Rental Properties and Tenant Expectations
Imagine checking into a hotel after a long day of traveling. You go to the front desk, fill out some information, and hand over your hard-earned money in the form of a debit card for your room. As you are handed the electronic key to your room, your mind flashes with images of what you are expecting from the hotel and the room:
- A clean room
- Fresh linens
- A pleasant smell to the room
- Comfortable temperature
- Hot water in the shower
Sounds pretty basic, huh?!
What if you came to your room to discover:
- Stains on the carpet
- Dripping faucets
- Your key to the minibar does not work
- The Garden View room’s view is overgrown weeds and a broken statue
- Toiletries from the previous guest were still under the sink
Disappointed. Maybe a bit angry that this is what you’re getting for your money?
This scenario happens all too often in the rental property world. Owners tend to think that the home is good enough, when, in fact, it is not really up to anyone’s expectations, particularly for someone who is paying between $1,000 and $2,000 a month to live in the home.
As homeowners, we tend to overlook some of our home’s short comings. The broken ice maker, the sliding door that doesn’t lock so we just put a piece of wood in the track, the sprinkler that sprays the window. All things that we would never accept if we were buying the property. Or renting it.
Before renting your home to someone else, consider having someone you trust walk through with you and point out all the inadequacies of the home. If your trusted friend is being honest, the process can be brutally revealing. In the end, however, you will get your tenants off to a good start by meeting their expectations. You’ll also find that you have lower costs as your home will be better maintained.