The relationships that landlords have with their tenants play a crucial role in operating a successful rental property. Luckily, there are various ways to produce positive tenant relations. From regular communication to routine check-ups, here are some ways that property owners can improve their overall standing within the relationship.
One method is to hire a property manager or parent management company. They are capable of handling tasks such as rent collection, maintenance, and leasing. Property managers can be valuable to owners as their job is to make the owner profit. On the flip side, tenants feel more secure that they have someone looking out for them. A professional property management company is also capable of handling financial reporting. This can make filing taxes a simpler process and help decide an owner’s return on investment.
It’s also a good idea to establish a good relationship with tenants at the earliest possible opportunity. A rigorous screening process for all tenant applications is necessary in order to find the most appropriate fit for your property. A low credit score or refusal to supply requested documentation are major red flags to be aware of.
In addition to face-to-face checkups, communicate on a consistent basis through a designated channel, whether it be email, text or over the phone. Today, 31% of renters expect to hear back from their landlord within a few hours, while 80% expect an answer within 24 hours. Responding to messages in a timely manner will show tenants that you are reliable.
Finally, schedule regular property inspections to promote routine maintenance and upkeep. It’s recommended to provide transparency to establish trust in the relationship. Being accountable, approachable, and courteous are wonderful traits to have.
For more statistics and tips on how to procure a healthy landlord-tenant connection, please see the accompanying resource provided by Caton Commercial Real Estate Group.
Guide created by Caton Commercial Real Estate Group, a specialist in industrial property services