How to Build a Positive Relationship with Your Tenants
As more and more people are opting to rent, there are many reasons to keep a tenant in your rental property, including steady cash flow. For a good return on your rental property investment, as a landlord keeping a positive relationship with your tenants ensures your tenant won’t move out because they’re unhappy with you.
Communication
The first key to keeping a positive relationship with your tenants is to have open communication. This communication is crucial to avoid misunderstandings. By listening to your tenant’s expectations and letting your tenant know what you’re expecting of them while they’re renting from you, you’re avoiding conflicts. If you’re a hard-to-reach or unresponsive landlord, that will affect your relationship negatively.
It’s also good practice to keep your tenants in the loop of changes or things happening to the building that could potentially affect them, like a change in the lawn mowing schedule or repairs to a common area. Sometimes it could be as simple as a flyer on a bulletin board, but emails and physical mail will work, too.
Keep your promises
This should be true of any relationship – when you say you will do something, you should follow through. The same with keeping a positive relationship with your tenants – if you say you’ll fix something within a specific timeframe, do it, and don’t keep your tenants waiting.
Acknowledge boundaries
Checking in with your tenants shouldn’t be a yearly occurrence right around lease renewal time. Keeping your tenants happy and keeping a positive relationship with your tenants means acknowledging that their privacy is important to them. Try to arrange an equally agreeable time for repairs that aren’t emergencies. Checking in on them doesn’t have to be more than a quick email.
Secure the property
Think of your rental property the way you would think of your own. Checking in to make sure the water pumps, fence, electricity, and appliances are all in good working order helps with the relationship with your tenants. If your tenant lets you know about a repair that needs to be done, try to arrange the repair as soon as possible.
Listen to any suggestions
Your tenants have to live in the home every day. They notice the “little things” that could be overlooked by a landlord. If they provide a suggestion for something, take the time to listen to them and take the suggestion into consideration, instead of outright dismissing it. By being open to suggestions, you might find ways to improve your business.
Document everything
To preserve rights, you should document everything, not just the contract. Document conversations and try to have any discussions over email, to avoid disagreements in the future. You should keep a copy of any notices or letters you send to tenants. It’s also essential to have a section in the rental agreement contract that outlines the landlord’s rights and tenant rights.
Showing your tenants you appreciate them goes a long way and can keep them in the rental property longer, making your business more successful.
When you’re looking to expand your rental property investment portfolio, contact Renovo and talk to one of our team members to discuss how you can continue to grow your rental property investment portfolio during a changing market.
