How to ensure regular rental payments with minimum supervision

(1)Screening of the tenant is the first thing that has to come to your mind, do a proper verification of the claims of somebody taking the house, where he works or what he does for a living?
What made him/her to leave his former residence, probably it could be default in rents, the character of the person you may have to guess the income range to know if he can sustain payment by the type of work.

(2)Don’t get too familiar with your tenants if you are a landlord, give the work to a facility manager or agent so that you don’t end up loosing another six months before you can eject a tenant that is not willing to pay. Caretaker, if not tenants will take advantage of your closeness and they will start to default

(3)Treat your investment as business

(4)If their is an issue that could be settled out of court in case such arises then do. Ejecting a tenant through court process can be slow in Nigeria.

(5)Increase your rent regularly with small amount rather than wait for so long and then increase with a big margin, tenants are likely to revolt even when they they are aware that tenancy in that area has gone up. You cannot overlook that especially in a country like ours, where inflation rate is ever on the upward swing. Increase every two years or less.

(6)Write a six months notice to your tenants before increase to coincide with the minimum six months notice used to issue to tenants for them to vacate your building.
So for any tenant that is not comfortable with the increase write a vacate letter along with the increase notice so that you don’t end up loosing another six months before you can eject a tenant that is not willing to pay.

(7)Treat as business your real estate investment.

An architect with decades of experience

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