Today, I can say I stand among my fellow landlords in a gloomy mood. My best tenant has moved on. The tenant that pays on time, never complains, and the one you hope will stay with you forever, but we know will leave us one day. What’s next? How do I replace the perfect tenant? Normally we are looking for a better tenant now I’m hoping to get another one half as good as our previous tenant.
The first step in replacing a great tenant is to realize you had a great tenant and unfortunately good things come to an end. Look back on your relationship and see what can be duplicated. What type of job they had? How you dealt with maintenance issues? How was the relationship so much better than your relationship with your other tenants? Basically, just step back and analyze why this relationship was so ideal for you as a landlord.
The Second step is to set up a move out plan with your previous tenants. You should want to end this relationship out on a good note. The worst scenario is to have a great relationship end with a horrible ending. This just leaves a bitter taste in your mouth that never goes away, and can even lead to a tarnished reputation.
So sit down and talk to the tenants about returning their deposit, move out dates, and if they would allow prospective renters to view the property while they are moving out. It has been my experience that 9 out of 10 times the tenant will let you show the house to prospective tenants if you are courteous to their time schedule and concerns.
A great idea is to always walk with the new clients from room or room so the previous tenant is secured and that none or their possessions are being tampered with. I also let the two talk with one another. Your previous tenant is your best sales person. The new tenant feels as if they have no reason to lie and they actually lived there, remembered they recently have rented out the place. After the showing I’ll talk to the previous tenant, tell them what I think about the prospective tenants, and schedule another appointment that fits their schedule.
The third step is to move on and market the property after the move out. Yes that means letting go of the perfect tenant. Don’t compare tenant to tenant. Your relationship with your new tenant and you is a totally new relationship. So start fresh and market for the best tenant you can find.
The fourth and final step is renting the house and handing the keys to the new tenant. Start fresh and let the next couple of months flow as they will. I noticed the next couple of months will determine if you had got a great tenant or a what have I gotten myself into tenant. Just do your due diligence and always remember if they don’t pay they don’t stay.
In conclusion, after losing your perfect tenant sit in a corner and cry a little lol. I mean let it out it feels like a break up, and in some ways it is. After you get over it, learn what you did right, duplicate it to your best ability, improve on mistakes, and keep renting and making money on the home.
As always thanks for reading and successful investing.