More and more people seek to attain financial freedom. With this in mind, a significant number of people are turning to real estate investment. In fact, renting is a smart financial choice for many investors. However, a difficult landlord or property manager will lead to increased tenant turnover. On the other hand, landlords or property managers that establish good working relationships with their tenants are bound to keep their tenants longer. A good understanding and seamless working relationship allow landlords to retain tenants and thereby reduce tenant turnover. Keep reading to find out the 5 tips on becoming a good rental agent that tenants love to rent from.
Transparency and honesty
To start with, it is essential that you are both transparent as well as honest. This principal applies to tenants and landlords/ property managers. As the landlord you need to be honest and transparent about tenant security deposits. Likewise, the tenant needs to be honest and transparent about rental payments. Moreover, the landlord needs to be honest when answering questions from prospective tenants. Issues pertaining to neighbourhood noise levels, noisy neighbours, access to amenities, and crime rates in the area require your total honesty. Honesty, transparency and integrity are vital to establishing and maintaining healthy and good working relationships.
Make your tenants feel welcome
Although often overlooked, cordiality is really important to setting the tone for the rest of the working relationship between tenant and landlord. As such, it is important that you make your tenants feel welcome. In addition, go the extra mile and see to it that your tenants are comfortable in their new home. Keep in mind that if your tenants are comfortable and happy in their living environment then they are more likely to stay longer. This is a scenario you should be striving for so to maximise your rental income. After all, the longer your property remains vacant the more rental income you lose.
Create clear lines of communication
It is essential that you create and maintain clear lines of communication. The landlord or property manager must be easily and readily available to their tenants. Avoid creating an impression of inaccessibility when your tenants need to reach out to you. However, it is important that there are set ground rules that all concerned parties re aware of. For example, there should be set times when your tenants can reach you. Otherwise you will be receiving calls all hours of the day even when it highly inappropriate. Moreover, it is advisable that most communication and correspondence be in writing so as to have a written record.
Respond in a timely manner
As a landlord you need to be courteous to your tenants and respond to their communication in a timely manner. After all, you expect your tenants to pay their rentals promptly. Whatever the nature of the communication or complaint it should be attended to as quickly as possible. Your ability to respond to matters quickly can make or break your relationship with tenants.
In as much as it is crucial to be firm with your tenants, it I also important that you be flexible. This entails giving your tenants some leeway on some issues. For example, if your tenant has a legitimate reason for being a little late with their rentals then you should be flexible and be understanding. Tenants are bound to appreciate and remember when you are flexible. This is essential to strengthening landlord-tenant working relations.