Positive Tenant Relations is a critical factor in successful Real Estate Investment Rentals. If you are using your Investment property as a rental property to increase your returns, then having happy tenants and keeping happy tenants will keep that cash flow healthy. On the other hand, having unhappy tenants will increase the expenses associated with high tenant turnover and property damage that will hamper cash flow.
There are some strategies that you can use to make sure that your tenants are kept reasonably happy and that you maintain continuous positive relations with your tenants.
- CLEAR CONTRACTS
Make sure that your Lease or Tenancy agreement is crystal clear and very detailed about the expectations of both the Landlord and the Tenant. Your agreement should not just state dates and amount of rent to be paid. It should clearly outline who is responsible for things like plumbing- the Landlord may possibly be responsible for any major plumbing jobs, not the result of tenant actions, while the tenant may well be responsible for all minor plumbing jobs, such as clogged toilets and choked sinks.
- MAINTAIN THE PROPERTY IN GOOD CONDITION
Tenants often are happy if they can live in a comfortable home. If you keep the premises in good condition and ensure that you fulfil your requirements as Landlord, relating to the condition of the premises, then your tenant should be happy.
Additionally, when a tenant makes a report about something that needs to be done by you, then respond quickly. Let the tenant know that their needs are important to you and treat their requests as a matter of urgency. If you have to send in a professional to deal with the situation, such as for plumbing, termites etc then act fast and keep that tenant happy.
- GIVE ADEQUATE NOTICE PRIOR TO INSPECTIONS
In accordance with the terms of your contract and in keeping with Burbank regulations, give your tenant enough notice about upcoming inspections.
Don’t just show up without notice, which is likely to be in violation of both your contract and your local state laws. Give your tenant sufficient notice so that they can prepare themselves, the premises and their schedules for the inspection. It is not about catching the tenant off-guard, to see if they have the premises untidy, but checking for any major signs of pending damages to your property.
Never enter the premises without the tenant’s consent, unless it is a major indisputable emergency, such as a fire. Maintain pleasant relations and let them know of your inspection dates in advance, giving a respectable amount of notice.
- PROVIDE SECURE PREMISES
As noted above, tenants are often happy if they can live in a comfortable home. One of the ways that you can make the home comfortable for them is by providing premises that are secure for them to dwell in.
Tenants are more likely to be seeking alternative living arrangements if they don’t feel safe and secure on the property. This is especially true for tenants who have children.
The property doesn’t need to be like Fort Knox, but it does need to be safe enough for your tenants to feel and to be reasonably secure. Affordable measures to implement and to add greater security for tenants, include installing proper lighting and keeping trimmed landscaping.
- GET PROFESSIONAL ASSISTANCE
The final strategy that you can implement to ensure that your tenants are happy and well taken care of is to hire a Professional Property Management team to take care of all of the needed details for you.
If doing all that is needed to make your tenants happy and to want to stay with you is too overwhelming or time-consuming, then check out www.lapmg.com for invaluable assistance and ensure that your tenants are happy tenants, happy paying tenants.
You can enable your tenants to be happy and keep that income stream flowing towards a great return on your investment.