Tenants Archives | Pyramis Company

Tenants

Quality tenants are one of the keys to our success and we want our tenants to be well-informed. Simply paying rent isn’t where their responsibility stops. They should be helping to take care of the home they’re renting, too. We have a lot of good material for tenants regarding safety, tips, and relocation. When it’s time for them to move, we want that to be as painless as possible.

What Makes a Good Tenant

You can have the greatest property in the world, with awe-inspiring construction and an incredible vista view in the middle of the hippest neighborhood in town; as a place to rent, it’s worth nothing if your tenants aren’t great. Good tenants are hard to find; there’s a lot of different qualities that make someone a good tenant, and after a string of bad ones you might start to wonder if there’s anyone who respects their own home anymore. Fret not; they exist, and they can be found.

 

Good tenants pay on time. They have a good credit score, so you know they’re accustomed to paying bills and credit cards promptly. Good advice for tenants and landlords is that no more than 30% of monthly income should go towards rent; a larger percentage will mean that when disaster strikes, there might not be enough of the budget left to go to making your rent payments. It’s wise to ask for a pay stub and investigate your potential tenant’s work history; if the money looks inconsistent, or their work history looks spotty, it could be worth taking a pass.

 

The best tenants communicate. When a tenant acts shy or nervous during a meeting, or as though they have something to hide, they might not be the best person for your space. When there’s a water leak or any other signs of a problem, you need your tenants to communicate with you immediately, lest the issue develop into something more serious. You’ll also want honest tenants who will communicate their intent: Do they plan on renewing the lease? Have they run into financial difficulties? Are they keeping their place clean? Dishonest answers to these questions can create painful headaches for you down the line, so a good tenant should be good at communication.

 

Responsibility is a key tenet of a good tenant. This ties into their work history; you want someone who has worked consistently and paid their bills on time, not just because it makes it more likely that they’ll pay rent, but because it makes it more likely that they’ll take care of their space. Conscientious folk are concerned about their social appearance; they see their own space as a reflection of their inner self, and so will keep it clean and tidy. Responsible citizens are also more likely to look after their neighbors, helping the elderly and infirm and respecting common spaces.

 

It can be difficult to find the perfect tenant, that kind, responsible, communicative, well-paid, high credit score individual who is every landlord’s dream. There are tells for tenant dishonesty, signs that the relationship might not work out that you can pick up early; it’s important to trust your gut, and if a tenant doesn’t feel right, to wait for a better one. Sometimes this game of seeing tenants, feeling them out, rejecting them and finding another can feel like a slog; especially if you’re not getting as many responses as you would like! Commercial property management services can help you find the perfect business tenants, and residential services can help you find renters looking for a home.

 


 

The Advantages and Disadvantages of Allowing Pets On Your Rental Property

Pets are a lot of fun, and more and more people consider them a part of the family. There are tenants who would never move into a place that doesn’t allow pets; to them, it would be like moving somewhere that doesn’t allow children, a non-negotiable part of their considerations when they choose a place to live. For landlords, it’s a tricky topic; there are several pros and cons to consider when contemplating opening your property to those with furry friends.

 

Advantages

 

Market share is the biggest advantage to allowing pets on the premises. A survey conducted by the pet industry estimates that 68% of US households own a pet; when you don’t allow pets on your property, you’re missing out on a massive share of the market. Advertising a pet-friendly property near dog parks, or featuring pet-friendly amenities can attract a large number of potential tenants to your spot.

 

Allowing pets can help retention, too; pets are extremely popular with millennials, who tend to think of their animals as a part of the family. Among this demographic, 45% of those who don’t currently have a pet say they would like one in the future; a large number of these may simply be dwelling in pet-unfriendly spaces and could be looking to move to a place that can accommodate a furry friend. When your space isn’t pet-friendly, such tenants may move away simply because they want a dog.

 

Pet owners trend on the responsible side, as well. Though there’s less responsibility entwined with pet ownership than there is with, say, parenting, a tenant with pets has a life they’re responsible for feeding, grooming, and taking care of. Responsible pet ownership means you need to get a consistent paycheque, have sufficient savings in case of emergency, and a schedule so you can look after your furry friend; responsibility in one domain often translates to others, so pet owners are a good bet.

 

Disadvantages

 

There are downsides to allowing pets on your property. The most obvious one is that they make a mess; shedding fur, scratches on hardwood and other pet-related problems can plague homeowners. You can alleviate this by increasing the amount of the damage deductible in pet-friendly spaces, so you’ll have the extra cash you need in case something goes awry.

 

Nuisance to other residents is the other big disadvantage, and it comes in two forms. The first is allergies; in a space filled with dogs and cats, living with allergies becomes untenable. If most places in your area are pet-friendly, you can pivot and not allow pets to attract this demographic; you will, however, miss out on other opportunities.

 

The second major problem is aggressive pets; it’s a good idea to have someone meet the animals of your potential tenants before they move in, to ensure that they’re well behaved and lack any aggressive tendencies.

 

When you’re not sure whether or not to allow pets, contact us; we have over 30 years experience working with property management, so we know where pet-friendly sells, what demographic it attracts, and whether or not it can work for your space.

 

 

 


 

How To Attract Millennials to Your Rental Property

“Millennials” seems almost as much a buzzword as it is a generation. This demographic, born between the early 1980s and the mid-1990s, is a prime target for landlords; given that they make up 25% of the US population, you’ll want a piece of the millennial pie. Many millennials are still 20-somethings entering into their early 30s; this age group has always been a prime target for renting, as they complete school, move up the ladder of their professional and accumulate enough wealth to buy a home.

 

Millennials aren’t just here for the short-term, though. Due to the Great Recession, many of them took years off so they could afford school, or as a result of a poor jobs market. They haven’t yet acquired the reserve of wealth or experience that comes with being a homeowner, so they’re likely to continue renting for some time as they progress in their personal and professional development. Additionally, millennials tend to be more experience-driven than possession-driven; they’ll be willing to rent instead of purchasing a home so they can use their reserve of funds for things they want to do instead of things they want to keep.

 

Millennials are the first generation to have been fully submerged in our digital ecosphere from a young age; as a landlord, you must understand the importance of posting online in order to attract them. Post walkthroughs of your property online so they can have a feel for the place without ever setting foot in the door; make it possible to apply online, and consider community message boards for your properties so residents can discuss issues of importance to them. Email correspondence, automatic and digital rent payment and technologically-friendly, Internet ready properties are all key.

 

Neighborhoods are incredibly important to this demographic; being experience-driven means they tend to prefer hip neighborhoods close to the center of the city. Advertise the best restaurants, bars, and other nightlife in the area. A mix of economic setbacks and profound concern for the environment has caused millennials to be avid users of active transportation; advertising walking and cycling lanes, as well as public transit, can be enormously useful.

 

Pets are a huge part of the lives of many millennials; the cohort tends to love terms like “fur baby” and “furry family” and most will not rent from you if you don’t allow pets. To them, a pet is an integral part of the family unit; they value them for their companionship more than as beasts of burden. This ties into advertising the neighborhood; if there’s a lot of pet-friendly parks and shops nearby, you can attract more young folks.

 

Choosing the right property managers is key to attracting millennials. They want everything to be automated, digital contracts, well-kept properties, and neighborhoods filled with amenities, and they want to know about all of these features without having to step foot outside their doors. Advertising your property properly to this demographic can be tricky, so put your faith in the experts!

 


 

Helping New Tenants Feel at Home

 

When someone rents your property, they’re getting much more than a place to lay their head at night; they’re getting a place to live. A place to thrive, to grow, a place that will adapt with them as they change and develop; a home. Home is a reflection of who we are; it is filled with the memories and moments that we’ve cherished so much we want to remember them every single day. A home is a place you treat with respect; because it’s a reflection of you, you’ll keep your home clean, and you won’t want to leave. This is a key quality you want your tenants’ space to develop; the more the place feels like home to them, the easier your life will be.

 

There’s a number of methods you can use to make your new tenants feel at home. The first is to have a personal introduction; be there on move-in day, shake hands, and address any questions they might have. Doing this cements the idea that you’ll be available should they need anything, which can go a long way towards increasing their comfort. When you meet them, it can be a good idea to accommodate them with several different items to ease their transition.

 

The first thing on your list of things to give new tenants is an information package. This should be a well-organized package including essential information for the tenant; a copy of the contract can be included in this package. A map including key points of interests (grocers, gas stations, restaurants and the like) is nice, and you can include your own favorite spots for a personalized touch. Contact information for maintenance and emergency, the location and standards-of-use for trash disposal, parking, laundry, and mailboxes as well as how they will pay rent are all useful. Any information you find pertinent can be included here; you may opt to direct tenants to a customer portal. Reputable property management companies often run such online portals for customer convenience, so they can view the status of their rent payments as well as catch up on notices about the properties.

 

Gift baskets are an incredible way of making your tenants feel at home immediately. Theming your basket to make it new tenant friendly is a wonderful method: you can include new shower curtains, prepaid laundry cards (if you don’t have in-suite laundry) and other amenities you need when you first move into a place. Gift cards to restaurants and shops in the area are a great way of encouraging your tenants to explore their new neighborhood, and you can even add locally-crafted items to pique their interest. Knowing your new tenants can be quite helpful for creating the basket; if you know they have pets, for example, you can include treats for their furry friends; a bit of knowledge about their hobbies can also help you customize the basket and make them feel appreciated and welcome.

 


 

How to Attract 55+ Tenants

 

Choosing the right tenants is a key element of landlording; it’s important to get dwellers who will pay rent on time, keep quiet and clean, and report any problems they find with the building or other tenants in a timely manner. The 55+ demographic is attractive because they tend to follow rules, pay on time and act kindly towards other tenants; they’ve often experienced owning a home, and their finances are likely in order, so prompt payment of rent is to be expected. The demographic is growing, too; the Baby Boomers are all entering into this phase of their life, so attracting them to your property is an excellent idea.

 

Age may just be a number, but it can have profound effects on your mobility; most people within this demographic will want a property that’s easy to access and navigate. Flat, level and close are all keys here; avoid raised patios, offer ground floor units, and keep steps to a minimum. Upkeep of the grounds is key; debris, unlevel concrete, and other obstacles can cause real headaches for seniors. Consider installing a ramp for those with mobility issues; it can help you attract a large number of clients who would have trouble staying elsewhere. Other ways of attracting those with limited mobility include a minor bathroom renovation; the installation of grab bars and walk-in showers can be make or break for potential tenants.

 

Folks who are in retirement don’t often want a lot of extra work; providing as many services as possible with little hassle is optimal. Consider all-inclusive rent for this demographic; few bills make it easier to handle finances, and a set monthly rent alleviates fears of running over-budget. Including luxuries like cable and internet in the monthly amount can incentivize buyers who don’t want to have to worry about negotiating new contracts with service providers.

 

Creating a place of luxury is important for attracting Baby Boomers; they’ve worked hard to earn what they have in life, and if they’re downsizing they don’t want to throw away their creature comforts. High-end appliances, quality fixtures, and hardwood flooring all serve well here. Spaces with multiple bedrooms are a good idea; even if your tenants are a married couple with no kids, it’s likely they’ll want to host gatherings for their friends and family. To this same point, having a clubhouse or other large, central gathering point they can schedule to host events is an excellent amenity.

 

There’s myriad touches you can use to bring the senior demographic to your door; remember that not all homes are suited to all people, so when your space doesn’t fit the bill, you can modify the space or modify your sought-after demographic. There are San Antonio property management companies who can discuss the best way of advertising your property to potential tenants; they can also handle all the services that will be provided, so it’s easier to establish a set monthly rent for tenants. Property management provides a level of security for tenants, who know the home will be checked on regularly; this can be quite attractive for seniors, who want to retire in peace.