Your success as a landlord hinges heavily on maintaining strong, positive relationships with your tenants. Developing trust and keeping your good tenants happy will, in turn, keep your vacancies low and your cash flow healthy. Are you doing enough to create and manage these solid relationships? Could you use a little help in this area? We’ve got you covered. Check out a few of our expert tips below.
Begin with thorough screening.
You can lay a strong foundation and start off on the right foot by carefully screening prospective tenants before deciding who to rent to. Conducting a thorough background check and verifying references can help you to get a better idea of who each tenant is as a person, how well they may be at relating to others and whether they will care for your property.
Stay on top of maintenance.
Being proactive about maintenance rather than just reactive is another great way to strengthen the relationships you share with your tenants. Residents will appreciate the fact that they can count on you to keep their properties in good working order and that you’ll respond promptly if and when any issues arise. In turn, they’ll reward you with loyalty and long-term retention.
How frustrating is it when you place a call for service and you have to wait days or even weeks for a response? Not being there when your tenants need you could eventually lead to churn, which is time-consuming and costly. A good landlord prioritizes his or her tenants’ needs. Make yourself available via multiple channels, whether it’s phone, text, email or online portal. And when a tenant reaches out, respond in a timely manner to set expectations and keep the lines of communication open.
Another reason having an online portal can be so beneficial is that it provides on-demand access to any and all pertinent information your tenants may need. For instance, they can easily log on and view their lease agreement, read notices and updates, send messages and more – all at the click of a button. Being transparent with your tenants is the key to earning their trust.
Just because you own the property doesn’t mean you have unlimited access. People appreciate their right to privacy, and they expect their landlord to honor that right. If you need to inspect the property, be sure to provide ample notice. Schedule maintenance and repairs well in advance and work with your tenants to ensure that it suits their timeline. Lastly, make these visits as brief as possible.
Developing and nurturing strong, positive tenant relations is pivotal to your long-term success as a landlord or property manager. The five simple tips above should help you gain the trust, respect and cooperation of your residents, making for a peaceful and long-term living arrangement.