The connections that tenants and landlords have play a vital role in operating a profitable rental property. Lucky for you, there are countless ways to procure lasting tenant relations. From healthy communication to regular check-ups, here are some methods that property owners can implement to improve their overall standing make everyone’s lives easier.
One main tactic is to promote healthy tenant relations is to hire a property manager or parent management company. These professionals are capable of handling tasks such as rent collection, maintenance, and leasing. In turn, property managers can be of great value to owners as their job is to make the owner profit, and to tenants by offering reliable service.
Next, a professional property management company can handle financial reporting. Doing so can make filing taxes simpler and help decide an owner’s return on investment. When looking for a company, choose one with up-to-date reporting software to stay on top of all things accounting.
Another recommendation is to establish a good connection with tenants as soon as possible. This begins with a thorough screening process for all tenant applications to find the most appropriate fit for your property. Some warnings to look for include a low credit score or refusal to supply requested documentation. Once the right applicant has been found, it’s paramount that the landlord or property manager make a positive first impression.
This isn’t just limited to face-to-face meetings. Communicate on a consistent basis through a designated channel, that could be email, text or otherwise. These days, 31% of renters expect to hear back from their landlord within a few hours, with more than 80% expecting an answer within 24 hours. Respond to messages in a timely manner when you can.
Finally, it’s important to schedule regular property inspections for required maintenance and recurring upkeep. Additionally, it’s recommended to provide transparency to help encourage trust in the relationship. Having an organized and transparent style of handling property issues is strongly encouraged.
Being reliable, approachable, and courteous could do wonders for you in the long run. Reviews of landlords and property managers influence the decision of 48% of renters. Opinions matter, and it pays to go the extra mile.
For more statistics and additional best practices, please see the accompanying guide.
Guide created by Caton Commercial Real Estate Group, a specialist in industrial property services