We’re always on the lookout for ways to maximize the returns of our investment property. Whether it’s renovating the attic into an extra bedroom or remodeling an outdated kitchen, we’re willing to put in significant amounts of time and money to get the most out of our properties. What many landlord’s fail to see, however, is that there are ways to find hidden value without spending a dime!
Cozying up to your property’s neighbors is an easy way to get the most out of your investment property.
The perfect tenant is a rare thing, and chances are at some point a dispute will arise between your renter and the property’s neighbors. Small disputes such as noise complaints or unusual smells can grow into ordeals when they occur repeatedly, and your best chance to stymie this development is to get involved as early as possible. If you have a friendly relationship with your property’s neighbors, they will likely reach out to you quickly if any issues arise. You can then step in and have a conversation with your tenant before any further animosity develops. If you wait too long to get involved, frequent complaints and hostility between neighbors might cause your tenants to vacate early or leave you poor reviews.
Befriending your property’s neighbors has other benefits as well. A friendly neighbor can be a valuable presence near your property. They may alert you to issues you may not have noticed, such as problematic tenant behaviors like drug use, excessive partying, or negligence toward maintaining your property. A friendly neighbor can also alert you if there is a break-in while your tenant is away. Learning about any of these issues early on can save you tremendous headache and money in the long run. Evicting a negligent tenant before much damage has been done can save you thousands in repair costs which can make or break the success of your investment.
In addition to helping you manage and resolve neighbor disputes, cozying up to neighbors can provide you with valuable information on how to best manage your property. A neighbor might put you in touch with a friend who is looking to rent. They could also introduce you to their landlord, who might have some useful information on how they find tenants and effectively manage the property. Ultimately, getting to know the neighbors could alert you to market trends and the types of tenants interested in the neighborhood.
At the end of the day, making friends near your property is a free and simple source of value. If you’re looking for ways to develop a relationship with the neighbors, a tray of cookies is always a good place to start!