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Your Rental Housing Solution Since 2004
Your Rental Housing Solution Since 2004 866.579.2262

1. Putting Yourself In Their Shoes Is Key

I’ve noticed that a lot of the big landlords have been successful for so long that they start to lose touch with the challenges tenants often face. Moving and finding another place to live is incredibly stressful for all income classes—especially someone who lives paycheck to paycheck. Always be fair and just, without letting your emotions get involved. – Donald Bake, New Western Acquisitions

2. A Little Give Goes A Long Way

Rental properties are an investment for the owner, but a home for their residents. Saying “yes” to a $300 repair can reduce vacancy loss a few months in the future. So go ahead, be responsive and repair the item, earning trust and loyalty from the resident—otherwise, you are likely going to have to make the same repair during the turnover process, without a monthly rent check to offset the cost.  – Jay Goldklang, Great Jones

3. It’s Not All Business

While a landlord-tenant relationship is a business interaction, the personal and human side often gets overlooked.  There are many reasons why people choose to rent instead of buying, and some of those reasons could be highly sensitive. Approaching a landlord-tenant relationship with caution and care will help create a foundation for trust and openness and make for a healthier working relationship. – Michelle Risi, Royal LePage Connect Realty

4. Tenants Are Your Customers

Landlords and property managers need to treat the renter as a very valuable customer. When the renter has a request, whether maintenance or a general inquiry, customer service principles need to be implemented. This will improve online reviews, which leads to better applicants and, ultimately, higher rent. – Lee Kiser, Kiser Group

5. The Cost Of Replacing Tenants Is High

Love on your tenants, be flexible with them as their needs change, work with their selected representatives instead of trying to go around them, and listen to your tenants, because it is much harder to replace a tenant than it is to keep a tenant happy. Don’t be penny-wise and pound-foolish. The cost of replacing a tenant is often two to three years of lost revenue. – Jonathan Keyser, Keyser

6. Tenants Are More Than Just A Monthly Check

It’s important to remember that the landlord-tenant relationship is a partnership. Many landlords view tenants as commodities or “mailbox money.” In fact, neither side works without the other. Landlords need to make sure to stay abreast of landlord-tenant law and go above and beyond as much as possible. Tenants respond better when landlords actually care about their well-being. – Danielle Pierce, Women, Wealth and Real Estate

7. Great Tenants Provide A Higher Return Than Increased Rent

Many landlords chase higher rent and unfortunately lose great tenants. Raising rent on great tenants can bring losses. Every time a tenant moves out it costs you in repairs, vacancy time and new high-maintenance tenants. Tenants with under-market rent complain less and move less—increasing your bottom line. – Joseph Edgar, TenantCloud

8. Flexibility Can Add Value To The Relationship

While the lease agreement may be a guiding contractual document, the “letter of the law” may not always be the best way to solve an unforeseen default scenario. Default and remedies should be used as a risk-mitigation mechanism, not as an offensive tool. Flexibility from a landlord can create a win-win scenario for both the tenant and landlord to build value and extend the relationship network. – Bryan McLaren, Zoned Properties, Inc.

9. Changing Your Mindset To ‘Resident’ Boosts ROI

Changing the mindset from “tenant” to “resident” will increase your return on investment in many ways. Offer ideas like an anniversary gift at the time of a lease renewal, which encourages a resident to stay. Home improvements are some of the best gifts a landlord can offer—they improve the property and make the resident happy, all while saving the cost of vacancy, another lease-up fee and turnover costs. – Dani Lynn Robison, Freedom Real Estate Group

10. Tenants Want To Feel Heard

In any relationship, we all want to be understood. We want to feel heard. As issues arise and a tenant reports them, each landlord has a choice in how much (or how little) personal attention they want to give to the decision, and how quickly. If the tenant reports a broken door lock, their safety is jeopardized. They deserve a landlord who reacts to that request as soon as possible. – Spencer Hilligoss, Madison Investing

11. A Strong Community Boosts The Bottom Line

Landlords who are able to build strong communities both in and around their properties can leverage strong tenant relations to improve their resident experience while also making their property more desirable for new tenants or residents. A strong community has been shown to decrease turnover, attract new tenants and create evangelists who feel a genuine connection to your property and brand. – Benjamin Pleat, Cobu (formerly known as Doorbell Communities)

 

Source: forbes.com

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