Written by Kory MacKinnon
There is no such thing as a bad tenant. It’s true if you think about it! Just a landlord with poor systems and knowledge. A landlord that didn’t take the time to educate themselves or learn from the best in the industry so that they could avoid those potential nightmare situations.
With stronger check lists, forms and templates a landlord is much better equipped to focus on selecting the Right group of tenants for the unit and taking the guess work out of the process along the way. Wash, Rinse and Repeat. Keep your mental “RAM” available for that important process!
If all your properties were empty, “Property Management” would be Easy! (albeit unprofitable)
All there would be to managing them would be securing the exterior and making sure the mechanicals were functioning properly. Once you put a person, or a group of people into a property, now you’re bringing in the human component – “People Management” which can be a total wild card even if the tenants are great “on paper”. A landlord needs to have strong communication in place to nurture that relationship AND strong systems in place in order to have a fighting chance of coming out on top when it comes to managing everything.
And how do you build those firm yet fair working relationships with your tenants if you are always getting thrown in reactive mode with repairs and other issues that rack up exponentially the more doors you own?
It really helps to have a great “Hub”, “Brain” or “Base” to your operation. A building is only as strong as its foundation, and the same is true with a business. A business needs a strong “Base” of operations to keep things running smoothly. Real Estate Investing is no different!
This is why it’s so important to use a “Hub” for everything such as Control Your Property. It will free up the amount of paper required for your Real Estate Business, make it easier to manage the communication flow so you can focus on what you need to be doing to be a successful Real Estate Investor – strengthen those relationships with your tenants so they refer other great tenants, or better yet, go out and spend your spare time and energy finding more deals to cashflow for long term wealth.
So, don’t set yourself up for failure. Get a strong base in place from day one. Invest in systems and tools like the truly successful do – and Remember People don’t fail. People without Systems fail!