Now I am not suggesting that you let the tenants live there for free or pay rent as late as they want, but I think there are 7 simple things you can do that will keep them happy. And happy tenants will treat your property better, pay their rent on time, stay in your building longer, and recommend you to their friends as a good (possibly great) landlord.

1. Be friendly, respectful, and courteous always. Then when you need to be firm, they will know you are serious.
2. Answer your phone when the tenant calls or return their call promptly. Nothing is more frustrating when you have a question or problem and someone will not return or take your calls.
3. Stop by or call to just chat and see how they are doing. This lets them know you care about them as a person. Ask about their work, their kids, or what they enjoy.
4. Repair everything in the unit that the tenant calls about. Even a simple dripping faucet can fester into a frustration in time.
5. If the tenants have lived in the apartment for more than 2 years, touch up the paint in the main areas, paint a room a color that you both agree on, or shampoo the carpet. You are not only keeping them happy, you are maintaining your property.
6. If the tenant always pays on time and they call and tell you the rent is going to be late, forgive the late fee this one time. Even the banks do it!
7. Offer an incentive if they find a new tenant for you. I give my existing tenants $200 if they find a new tenant that signs a lease. It costs the same as a newspaper ad and much cheaper than a vacant unit.

It is cheaper to keep a tenant that to find a new one. These simple (and in many cases free) tips can keep your tenants happy and make your life as a landlord easier.

When is the last time you examined your water bill? Are you sure it is correct? How much water should an apartment building, duplex, or 4-plex be using? Allowing toilets to run on and faucets to drip can add $50, $100, even $400 per month in extra expenses. I even had an $800 water bill at a single family house because the tenant never told me the toilet starting running all the time.

Excuse the pun, but that was just money down the drain. Never to be recovered. Not put back into the property.

A rise in the water bill can be triggered by several items:

• Dripping faucets
• Running Toilets
• Malfunctioning washing machines
• Outside spickets that are not turned off
• Even more people living in the apartment than you expected (and may be on the lease)
• I even had one police detective tell me that illicit drug manufacturing in a home can use large amounts of water!

Call you municipality and ask them how many gallons or units should be used per month per person. Do the calculation to see how close you are. If your water usuage is outside the norm, stop by at your apartment immediately and hunt around for the offending appliance.

Additionally, don’t assume the water usuage you have been seeing on your bill for years is the lowest it can be. You may be sitting on some cost saving opportunities. Replacing shower heads and toilets older than 10 years can dramatically cut your water bill. Many of the older toilets used 3.5 gallons per flush compared to many today that use 1 gallon! These improvements can pay for themselves within 1 year as well as protect you against the $800 water bill (since the unit is brand new).

Read your water bill the next time it comes in the mail and see if you can stop those pennies, dimes and even dollars from going down the drain.