Let’s be honest, we all have been faced with a few bad expereinces with tenants and know that finding a good tenant is a mission, but more importantly keeping your good tenant is a bigger one.
As property managers, we follow the “golden rule” of thinking about the tenant’s situation, and putting ourselves in their shoes – even in times when it’s ludacris like “There’s a cockroach in my kitchen” at 11pm. But it is vital to realize their importance, after all they are the ones that are fueling your cash flow!
Here are some ways and reasons on how a good relationship can increase your return and create a peaceful situation for property managers, yourself and your tenant.
1. Keep you property maintained (Most Important!!) – By “maintained” I don’t mean livable (that’s what city inspections are for), by maintained I mean care for it; try creating an expereince your tenants can’t forget. I always recommend landlords to have periodic maintenance reviews, this strategy not only helps you save money by identifying little problems that might turn into expensive projects later, but makes your tenant feel like they are being cared for as well. The inspectors usually replace smoke detector batteries, change the furnace filter and help resolving any other minor issues that might be present.
2. Respect their privacy – Everyone knows you own the property, but that does not mean you have the right to just show up or walk in any time! Always be accomodating towards privacy and give a 24 hour notice unless it’s an emergency.
3. Address their problems in a quick manner – There are numerous times when landlords just go MIA, especially when there’s some kind of repair or upgrade needed. Recognize the importance of being responsive, if you yourself or your property manager resolves an issue quick, it not only shows good service but also results in your tenant being obliged to go the extra-mile for you, if a situation like that does arise. So, make timely repairs.
4. Get to know them personally – Most landlords think they have nothing to do with their tenants after property managers come in, but by establishing a personal and friendly business relationship with them can make a major difference. Coming back to cultivating mutual respect, which is possible only when you show concern or interest in their overall expereince. As Business professionals, we all value the beauty of conencting with people and building relationships so why not use the same concept as a landlord?
Bottom line: satisfying your tenants is very important for your cash flow, and will gaurantee longer and higher returns. This is not rocket science and savvy investors know this!
Biggest secret to it is being a little thoughtful, showing you care in creating a memorable and shareable expereince. Trust me, it always pays to be nicer and go the extra-mile once in a while, in any aspect of life.