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I like to say that my favorite job is collecting rent. Most people would think that part is easy, however, there is a lot more to it than you would think.
There are a number of things that are necessary in order to be able to collect rent.
The first thing is that you have to be able to provide a property that is both safe and affordable to the tenant. This is especially important when you are changing tenants. If you are going to be successful in acquiring long term tenants, you need to make sure that you will provide a space that they can grow in. Every time you change a tenant there is going to be wear and tear from the previous tenant. You also need to anticipate the same from the next tenant. The more you can do to improve the property between tenants, the better off you are.
The second thing is to find a tenant that will fit the property. This relates back to the first thing in regard to being affordable. The property dictates what type of tenant you can accomidate. Residential properties have to consider bedrooms and parking. Commercial properties have to consider zoning and parking. The amount of rent that you can expect is directly related to the type and condition of your property. Make sure you look for a tenant that can fit into your property.
The third criteria, and probably the most important, is to find a tenant that will be able to pay the rent and not trash the place.
So, in order to collect rent you need to provide a space that is; safe and affordable, to a tenant that will fit the property, pay the rent and not trash the place.
E-Mail: Scott Ehrenberg
The Berg Company's
21 Alexandre Road
Coventry, RI 02816