I have personally been a landlord for over 5 years. I understand the needs of a landlord. I have been lucky so far working with all my tenants. I want to share a few tips on helping you with being one. I learned these over the years.
Plus I want to help you find great tenants for your investment property. Let me work with you on getting those folks in the door. I can provide my experience to help you understand how I find good folks, and manage the property.
So call me when your ready to find a renter. Or email to start the conversation. I have much to offer you in service.
Thank you
Carl Arriaza
Four Daughters Real Estate
224.565.8784
1. Always run a credit check. Or have your leasing agent run that for you. For our clients, we always run the credit checks for prospective tenants. We can run criminal background checks also.
2. Always check employment. I would also say, do not use the number they gave you on the app. Look up the main number for the company on line, and find the phone tree to get to HR. Right away you can tell something is fishy if you go this route. For our clients, we always check employment history.
3. If someone says they are a nurse, or some type of certified professional, ask them to see their license or certification. We always ask to see such when possible. Most folks are proud of their accomplishments, so they will show it.
4. Also, always write up a letter with your contact information, and where/when to send the rent check too. Also provide them with any information they need for utilities.
5. I always like to tell clients to meet with the prospective tenant, and if that is not possible, make a phone interview. I always like to ask them what they like to do in their spare time. Most folks will tell ya. Plus you have to be I comfortable dealing with them. Its stressful enough being a landlord.
6. If you plan on accepting section 8 vouchers, remember it is illegal for the tenant to pay you any difference. What you get from the voucher is all you can expect. I know some folks say they will pay the difference on what market rents are, but do not depend on them to do such. If they do not cover the spread, there is not much you can do.
7. Always give 24 hour notice if you can before entering the unit. Speak to the tenant personally. If they do not answer, try not to worry. I also am a big fan of texting with the info to their cell. If you do that route, make sure they call you back.
8. Cleaner the better. Touch up the paint, clean the basebords, kitchen, bathrooms. Dirty places do not rent fast. Clean windows make such a difference. Have a plan to clean them between each tenant.
9. Consider going to a locksmith, and getting “do not duplicate” keys for the tenants. Cost is usually around $3-5 per key. This saves you time, and no worries about them making copies. No place will copy them. Also consider writing in a key deposit into the lease also. I am a fan of putting in $60 charge for non-returned keys on the security deposit. In Chicago you can charge up to $300 for a key deposit. If you have to change locks each time, it costs you time and money. If they have to pay, you will get them back at the end of the lease. If they need a extra key, collect a extra deposit from them.
10. I am a big fan of having tenants reporting issues via email. This gives you a exact idea on what is needed, more important a time stamp on when it was reported. In case you run into a diffcult tenant, you can use the email as evidence if it comes down to it.
Well just a few tips I have gained over the years in the landlord/investor business. Also, consider working with me on helping you find a great tenant. I like to compete for you business. I always work with my clients on sharing my knowledge of the rental business, and finding them great tenants.
Thank you
Carl Arriaza
Four Daughters
224.565.8784
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