In business and life, it’s easy to focus on what’s going wrong over what’s running smoothly. Similarly, a landlord can focus on the tenants who don’t pay rent on time and destroy property than on the tenants who are stress-free.
Not all of us understand the significance of effective communication between a landlord and a tenant. Those living in rental-based units represent 32% of Americans. That’s a lot of people (over 44 million), building and maintaining relationships and living experiences with property owners and managers.
Showing gratitude to your tenants isn’t a matter of time, difficulty, or having a great deal of expenditure. In two words, a “thank you” can do wonders.
Here are five ways to build a healthy relationship between a tenant and an owner that will contribute to your investment business success.
1. Have a responsive attitude
A quick response to a tenant’s call or an email shows the landlord cares about them and the property. Don’t leave a tenant’s queries unanswered or make them wait for an undefined period. Furthermore, if you have a pre-planned management office closure, keep the tenant informed and provide emergency contact details of the contractors.
2. Say thank you and give rewards
Consider saying thank you for small things like paying rent on time or keeping the rental unit clean and tidy. You can help your tenant by providing a free carpet cleaning service or even a fresh coat of paint for the living room or surprise them with a discount on next month’s rent. The reward is worth the effort for both of you.
3. Give space
A valuable detail to remember when maintaining a healthy relationship is respecting tenant privacy. You can’t show up at the rental unit without prior notice. Giving adequate notification isn’t only about being polite, but is also required by law in most places.
4. Stick to your promise
Put yourself in a tenant’s shoes. The start of a bond begins with keeping your word. So, if you promise to provide a coat of fresh paint or a new appliance, for instance, and you don’t, you do irreparable damage to that bond. Don’t raise false hopes. Promise only what you know you can and will deliver.
5. Be genuine when increasing rent rates
Raising the rent is a natural part of rental property management. But it must be done respectfully. Giving your tenants plenty of notice is one way; while making sure not to implement the increase around the holidays is another. For example, it’s better to wait to raise the rent beginning January 1 instead of December 1.
Grow your income property business with Class A Management
There are many ways to show gratitude for your tenants, and they all come with their benefits. Happy tenants not only are more loyal (long-term revenue) but are also more likely to refer others (more business).
Need help figuring it all out? The comprehensive management services available through Class A Management closely monitor all aspects of the property tenant relationship. Learn more about how we keep properties at maximum occupancy, then work with us to create lasting tenant loyalty.