HOW TO GET THE BEST TENANTS AND MAINTAIN GOOD TENANCY FOR YOUR PROPERTIES

Whenever investments are made -by individuals or a group, the perspective of future gains is
the motivation. Cases where profits on investments aren’t at the level expected -or the periods
in which the gains are meant to be spread over are cut short due to mismanagement.
Building a house is an investment. Whatever it is you do with your house determines what type
of gains you can make in your property investment.
In the case where the structure built is an apartment for rent -the investment plan should
involve getting the right tenants for your house as a landlord – only then the proper gains can be
made on the investment when good tenants occupy your properties, with profits being limited
under the wrong occupancy.
These situations perfectly describe the possible effects and differences when having the wrong
and right tenants in the Nigerian real estate market.
Here are some tips to help you get the best tenants for your properties;
❖ Don’t Rush into it and always do your Research Diligently
Some Landlords make the mistake of admitting just anyone willing to pay the asking rent on
their property without conducting a reasonable amount of research because of the money or
they make the mistake of accepting tenancy from the next available interest due to the property
being unoccupied for a while.
Whatever the reasons -when choosing tenants to occupy your property, you should not rush
the process. Sometimes the cost of renting out a property to the wrong party can be higher in
the long run than the amount received from renting itself.
Proper research should be done -within reasonable standards. If possible, have a short inquiry
with the previous landlords of prospective tenants to learn a little regarding their traits, asking
the tenants questions based on a strategy you’ve created for screening prospective tenants.
❖ Create a Screening Strategy and Pay Attention to Tenancy Laws in the State
Creating a screening strategy for prospective tenants is important -it is more important that
the parameters for the screening you set are reasonable. A screening strategy can help you
get your target group -whether you base it on age, family size, or even financial stability.
The screening parameters help you gauge the risk levels of prospective tenants. Letting you
filter candidates till you find the right tenant for your property. The screening parameters are
what your research on tenants is based on.
Understanding the tenancy laws in the state should be a priority as a landlord renting out
your property. This helps you in drafting contracts between you and the prospective tenant
protecting yourself. As most tenancy laws are created to protect the tenants.
Not fully understanding the tenancy laws of your state has put some landlords in the
property market in bonds that cost them. For example, Once a tenancy has been agreed upon
and signed, the tenant must be given at least a year between the time the eviction notice is
given before being eventually evicted.
And should the tenant choose not to pay rent during that period, you as the landlord might find
yourself in a legal bind in an attempt to get your money.
❖ Create a Positive Relationship with the Surrounding Neighbors
Although many might view this as a backhanded strategy, however when protecting your
investments it is best to ensure a lot of ground is covered to ensure your gains from investments
remain.
Having a good relationship with your neighbors is important as they can end up being your
eyes and ears. From watching how your property is used by tenants to reporting possible
irregularities and happenings.
❖ Introducing Fees and Clauses within the Contract Protecting your Property.
Clauses like damage fees or deposits of such nature go a long way in helping you protect your
property investments. Landlords have always had issues with tenants’ use and maintenance
of property.
As the apartments are rented and not theirs, some tenants might be nonchalant in their use of
the facilities the building offers. Some might go as far as damaging the property to make
renovations that suit them without informing the landlord or manager on the ground if there’s
one on the property.
Landlords in Lagos have developed a system for which you can gauge how much to charge
as the damage fee. This is usually around 6 to 10 weeks of the annual rental fee.
This amount is meant to be returned in a situation where the tenant has not been responsible
for any damage to the property and is in the process of vacating the property.
A responsible tenant should have no issue with this. If the prospective tenant has no desire
to damage and a responsibility to manage the property -as the money will be returned to him
when his tenancy is over.
❖ Schedule Property Inspections and Repairs when Necessary
Regularly fix inspections for your properties, this inspection is not only to check the condition of
your investments but also to tell the tenants that you are willing to put in the effort to ensure that
your property remains in the best possible shape even during their occupancy.
Inspections can be fixed as often as once every three months -still, remember to inform your
tenants before the date in cases where you want to carry out basic inspections of their
spaces.
When areas in need of repairs are reported or spotted. After making inquiries to determine the
cause of the damage, repairs should be done as soon as possible. When such is done trust
in your ability to fulfill your responsibility as a landlord grows within the tenants.
Improving your overall relationship with your tenants.
❖ Look After the Needs of good tenants and be flexible with some of their needs
overtime.
When you do get good tenants for your property as a landlord, it is important to try as much
as reasonably possible to keep them. Communication and positive interactions will help you with
this.
Even good tenants will not wish to stay at any property if they aren’t treated right and with
respect.
Listening to a couple of their requests will go a long way to maintaining the relationship -but
remember your entirety shouldn’t be to please them always. Your flexibility will tag you positively
as a landlord.
More so, situations where the tenant might not continue with his tenancy due to certain
reasons. They can make recommendations to prospective tenants who may possess similar
traits to themselves.
In conclusion, getting good tenants is profitable for your property investments. Not only when
considering the expected cash flow but also the whole life cost of the property.
Nevertheless, when attracting and getting the right tenants to your property should be
accompanied by actions to maintain good tenants on your properties. Listening and fulfilling
reasonable requests from the tenants goes a long way in keeping them on your property.
Understandably, getting both good tenants and keeping them is not easy -It is almost a full-time
job. This is why most landowners engage the services of a realtor or real estate agent when
finding tenants for properties.
These third-party agents will follow the screening strategy you have given them -when home
listing your property in the market.
Employing a property manager who will operate the real estate according to your instructions is
important -especially when you are not familiar with the process. Hiring tested and trusted real
estate managers will save you a lot in time, energy, and