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Online Real Estate and Property Investing Courses, Seminars and Training

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First Step: Eliminating Bad Tenants - Your Mindset

The first step is a very difficult to understand – not obvious – and many don’t take this step into consideration. You ask what does mindset have to do with letting? A lot, but not necessarily the way you’re thinking, so lets get started….

The first step is mindset. Yes, mindset. If you think all tenants are bad, I promise you they will all be. It’s very difficult to find a good apple when you think all apples are rotten, so why look for a good one in the first place.

Tenants are people and your property is your asset. By lending your asset to another, you are constantly worried because you own it, and you are worried about what will happen to your property. That is completely understandable, after all you are responsible to pay the mortgaged bond.

This causes many investors to become emotional about property to the extent that they see all tenants as bad, potentially bad or capable of doing harm in one way or another.

So, the first step is to start looking at tenants as people and human beings. Some humans are good and some are not, but you have to start, without emotional baggage, to be able to identify the potentially good tenant that will up-keep your property at all times and the potentially bad tenant that will not or even not pay the rent.

I know this may be the hardest step you will ever take. But put yourself in a good tenants shoes, isn’t a good tenant constantly afraid he or she will end up with a bad landlord?

It works both ways.

In any business transaction there are two parties, the vendor and the customer. In the buy-to-let industry, the vendor is the investor and the customer is the tenant.

As a person, would you like to get good service from vendors? Do you think tenants expect to get good service? Or at least fair service? I think you do, tenants do, we all expect this.

But in the buy-to-let industry, there is a massive emotional factor that makes property investors view customers as an “enemy”. Do you think you will have a good vendor-client relationship when you get started with such perceptions?

Of course not and I am sure you agree.

But investors say: “I have more to lose than the tenant, I am paying the bond, I have incurred debt for this asset”. And you know what … you are right, but that still does not mean that all tenants are bad.

Imagine if you walked into a car hire business. Cars cost money just like houses now imagine the car hire company sees in every person entering the shop a reckless driver and an “enemy” or the “necessary evil” to cover their costs of cars – do you think they will last long in business? I don’t think so.

In summary, the first step to successful buy-to-let investing and avoiding bad tenants is to start a fresh. Remove the fear that every tenant is bad, that tenants are the necessary evil and property investing is only about capital growth and tenants are required as a “by the way thing” to pay the bond or part thereof.

Buy-to-let is a business, your tenants are your customers, you can get good and bad customers. But if you are constantly afraid of customers, you can’t make any clear judgments about your business or the customers you are accepting to service.

Sure all businesses will land some bad customers, some will turn bad in hard economic times, but that is not a good reason not be in business, nor a good reason to make a flat out judgment that all customers will be bad.

In the Letting Workshop we teach all this and much more, but in the next couple of posts we will give you more procedures and tips that you can implement right now with potential and current tenants. After all, property got thousands people to financial freedom and it can do the same for you.

In the next post we will be talking about the Second Step to Eliminating Bad Tenants.

Comments
Add NewSearch
Craig Goldman - Managing agents   | 198.54.202.xxx | 2008-03-25 13:26:26
I would prefer to use a letting agent, but then if one wishes to cut costs, this subject is definitely worth learning.

Now that properties are getting bought all over South Africa, I trust my letting agents know all the in-and-outs of Bad Tenants. If not, I will be there to teach them :whistle:
Martin   | 198.54.202.xxx | 2008-03-27 09:20:08
Not so shure if the process can simply learnt aa it is an attitue to your assents and certainly a key part of this is to ensure you run your accounts and maintanance tightly.. this will ensure and losses are recivered easily and not left to fester
Bareng   | Registered | 2009-04-14 05:06:57
I resently bought a house and I needed a tenant. What a the pros and cons of the letting agent? Please help
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Copyright (C) 2007 Alain Georgette / Copyright (C) 2006 Frantisek Hliva. All rights reserved.





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Student Reviews

The biggest lesson is that you need to use the correct lease agreement and perhaps even more importantly, you need to UNDERSTAND your lease agreement.

The workshop helped me understand the lease agreement and how I can use it to my advantage, especially when it comes to cancellations and terminations. I have avoided many headaches by attending the workshop because it gave me a clear idea of what you can or should do when a tenant is not paying the rent. And as a bonus it’s also really interesting stuff!. Johan van den Berg – JHB


 
I found this online course very helpful. I am now much more comfortabile with terms like balance sheet, etc. The feasibility calculator is a wonderful tool to compare potential deals, and to realise what information is important when evaluating the purchase of a property. I now understand for the first time the relevance of research on certain criteria, what these criteria all are, and the importance of accurate information, before a decision can be made regarding the potential of the property deal. Pierre vd Berg - Heidelberg, Western Cape Province




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The calculating residential investment deals were really informative & easy to follow at a time that suites me. Being online meant one could always refer back if you missed anything or need for it to be explained again.  Very good in order to avoid burning you fingers when considering a new deal and making the right financial decisions. Steyn du Plessis - London




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As a relative newbie to the property market - from a purely investment point of view; I found the Calculating Residential Investment Deals course very informative and easy to follow.  I am wanting to get involved in the rental  / development market and feel that I am getting better equipped to do this as a result of learning and expanding my understanding. Joanne du Plessis





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Before I took the Calculating Residential Deals course, I was pretty active in the search and buying residential property. I was spending at least 10 hours a week just on this activity. After the course, I was stunned at the time I was wasting to find just one property. It has helped me focus my searches to areas and properties and suit me and qualify and disqualify a potential property by the numbers in just a few minutes. Alex J. - Cape Town





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I found the rental workshop very informative. I am a registered real estate agent with a franchise group and I was amazed how many legally protective clauses were inserted in your agreement. I have used many rental agreements before and not one of these agreements was adequate in this respect. Karen I find your agreement 100 % complete and your knowledge on the subject is unsurpassable. Your lease agreement is in daily use in my property rental portfolio. Thank you. Alex Nicolaou - Registered Estate agent in Edenvale.

 




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