For the last 5 years, I have heavily invested in Coaching for myself. Whether it be a life coach to help me seek clarity on my purpose and living a more full filled life to a more specific business coach to help me implement practices to grow my business – these people have been an integral part of my development.
The way I think of it is why try and learn everything yourself – when there are people out there who have already done things and can help teach and coach you through the processes.
Now things have come full circle and I am able to provide coaching to my clients. My entire business philosophy stems from the “If we can do it, so can you” model where we lead by example and show people practical strategies as experienced real estate investors.
In the past week I have been dealing with some real estate professionals who don’t’ embody the same level of customer service and integrity that I believe is so important in this industry. And it can be extremely frustrating.
The same goes for landlords – this week we did a reference check for a tenant (whom we later founds out had TONS of holes in their story) and the landlord on the other end gave a glowing reference (In fact the reference was so glowing that it made me a bit uncomfortable!) He basically lied!
I understand the conundrum landlords face with reference checks – we had a huge issue a while ago where we gave an honest reference for a tenant and the landlord decided not to rent to her.
Not only that, he went on to tell her that the reason was that her previous landlord had given her an awful reference.
You can imagine that she was pretty angry – she stayed in the home after her move out date and we had to go through an eviction process. She also left the unit in pretty rough shape and we had to pay for some repairs and clean up.
It goes back to the whole integrity and professionalism point I made earlier – that landlord didn’t have to divulge that information. He could have simply indicated that he went with another candidate. My giving him that information was for his benefit – and really, at the end of the day he screwed me!
Tenants are challenging but the most integral part of any successful real estate investment business.
Providing excellent customer service to them will ensure you have a growing and fruitful business.
But finding the right tenants is the very first step in this process. Here are my top 3 tips for finding and keeping amazing tenants.
- Post amazing ads with AWESOME pictures – I look at renting a property very much like the sale of a property. Someone has to feel like this will be their home. High quality photos and staging items along with welcoming air fresheners make the world of a difference.
- SCREEN SCREEN SCREEN. Check and double check. Don’t’ feel bad about asking for tons of documentation. Have you applied for a mortgage lately – how many things are you asked for. From pay stubs to bank statements, they want to see your entire life on paper. The same goes for a renter – you want to know everything about them. Lately we have been using a great program called naborly. I urge you to use it, it is worth the $30!
- Follow through on your promises – make sure you let your tenants know you care. I do a move in inspection along with annual inspections of my properties (sometimes even every 6 months). If tenants call about legitimate maintenance issues, I make it a priority to communicate with them and get things resolved as soon a possible.
We have 1-888 number that is redirected to us during certain business hours and after hours for emergencies. At the end of the day your tenants need to know you care in order for them to care.
Provide exceptional customer service in everything you do. Whether it is your clients (who are in this case your tenants) or other people within the industry, I promise you this is the key to getting results.
So until next time, happy Canadian Real Estate Investing.
Jose Jafferji, REIA
Your Real Estate Investment Advisor, Coach & Realtor