I recently heard a quote: A rental property with a good tenant is an income producing asset, whereby a rental property without a tenant is a liability because it just sits there losing money. I love this quote because it illustrates the importance of your tenant to your rental property, and why it’s important to have good relationships with your tenants.
Tip 1: Treat Your Tenant with Respect
The first tip is to treat your tenant with respect. The Golden Rule always applies.
Tip 2: Respond to Maintenance
Be very responsive to legitimate maintenance concerns. The number one reason tenants don’t renew their leases when they have the opportunity is because of poor or non-responsive maintenance.
Tip 3: Set Expectations
Set expectations in advance about important things like maintenance and rent payments. If you don’t do this, tenants can become disgruntled if there’s a mismatch of expectations. Maybe your tenant reported the air conditioning went out in the summer. The technician probably got out there the same day to get it fixed. Then, if the dishwasher stops working a few weeks later, the tenant might expect the same instant service, while you might think it’s okay to wait three or four days. Lease signing is a good time to discuss how you handle emergency, urgent, and routine repairs.
Tip 4: Provide Convenience
Make it easy for your tenants to do business with you. Have a portal where they can pay rent online. Don’t make them drive to your office. Let them report maintenance on the portal as well so they can do it outside of normal business hours if necessary. Use electronic signatures for lease renewals. Tenants will find all these things convenient.
Tip 5: Communicate Well
Be a good communicator. Return calls and emails in a timely manner and if something unexpected happens; something breaks and it takes longer than expected to repair, don’t make your tenants guess what’s happening. Let them know what’s going on.
These are the top five tips to help you have better relationships with your tenants. If you have any questions about this or anything pertaining to Tampa property management, please contact us at Hoffman Realty.