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Old 04-26-2004, 03:31 PM
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KenSilver KenSilver is offline
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Join Date: Aug 2003
Location: New Zealand
Posts: 421
Getting good tenants is one problem - getting long term tenants is another.

You need long stayers because the cost of replenishment and refurbishment with a constant stream of tenants eats into your profits.

Short-termers mean more initial checking and sifting on entry, and extra cleaning, fixing and rental loss on exit. Short stayers have less emotional responsibility and therefore inflict greater wear on your property.

One landlord I know has several ways of keeping his tenants for years. He makes sure they are local (have good jobs nearby, relatives in the area etc) and then tells them on sign up that he'll give them a rent-free period for 2 weeks every Xmas if everything is kept nice. This is the time when life gets expensive for everyone, and so the equivalent of extra money is much welcomed by his tenants.

His turnover rate is minimal and the rental 'loss' with the deal is more than balanced off against the problems of collection and repairs.

I don't own residential property - the problem is you're always dealing with Joe Public, and they can be a strange lot at times!


Ken Silver
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~1993 SL500, glistening triple black, xenons: http://www.kensilver.com/SL
~1999 SLK 230 Kompressor, silver /black, CD, immaculate (my wife's)
~1991 Daimler, shiny grey / grey leather, best in country!
~ex 350SL, 230E, 280E, MX5 and a lot of other makes not nearly as nice.
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