WIIRE 042: Managing and Training Your Tenants: Tips and Strategies

Hi, friends! We hope you are ready for some of the best tips and strategies we have for managing and ‘training’ your tenants. This week, we’re diving into red flags to watch out for when it comes to new/potential tenants (and inherited tenants!), and sharing with you some of the ways we have ‘trained’ our tenants to shift them onto our property management software and follow basic rental procedures. Let’s dive in!
 

Red Flags

• Sob story tenants
• Wants to  pay multiple months of rent at a time/upfront
• Carries ‘cash in hand’ the day they tour the unit to rent ASAP
• Has no rental history
• Bad credit score (medical bills excluded)
• Someone that just seems ‘off’ on Facebook

While some of these may be case by case, you need to learn to use your best judgement and truly go with your gut. Some of those sob stories may be completely true and someone may have simply had a run of bad luck, but in our experience this is rarely the case in those instances. 

(Bonus! If you have a tenant who needs to better their credit store, TenantCloud offers rent recording to help bump credit and this offers both owners and tenants win-win!)
 

Managing & Training Your Tenants

Training isn’t just for your property management and staff - but can also be used to get tenants all on the same page as well! Here are some of the situations where you can manage and train your tenants:

• Paying rent in person; instead transition them to online payments on TenantCloud or directly deposit to your bank
• Setting tenant communication boundaries
• Creating expectations for maintenance requests
• Outline rules and regulations in your lease (+ enforcing them!)
• Enforce late fees/rent payment due dates (TenantCloud makes this one super easy by automatically applying them to late payments!)
• Once an eviction notice has been posted any and all communication should be in writing
• Stick to your eviction notice policy!

Our final piece of advice this week is to treat your business like a business by creating and sticking to your boundaries!

 We will catch you in the next episode!

 

Resources:

• Use TenantCloud for your REI business
• Grab your Early Bird tickets to join us at our WIIRE Virtual Summit May 17 & 18
• Leave us a review on Apple Podcasts
• Leave us a review on Spotify
• Join our private Facebook Community
• Connect with us on Instagram