Happy Tenants. Happy Owners.
The importance of a solid relationship between tenants and landlords is one of the most vital pieces of owning investment property. A strong relationship with your renters can carry a very long way, especially when it comes to collecting rent on time. If you as a landlord show your tenants that you genuinely care about their well being (which you should anyway) they are more likely to pay their rent on time, respect the property, and overall be a stellar tenant. Try to think about the last time you really loved your landlord or your really loved your tenants? What were the qualities they provided, and how can you apply those to your rental properties? Most complaints when dealing with rental properties are "My landlord was terrible" or "My tenants were awful." Building a solid relationship between tenants and landlords can take the headache out of renting and dealing with rentals.
Maintaining a balance between a professional and personal connection with your tenants is the recipe for a healthy and long lasting relationship. The relationship that you share with your tenants can directly impact your lifestyle, comfort and sanity. Here are a few tips for maintaining and improving relationships between you and your renters.
9 times out of 10 most of the issues in dealing with rental property and tenant/landlord disputes are due to lack of communication. Effective communication between both parties will result in a much more fluent and happy relationship. Issues can be resolved and even prevented by effective communication. If a tenant has an issue, the landlord or property manager must be able to communicate effectively to understand the problem.
Being honest and upfront with your tenants is very much appreciated and in the long run will help maintain a solid relationship. Upon move in you should make your tenants aware of any issues that the unit or building may have, or even issues with the surrounding buildings. For example, if you know that the neighbors have a dog that tends to bark occasionally it might be good to let them know so that way they don't find out the hard way. You never want to make a tenant feel uncomfortable or even feel pushed into a situation they may not have wanted.
Communication and honesty are two large parts to a healthy relationship, but timeliness may be the most important. When dealing with maintenance issues it is your job as a property owner or manager to address these issues in a timely manner. Showing your tenants that you resolve issues quickly and effectively gives them a feeling of satisfaction and appreciation. The more appreciative your tenants are of your timely responses, the more apt they are to respect the property, pay rent on time, etc.
A good tip for being an effective communicator is understanding that listening is often more important than speaking. Really pay attention to what your tenants are explaining to you; take notes and document the issues, show them that you are concerned with the matter at hand. Being an attentive listener will also help you make sure that the information you are being told is accurate, so that when it comes time to address the issues, you know exactly what needs to be completed.
When it comes to building long lasting relationships with tenants, the bottom line is effective communication. Bad communication creates problems and unforeseen headaches that could have simply been avoided by communicating between one another. At Stone & Browning Property Management we value the effectiveness of a solid relationship between owners and tenants and do our very best to create and maintain long lasting relationships.