Good neighbors rank high on the list of things money can’t buy. But if it could, what people would pay might be amazing, especially if they’ve had a bad neighbor before. Someone next door or down the street who respects the neighborhood and others’ enjoyment of their homes enhances any neighborhood.
Responsible and responsive neighbors help keep property values high by maintaining their yards and homes. The noise coming from their homes is seldom noticeable from the street or others’ yards. They also lend a hand to others when they can, which often helps the appearance of the homes, inside and out.
On the intangible level, having a harmonious neighborhood keeps it stable. People who are willing to share of themselves foster a sense of community, something that’s difficult to achieve in a culture that’s built on autonomy and anonymity.
Good neighbors also foster a sense of safety and security. Apartments.com published the results of a survey that indicated that 57 percent of renters point to the neighborhood’s safety as a key factor in choosing their next rental.
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Even though you may not be directly affected by the actions of your tenants, you can take steps to make sure the people you select will respect the property and the rights of their neighbors by:
As a property owner, you don’t necessarily have an obligation to select tenants based on their degree of personal thoughtfulness and consideration toward others. They do have to have the ability to follow the neighborhood rules when the home is in a community with a homeowner’s association (HOA).
Those basics aside, having a good tenant extends beyond paying the rent on time and keeping the property clean. Professional management companies use these tested techniques to research prospective tenants by:
See also How to Attract Long Term Tenants
As always, a property owner can set an example by keeping the property in its best condition before move in and making arrangements to keep it so during its occupancy. Screening the tenants carefully may also help you identify the ideal tenants for the neighborhood. The benefits of leasing to tenants who will be good neighbors far outweigh any of the effort associated with the extra time and money it takes to find them.
JWB has more than 10 years experience managing turnkey rental property investments. We have a consistent approach that delivers steady cash flow from our clients investment properties. Curious what your cash flow could be from one of our rental properties? Try our cash flow calculator or contact us to learn more.