security, you own your market.
So, what first has to do before it can be a great landlord is great to find places to rent to others. I explained how to do this in a book www.magicbullets, then I will not dwell here.
The process of screening is also indicated in that book as well. I hit a couple of things that were not touched in the processes already in the main body of the book, so here are a few nuggets for you now.
The following comments are made after having already performed the formal investigation process. Let me rushing up to the day that your face to face meeting occurs with tenants who have passed your telephone interviews and managed to get an appointment with you to see your wonderful hire.
Now, here are some things that your uneducated dummy type landlords can not begin to recognize, or plan to evaluate when you appear before their very eyes.
As soon as your potential renter shows up to view the property, take note of
Time. They are on time? They can keep their promise before you? They can follow directions? If their purpose, they get lost? I am sure that you gave them a good direction, and also used as reference points churches, shops and monuments, so that you can find easily. If they can not follow simple instructions, do you think a lease agreement and those signs will be easier! No, they are more difficult to follow.
O.K. They showed up on time. This says they respect your time, are able to follow directions and are serious about finding a nice place to live. How to get there on foot, by bike, bus, taxi, truck, motorcycle or tractor-trailer? Preferably they arrived in a clean and well kept car that is in a clean condition.
Now that was driving the vehicle? In the case of a couple are both will rent or your tenant without wheels. Suppose your perspective of unity in their car. It runs fine, so you will not have cars on blocks and a yard parties for a lawn in front of six months when they buy more cheap junk to get around with.
So the car seems O.K. on the outside, but how about the inside of the machine? Do not smoke and have smashed down McDonalds bags pushed so far into the floor which now resembles a carpet? This vehicle looks like a house on wheels, with garbage bags full of clothes, a baby crying and a cat in the back window? Be careful if you see this type of spy trials. I do not think I need to paint the picture of what will result if you forget this step of investigation.
Pickup trucks with camper shells can also be loaded with Gunnels with personal effects, including small zoo animals. I encourage you to get a look back there, too!
The bottom line here is people generally treat your property the way they treat their own, if you're lucky! To see how they did with their things up to this point and choose wisely based on intuition, gut-feeling and physical evidence.
So the car is more inspection time. How are the appearances of the people? They are clean and well cared for? Does not seem to fit the profile of what we had planned to telephone interviews are or 180 degrees outside? They have successfully fooled or deceived you to believe something different up to this point? Now that appeared before you, it is patently clear that these people are artists?
If you get a sense of unease within the first few minutes of meeting these people, do not brush it off as just some crazy thoughts. What is his instinct for self-preservation and operation is better listen to it. The book, Magic Bullets will help protect you, so do not worry. Use this information to protect themselves from events leading to horror stories. Do not give it another thought. Let's get to our interview, are there?
So far in time. They have a good clean car and they appear to be honest and decent people who actually give the impression has grown over the phone. In reality, these people are much more than expected. Yes, if you will often be right that his experience and is almost a pleasure and privilege to rent to those individuals of high quality.
Have you noticed something about the process here? There was no mention of race, religion, national origin, sex, age or marital status. This is discrimination based on the federal protected human rights and is against the law to discriminate on these issues. This includes the disabled and a few other groups have ignored me.
My point is simply this: if they meet all the criteria that makes for a good quality tenant, which was ruling an excellent long-term potential tenant based on preconceived notions and that is landlording dummies in the first degree! So do not discriminate on the basis of human rights.
So many people screw this process. They also make mistakes by choosing management companies to do so highly developed intuitive type of research and planned for the event. I honestly do not know the management company that can be deepened as an owner who takes the time to protect their interests in this way.
I do not care what management companies to protest about the declaration. The fact is, you are not, so that can never find a tenant that satisfies your own personal preferences the way you can.
I like to personally screen potential tenants because in all cases, I have total control and this is what real estate is all about - control!
Think the opposite of control. This would be the stock market for the small investor. The way I see it, I do not want to be on the sidelines rooting for someone else to make money for me or, more often, hoping it will not lose, steal or mismanage my death.
By the way I approach real estate, is a guarantee of 100% every time I am going to outsmart, outwit, results, over and under deliver the promise to the point that I crush my competition. Are in a league of my own.
My tenants are the winners and they know that, too. What kind of loyalty you think is developing in the minds' of people who look to me for protection? E 'as a testimony and irrefutable, obvious, empirical fact that I have enough attention on people who have entrusted me with their welfare, their time, their money and their confidence to fulfill my promises. My tenants do not move. Or they pass away due to old age or the end to buy from me when I want to sell it. It happens like this all the time.
So think again when you hear a dummy owner talking about all the problems they had and then ask a question. Magic Bullets have read before they become an owner? E '100% sure that did not. If they had, then their tenants would have loved and paid for their property and time again, and made them rich beyond their wildest expectations ...
Snap out of it! Hey, are you with me? OK, back. Good Let's get back to reality here. What do works and the only thing on landlording I do not like is the collection of all those darned checks. I'm not kidding. Bank tellers look at you like your some sort of thief because you have so many checks for cash.
Here are a few things that you will not find out unless you have been around a while 'time but I will save you from pain to learn the hard way. Now of course you're going to do everything right, following my advice in real estate, but there are a lot of things that I do not know. Yes, I admit. I do not know everything, but I know what I'm going to say about coming and that is ... drum roll, please! Watch out for real estate investment property that comes with existing tenants! Here's why. In general, the new owner takes the property subject to existing leases and rights of the tenant or tenants. In most cases, whatever existing lease or rental agreement that has been done with the previous owner will remain in force.
What would happen if we do not consider existing tenants lease agreements? What happens if the previous owner rented a unit for his good-for-nothing, addicted brother for $ 1.00 per month for the next five years? Here is a valid lease. You can take them to court for misrepresentation, but it's going to cost you lost rent, lost sleep and maybe your safety.
In any event, which is an extreme example of an intentionally designed below-market rental lease agreement, but that illustrates my point. Here's another. Let's say you're getting a great and you buy, and discover why the owner was sold to her because it was the tenants were very difficult and had him over a barrel. And all the time who pay below-average rents and complaining about everything. Now you get and you can not increase the rent and refuse to move. Here is your lawyer eviction and have more legal fees and lost rent to boot.
My point is this: Make the seller get rid of bad tenants before closing on the deal. Making a pre-closing inspection and personally walk through the empty apartment, house, condominium, trailer or pet you. Bring extra locks or call a locksmith and changed the locks on the day before closing. An honest seller will not have a problem with that as long as the company holds the title of those keys until the check was accepted at the closing table.
The lesson here is always best to install their tenants because the control of the process from beginning to end. Do not follow a dummy landlord or by default, it could be a dummy, too!
Remember this: When you install new tenants, we are generally going to get a higher rent from the property because inflation creeps along and landlords have a hard time raising rents on people. I saw 10-15 years long-term tenants pay the same price for 15 years. You go broke if you let that happen.
Adjust rents accordingly every time you fill a vacant unit and if people want to renew their leases, then inform them of an economic reality that currently exists called inflation, and there are only keep up with it! The annual Consumer Price Index may be used as a reference. If they do not understand, and have an option that would be to go for a look similar to your rent at a lower price. If you followed my advice, this elusive low price will not be found and your tenants will be grateful to you for the hiring of such a clean place to the new price adjusted rate.
There's a lot of garbage held for rent and prices may be lower, but nobody wants to live in a pigsty with lime green Shag carpet and orange tops against Brady Bunch, where the roaches tell you what to do.
So the lesson here: Encourage balking tenants to find something comparable to your lower price. If you find it, let them go. Odds are, they will not. After all, I said, it is often impossible for the next year, if you're a hands-on owner. There is no fee of 10% for both management company. Then you can even ask 5% less than investors who use professional management to do their work. So many ways to slaughter the competition ... so little time!
Dan Auito is a dual licensed real estate agent and appraisal assistant. In addition to being a 20-year veteran of the U.S. Coast Guard, Dan has also founded a non-profit drug prevention company, a real estate consulting group and is the author of "Magic Bullets in real estate." This 300 page power-packed book (due out in late September 2004) has a website (in line at the end of September 2004) that further supports its readers. Dan lives with his wife Kimberly and their two sons, Brandon and Briana, on the Emerald Isle Kodiak Island, Alaska.
Dan may be reached at http://www.magicbullets.com Call 1 907 481-6300 or write 1619 Three Sisters Way Kodiak AK 99615
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