Expert Advice at a Glance from Brenton Hayden, President of Renters Warehouse: How to be a Good Landlord
Brenton Hayden is the president and owner of Renters Warehouse, a soon-to-be franchised property management co. in MN and AZ. He has created a series of 10 easily understood lists related to residential real estate for property management companies, landlords, and tenants.
Minneapolis, MN, June 09, 2010 --(PR.com)-- Brenton Hayden is the owner of Renters Warehouse, a soon-to-be franchised property management co. in MN and AZ. He has created a series of 10 easily understood lists of expert advice related to residential real estate, guidance for renters, and counsel for landlords. His expertise stems from his experience as president of Renters Warehouse, owner of their new sister residential real estate company Pink Blue, and as owner and producer of a morning real estate advice show on a.m. 1280 WWTC the patriot. Brenton also special guest hosts on AM 1500 ESPN radio Sundays from 7am to 8am.
Renters Warehouse is unique in that Brenton has created a niche market for the organization with unintentional landlords. 60% of the business is traditional property management for real estate investors and companies, however 40% is "unintentional landlords". For people who are struggling during this tough economy to stay in their homes, Renters Warehouse services helps them keep their homes, rent them and create rental income thus reducing much of the stress that comes along with being a landlord.
How to be a good landlord:
1. Take the time to get to know residents. (Note: did not call them tenants). Find out what they do, what they enjoy, know their pet’s and kid’s names. This goes a long way to form a working relationship.
2. Be a good communicator. Quick to respond also is important. No one wants to wait a week to hear back from the landlord regarding the no hot water issue. Act quickly to remedy any issues and communicate well along the way.
3. Treat your residents with respect. Many landlords think less of their residents because they are renters. Don’t be condescending and demeaning. Treat residents as equals.
4. Offer convenient methods for residents to pay rent. Many banks have ACH programs or bill pay programs. Make sure the resident knows who to pay and when to pay without confusion.
5. Don't be cheap when fixing an issue, fix it right. Don't skimp, find the appropriate parts and replace items with same or similar models. If residents understand that their landlord cares about the property, in turn they will too.
6. Invoice residents for their rent. Not many people do this, but this is a quick and polite way to remind residents to pay rent on time. Send them a monthly bill 7-10 days before rent is due. This will help remind them to pay and in turn landlords receive rent in a timely manner.
7. Send a birthday card to residents, and send a thank you card when a resident does a good deed. Feeling appreciated can lead to a long term and happy tenant.
8. Don't make unexpected visits to the property. Always call in advance and give proper notice when planning to visit the property.
9. When a resident moves in, do a move in worksheet together to document any issues at the time of move in. This greatly reduces or eliminates confusion.
10. Offer a reward program for paying the rent early, not just on time. Many landlords have adopted the policy of reducing the rent by $25 for paying prior to the due date, rather than on or shortly after. For example, if a resident pays on the 29th and rent is due on the following 1st, he/she would receive a $25 discount on the rent.
Watch for Brenton's other lists of expert advice. The hot topics covered in the Expert Advice At A Glance series include:
- 10 Tips for being an Absentee Landlord
- 12 Reasons to Hire a Property Management Company
- How to Collect on Bad Checks
- How to Avoid Late Rent Payments
- 10 Reasons Not to Sell
- How to Be a Good Landlord
- How to Be a Good Renter
- Top Tools that Support You as a Landlord
Visit www.renterswarehouse.com to learn more about the company and Brenton Hayden.
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Renters Warehouse is unique in that Brenton has created a niche market for the organization with unintentional landlords. 60% of the business is traditional property management for real estate investors and companies, however 40% is "unintentional landlords". For people who are struggling during this tough economy to stay in their homes, Renters Warehouse services helps them keep their homes, rent them and create rental income thus reducing much of the stress that comes along with being a landlord.
How to be a good landlord:
1. Take the time to get to know residents. (Note: did not call them tenants). Find out what they do, what they enjoy, know their pet’s and kid’s names. This goes a long way to form a working relationship.
2. Be a good communicator. Quick to respond also is important. No one wants to wait a week to hear back from the landlord regarding the no hot water issue. Act quickly to remedy any issues and communicate well along the way.
3. Treat your residents with respect. Many landlords think less of their residents because they are renters. Don’t be condescending and demeaning. Treat residents as equals.
4. Offer convenient methods for residents to pay rent. Many banks have ACH programs or bill pay programs. Make sure the resident knows who to pay and when to pay without confusion.
5. Don't be cheap when fixing an issue, fix it right. Don't skimp, find the appropriate parts and replace items with same or similar models. If residents understand that their landlord cares about the property, in turn they will too.
6. Invoice residents for their rent. Not many people do this, but this is a quick and polite way to remind residents to pay rent on time. Send them a monthly bill 7-10 days before rent is due. This will help remind them to pay and in turn landlords receive rent in a timely manner.
7. Send a birthday card to residents, and send a thank you card when a resident does a good deed. Feeling appreciated can lead to a long term and happy tenant.
8. Don't make unexpected visits to the property. Always call in advance and give proper notice when planning to visit the property.
9. When a resident moves in, do a move in worksheet together to document any issues at the time of move in. This greatly reduces or eliminates confusion.
10. Offer a reward program for paying the rent early, not just on time. Many landlords have adopted the policy of reducing the rent by $25 for paying prior to the due date, rather than on or shortly after. For example, if a resident pays on the 29th and rent is due on the following 1st, he/she would receive a $25 discount on the rent.
Watch for Brenton's other lists of expert advice. The hot topics covered in the Expert Advice At A Glance series include:
- 10 Tips for being an Absentee Landlord
- 12 Reasons to Hire a Property Management Company
- How to Collect on Bad Checks
- How to Avoid Late Rent Payments
- 10 Reasons Not to Sell
- How to Be a Good Landlord
- How to Be a Good Renter
- Top Tools that Support You as a Landlord
Visit www.renterswarehouse.com to learn more about the company and Brenton Hayden.
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Contact
Renters Warehouse
Krista Varley
(952) 470-8888
www.renterswarehouse.com
Krista's phone number: 612-877-4500
Krista Varley
(952) 470-8888
www.renterswarehouse.com
Krista's phone number: 612-877-4500
Contact
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