First Rental Property

Hi Friend,

I hope you are keeping well.

One of the biggest mistakes that new real estate investors make when they buy their first rental property is:

Failure to communicate with their tenants.

Failure to communicate with your tenants ALWAYS results in a poor relationship with them and potentially future Landlord and Tenant issues.

If you are a regular reader at First Rental Property you know that I always talk about some of the fears that hold people back from purchasing their first rental property.

A couple of the major fears that people experience include:

• The fear regarding managing tenants, and
• The fear regarding the repairs and maintenance of a rental property

Far too often I see new real estate investors purchase a rental property, and then outsource the management of their rental property to a property manager.

There is a constant debate regarding whether or not new investors should hire a property manager or not for the management of their first rental property.

After you finish reading this article, click here to learn how to overcome your fears about purchasing rental property.

I personally am an advocate for new investors to manage their first rental property themselves.

The implications that arise when an investors does not manage their rental property themselves is severe.

When a new investor outsources that management of a rental property to a third party, a property management company, the investor becomes removed from the management of the property.

When you are removed from the management of the property itself, you are no longer communicating directly with your tenants.

Ideally, the property management company that you have hired is communicating with your tenants on a regular and ongoing basis.

Unfortunately, this is not the case in many scenarios.

Due to the nature of property management companies, their time is limited as they are managing hundreds of properties.

When a company is managing hundreds of properties, they often have no time to make warm and fuzzy calls to tenants.

The warm and fuzzy calls is what builds relationships with your tenants.  

As a new real estate investor, you need to be making contact with your new tenants once a month.

I recommend that on the first of each month, you call your tenant in order to touch base.

Do not hide behind email or text.  Actually call your tenant.

Email and text messaging is not as good of a tool when you are trying to build a relationship with your tenant.

Calling them is the way to go.

So there you have it!

As a new investor, you need to be calling your new tenants once a month, on the first of the month.  Touch base, say hello, and see how they are doing.

You will be amazed at how beneficial these telephone calls are in the long run.

This is because very, very few landlords actually do this…

Don’t be afraid.  Call your tenants every month.

Happy Investing!

Best Regards,

Neil Uttamsingh

ps: If you are serious about buying your first rental property, sign up for The First Rental Property Newsletter.  In the newsletter you will read about tips and tricks from experienced real estate investors on how to buy your first rental property!