The relationship between tenants and landlords plays an important role in running a successful rental property. Fortunately, there are many ways to ensure strong tenant relations. From healthy communication methods to matters of due diligence, here are some approaches that property owners can take to improve their standing and the experience of all parties.
One of the top tactics recommended to facilitate tenant relations is to hire a property manager or management company. These professionals can take on the day-to-day tasks such as rent collection, property maintenance and even leasing. As such, property managers can be a valuable resource to owners as they work to maximize the property’s return and to tenants by providing quick and reliable service.
Furthermore, a professional property management company can provide financial reporting. Whether it’s delivered quarterly or annually, these reports can make filing taxes easier and help determine an owner’s return on investment. When searching for a company, opt for one with the latest reporting software to stay up to date with all accounting matters.
Another essential approach is to establish a good rapport with tenants right off the bat. This starts with thoroughly screening tenant applications to find the best fit for the property. Examples of red flags that should not be ignored are low credit scores or refusing to supply the requested documents or information. Once a suitable applicant has been selected, the landlord or property manager should make a positive first impression.
This doesn’t just include face-to-face meetings. It’s important during this process to communicate consistently through a designated channel, whether it’s email, text or otherwise. Nowadays, 31% of renters want to hear back from a landlord within a few hours, and more than 80% expect an answer within 24 hours. Be sure to respond to messages in a timely manner whenever possible.
Lastly, it’s vital to ensure there are regular inspections of the property for necessary maintenance and continual upkeep. What’s more, it’s advised to provide maintenance transparency to help encourage trust in the relationship. Tenants have a right to privacy and for their time and space to be respected. For these reasons and more, having an organized and transparent style of handling property issues is strongly encouraged.
A reputation for being reliable, approachable and courteous could do wonders for property demand. How so? Reviews of landlords and property managers have been found to influence the decision of 48% of renters. When what others are saying has this much power, it pays to go the extra mile for renters and strive toward great tenant relations and excellent customer service.
For more industry statistics and additional best practices, please see the accompanying resource.
Guide created by Caton Commercial Real Estate Group