Positive Landlord-Tenant Relationships Positively Impact Your ROI
We all know that happy tenants are more likely to renew their leases upon expiration, thereby reducing turnover costs and vacancy. But many other positive bi-products result from good landlord-tenant relations. Happy tenants care more about the property. A tenant with pride in the property will take better care of their space and report problems promptly, which can result in reduced maintenance costs. Additionally, when a prospective tenant is perusing the property, happy tenants are your best advocates. With so much at stake, it’s important to maintain positive landlord-tenant relationships. If you haven’t put much effort into this in the past, start now.
Five ways to improve your relationships with tenants:
1. Set Clear Expectations: The landlord-tenant relationship is driven by the lease document. Using industry standard (such as AIR CRE) Lease Agreements and Rules and Regulations will ensure you have covered all of your bases. And, encouraging your tenant to read these documents, ensures that everyone is on the same page.
2. Communicate Early and Often: There is no such thing as too much communication in a landlord-tenant relationship. Maintain open lines of communication. Extending such courtesies as notifying tenants of work to be completed or interruption to services eliminates unnecessary frustration.
3. Provide A Reliable Point of Contact: If you are managing the property yourself, provide multiple ways for tenants to reach you, and a trusted alternative that has been empowered to act on your behalf, in case of emergency. Keep in mind that you must be available to address concerns promptly. If you are unwilling or unprepared to take calls on holidays or after hours, employing a professional property manager is the best solution.
4. Consider Hiring a Third-Party to Collect Rents: Nothing puts greater stress on a relationship (of any kind) than money. Employing a professional property manager not only makes the process more convenient for the tenant, since a good manager provides multiple options for rent payment. But, your relationship with your tenant will not suffer from the strain caused by late financial issues.
5. Maintain your property- Nothing impacts the landlord-tenant relationship worse than a poorly maintained property. You have a responsibility to maintain your property to an acceptable level related to the property age and class. Maintenance concerns will arise, but promptly addressing them will greatly improve tenant satisfaction. And, by setting this example for the tenant, they are more likely to do the same within their leased space.
A skilled property manager can improve a troubled tenant relationship or positively impact a new one, which will positively impact your revenue. To ensure that you are receiving the maximum return on your investment, call Laverty Chacón today, at (916) 722-0333, or email me at firstname.lastname@example.org.