As a building owner/landlord, it’s natural to expect tenants to take care of your property and to pay rent on time. In exchange, it is your responsibility to be transparent and responsive in your correspondence with tenants.
This should especially be the case when the building/property or its lease policies are changing or when tenants communicate their needs to you.
When both ends of this process uphold their respective duties toward the other, the landlord-tenant relationship is a smooth and positive experience for all stakeholders. Of course, most new landlords go through a short learning curve when they learn how to navigate through certain issues as they arise.
For this reason, we compiled this post to help landlords/building owners forge and maintain better relationships with renters and make your tenants stick forever.
1. Prioritize People
In real estate, most building owners treat tenants just like any other number on their rent roll. However, if you wish to establish mutual loyalty among both parties, you should prioritize people in all decisions.
For instance, during the on-going pandemic, landlords were recommended by property managers to make one-on-one phone calls to over 60,000 tenants, simply to check-in. It is this type of commitment that earns them their tenant’s trust.
2. Understand How Technology Is Impacting the Industry
Since most tenants determine the quality of services based on technologies offered, landlords and building owners should understand how the expectations of renters are shifting.
Traditionally, landlords or multi-family property owners were of the opinion that their income would not be affected by technological innovations. As it turns out, landlords are now strongly considering the investment of technological adoptions to keep the demand for their property high.
3. Focus on Comfort and Safety
It doesn’t matter whether your tenants are healthy individuals or they are senior/handicapped citizens – you should never receive complaints about comfort and/or safety. Communities that manage to form this perception among potential tenants tend to attract lesser residents and therefore, lower rents.
4. Streamline Communication With Tenants
Having read this post up till here, you may have realized the importance of being a humane person as a landlord and someone who reassures people that you can provide a safe and nurturing environment to their family. The only way of truly establishing this perception among your tenants is to streamline communication lines with tenants.
5. Add Incentives to Lease Renewal
The costs of turning over new units and arranging possible vacancies can make your job as a landlord really tough. For this reason, you should instead focus your attention on tenant retention, or perhaps, even offer them inexpensive deals for lease renewal. This will not only greatly benefit your bottom line but will also build a strong relationship with your tenants.
6. Really Listen to Your Tenants
Notice how we keep reiterating the fact that you should build a strong relationship with tenants, because, the only surefire way of doing so is to actively listen to what they have to say. Landlords and property managers that create a robust method of communication between tenants and their landlord and really understand the resources or services tenants require, are more likely to form long-term relationships. Having really good communication with your tenants is one of the best qualities to look for in a property manager.
7. Reach Out to Them Regularly
Communication is only as effective as how frequently you try to reach your tenants. You see, there can be nothing more reassuring for a renter than the fact that their landlords are opening several lines of communication.
For this reason, you should try to clearly communicate how your tenants can reach out to you or your property managers whenever a need arises. You can also let them know that you plan on implementing regular check-ins and to keep communication going even when your tenants are settled in comfortably.