Caring for Your Rental Condos

If you have purchased condos so you can become a landlord, then you need to be aware that the communities that your properties are located in have special rules and requirements that all tenants need to adhere to. Since you won't be there physically at all times to enforce these rules, you need to make sure that any tenants you end up with are extensively screened. You don't want to end up with tenants that don't have any respect for you as their landlord, for your property, or their neighbors. This could result in fines from the homeowners association in the area.

Even though the homeowners association provides some amenities such as snow removal, lawn care and some other services, you want to make sure that you are giving your tenants every reason in the world to be loyal and trustworthy. This will encourage them to pay rent on time and be pleasant to deal with. You can provide them with some additional services that are not covered by the association.

Read over your association's contract to determine where you can add a few things to help make and keep your tenants comfortable. Each association is different so the services they provide differ by property. But if you need a good idea of where to start, you can always start with providing pest removal service once or twice a year, and any time after that, your tenants are responsible for the service.

If you have tenants that you have had for a while and you are completely comfortable with them in your condos, you could provide them with the option to renovate the condos on the inside. Of course, you don't want them to do an extensive amount of renovations but if they need to have a wall removed or something, as long as they run their ideas by you and get your approval, there shouldn't be any problems. If you decide to give your long term tenants this kind of free reign, then you need to make sure that you put it in a contract so if a situation occurs where something goes wrong or not completed, you won't be stuck holding the bag.

The goal is to cater to your tenants so they will be mindful and respectful of your properties. Since there is so much instability in the economy, you want to keep any good tenants you may have. Everyone is always looking for ways they can save money and get more for their money.

The last thing you want to happen is losing your good tenants because they have found another place to live where they are getting more for their buck. One of the most prevalent factors when it comes to long-term customers and clients is loyalty. People will always do business with someone they have a good history with. As long as you are an honorable and gracious landlord, your tenants will thank you accordingly.