Want Better Tenant Relationships? Follow These 15 Tips For Landlords
When both parties uphold their end of the deal, it results in a positive, smooth experience for everyone involved. However, new landlords may not always know how to navigate certain tenant issues when they arise.
That’s why we asked members of Forbes Real Estate Council what they wished all landlords knew about forging better relationships with their tenants. Their best responses are below.
1. Take A People-First Approach
In real estate, many firms treat tenants like numbers on a rent roll. We take a people-first approach that is based on relationships that build mutual loyalty. Throughout the Covid-19 pandemic, our teams have made one-on-one personal phone calls to all of our nearly 60,000 residents every month just to check-in. It is this commitment to them as people that has earned us their trust. – Patrick Carroll, CARROLL
2. Understand The Technology Changes Impacting Real Estate
Traditionally, multifamily landlords have been insulated from many of the technology changes that have impacted other industries. The nature of renters and their expectations is changing as their buying and service experiences have become increasingly technology-centered. This change is decreasing the “protection” from technology that landlords experienced, and in worst-case scenarios, it’s turning that protection into a weakness/albatross. – Elik Jaeger, SuiteSpot Technology
3. Focus On Safety And Comfort
I come from a senior living background. In senior housing, tenants care about their safety and comfort. They and their family need to know that they are cared for. Communities that focus on this attract more residents and get higher rent. – Ashutosh Saxena, Caspar.AI
4. Communicate Well With Your Tenants
Behind a landlord, there needs to be a humane person who understands what it is like to support a family and provide a home. Better communication with tenants can help this happen. – Ira Zlotowitz , Eastern Union Funding
5. Incentivize Lease Renewal
Strong relationships with tenants should be of paramount concern to property owners. The expense of turning over units to make them ready for new tenants, along with possible vacancies, can make losing a tenant very costly. Focusing on tenant retention—even providing an inexpensive upgrade for lease renewals—can be a great benefit to a landlord’s bottom line. – Matt Picheny, MJP Property Group
6. Actively Listen To Residents
Strong relationships with residents are built on active listening. Companies that create a robust process for hearing from residents to understand the services and resources they need will be most effective in building long-term relationships. Our team has put this into practice by building a resident services team that focuses on the specific needs of our residents. – Jeremy Bronfman, Lincoln Avenue Capital
7. Reach Out To Tenants Regularly
Communication and recurring outreach is important. Tenants want to feel comfortable where they live and you want to be comfortable with the people who are living on your property, so opening the lines of communication early is key! Start by being clear about how the tenant can reach you when a need arises, and then implement regular check-ins (maybe once a quarter) to keep communication flowing. – F. Ron Smith, Smith & Berg Partners at Compass
8. Make Tenant Satisfaction Your Top Priority
It’s worth prioritizing your tenants’ satisfaction. Tenant turnover costs more than most landlords think it really does. Assume you have a 100-unit apartment operating at a 50% turnover rate at an average cost of $2,000 per unit turn. That’s $100 thousand in expenses annually, not including the loss of rent while the unit sits vacant. Take the time to create a memorable experience for tenants. – Jorge Abreu, Elevate Commercial Investment Group
9. Share Your Vision Of Community Improvement
Landlording is a customer relationship business where the tenants are the customers. Treat them with respect and share your vision of improving the community. A lot of times your new customers (tenants) will come as a referral from current residents. Also, tenants now have a voice stronger than ever. Access to social media can get you good referrals or may ruin your reputation as a landlord. – Raj Tekchandani, Smart Capital
10. Minimize Negative Experiences
Markets ebb and flow. One day it’s a landlord’s market, the next a tenant’s market. Landlords sometimes forget that the tenant they hammer on when the market is strong will be the same tenant that they need in a weak market. People remember negative experiences longer than positive experiences, so landlords should keep this in mind even when the market is in their favor. – Gabriel Silverstein, SVN|Angelic
11. Hire A Great On-Site Staff
On-site staff is everything! Do not underestimate what a solid super can do for your building, let alone cleaning services, door attendants, management, security, etc. If you keep your employees happy, they will naturally exude that to the tenants. You likely see some of the building staff more than your family on a given day in places like NYC, so do not underestimate hiring a solid team to represent you. – Heidi Burkhart, Dane Real Estate
12. Start With Empathy
Office agreements in India do not recognize pandemic as a force majeure event, and legally any tenant-landlord relationship is pure and simple a contractual relationship. However, in times like these, landlords who go beyond the legal fine print to understand the pain points of a tenant and offer flexible solutions will be the preferred leasing partner when the world returns to normal. – Tushar Mittal, Studiokon Ventures Pvt ltd
13. Work With A Skilled Property Manager
Hire a skilled property manager based on value, not on price. Managing the tenant relationship especially in times of crisis takes skill, open lines of communication and thoughtful negotiation capabilities to ensure the best outcome for the landlord. These attributes are developed over time and require experience for success. That type of expertise will not have the lowest price on the market. – Karen Hatcher, Sovereign Realty & Management LLC
14. Remember That Tenants Are Your Income
One thing landlords need to realize is that the tenants are their income. The fact that you have obtained the fee ownership of a property does not mean you “lord” over the tenants; it makes you “the landlord.” As such, without tenants, you are just “the empty building lord.” Treat them like your money because they are. – Michael J. Polk, Polk Properties / Matrix Properties
15. Ask Questions And Don’t Assume Anything
Communication is key. Ask questions, empathize and don’t assume. If you communicate effectively, most things can be a win-win for everyone. Approach issues with collaboration and conversation in mind rather than a battle or blame game. Having tenants that are happy and loyal is valuable. It provides you with stable cash flow as well as potential referrals, saving you time and money. – Catherine Kuo, Elite Homes | Christie’s International Real Estate
Source: forbes.com
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