Building a positive relationship with your Marlin tenants is one of the most important things a property owner can do. The relationship between a tenant and their landlord is a fundamental part of a successful investment property. This is because you need your tenant’s willing cooperation to keep your property in good condition. Tenant retention also directly translates into better profits, since that’s less time your rental will be vacant, not collecting any rental payments.
If your relationship with your tenant goes sour or become combative, your ability to work productively together will decrease. Luckily, there are many things you can do as the property owner to foster a positive relationship with your tenant.
Maybe the most indispensable thing you can do to create a positive relationship with your tenant is to develop strong communication skills. Establish and maintain open lines of communication with your tenant. Then, when the tenant contacts you, respond quickly to their queries or apprehensions. If you are unable to personally field tenant calls, then it is important to hire someone who can do it for you.
A quality property manager will be able to communicate effectively with your tenant on your behalf. However, whoever will be communicating directly with your tenant, be sure to give your tenant plenty of clear information, explain why things are happening, and provide advance notice if there are changes. In the occasion that a quality tenant is contemplating a move, try to identify why they are leaving and whether there’s something you could offer them to help them decide to stay. Generally, if a tenant is moving to a different rental house in the same district, there’s a specific reason that can be countered or an obstacle that can be overcome. You have to keep in mind, keeping a quality tenant is a far more profitable strategy than operating a revolving door rental house.
One other significant aspect of a positive tenant relationship is trust. As the Marlin property manager, you can encourage your tenant to trust you by following through on your promises. If you tell them that you will be somewhere at a specific time, show up at that time. In case you tell your tenant about plans to fix or update certain parts of the property, give them a clear timeline for those repairs and then complete them as promised. Arranging regular maintenance can also encourage tenant retention, given that these maintenance visits are scheduled with advanced notice to the resident.
Owners can add to tenant retention by involving the tenant more outrightly in taking care of the property. Try inquiring how they are feeling about the rental home and if there is anything that requires maintenance or repair. A lot of owners are hesitant to ask about such concerns, worried that tenants will request extravagant or unjustifiable restorations or to replace things. But take the alternative: if the tenant leaves, it’ll lead to spending far more to replace them and getting the property ready for a new tenant than securing that new dishwasher (or carpet, or sprinkler repair) they asked for.
When a tenant feels a sense of trust for their landlord or property owner, they are more likely to work cooperatively to keep the property in good condition and tell you about minor repair issues before they become big problems.
Other essentials of a positive tenant relationship and retention include respecting boundaries. As a landlord, it is important to set clear boundaries for yourself and your tenants. If you need to visit the property, be sure to give advance notice and set up a time that is convenient for your tenant. The last thing you want is for your tenant to feel that you have violated their privacy or their quiet enjoyment of the property to serve your needs.
Finally, you can foster a positive relationship with your tenant by listening to suggestions and documenting everything. Arrange a way for your tenant to give you feedback on your rental property, and show them that you are considering those suggestions. This could be as simple as an email exchange, which will afford both a chance to communicate clearly with your tenant and provide documentation of your conversation.
No matter how you choose to interact with your tenant, make sure to document everything. Keep all emails, letters, notices, and voicemail messages related to your rental property and your tenant. If a problem or disagreement should arise, this paper trail will be an invaluable resource for settling the matter quickly.
As a property owner, it is in everyone’s best interest to keep things friendly and professional. Your success as a real estate investor depends upon good tenant relations and encouraging retention. Treating your tenants with respect and responsiveness can help you optimize your rental income for many years to come.
At Real Property Management Apex, we treat your renters and property with the utmost professionalism and respect. Call us at 254-732-1599 today, or contact us online to see what we can do for you!
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