Tenant retention
is one thing every owner strives to accomplish. Longevity equals profitability. Spending a couple bucks here and there, and or spending a little time to understand the needs of your tenants can create that profitable model over time. You can achieve this by building a better open relationship with your tenants. This small article will provide a great reason to form a professional relationship with your tenant, and offer a road map to profitable property management.
Do you have a relationship with your tenant?
It all starts with the owner and his relationship with the tenant. Owners who keep in contact and understand the needs of their tenants, cannot only have better tenant retention, but the tenants tend to take better care of their property. Tenants taking care of your property, what a great idea. Tenants who get left uncalled, or communicated with, tend to not think too much about the condition of the property, or the owner, and or, take little responsibility for small or medium damages that come through wear and tear. Better property management
overall.
Tenant retention begins with a phone call
Call your tenant asking how they are. Try to provide a warm approach, so that you come across professional yet caring. If your tenants like you, there is a greater chance they will respect you and your property. By calling them you can ask about the property. They may bring up small things that could be fixed. The great thing is that knowing these small issues exist can help you to correct them before they become bigger problems, such as a small seal leak in a bathroom becoming water damage. Many tenants don’t want to bother the landlord, so they won’t let you know, try to fix it themselves, and now we have a bigger problem.
Send a professional letter, or email, asking how things are. Mention that you hope they are enjoying their time in the property. Ask if there is anything you can do for them, and or if there is anything to report. Add an email address to make it easier for small items to be reported. Also if it is not reported it is on them. That’s just good property management.
Don’t ever show up unannounced, tenants have rights you know, plus its just rude. Be kind, and make an appointment to visit the property. Don’t be an inspector, that’s for the move-out. But simply talking to them first, ask how they are doing, and ask if there is anything that needs to be looked at. Give them a chance to bring it up and walk you to where potential issues in the property may exist. Making a visit is a great idea. It will allow you to see the outside and curb appeal of the property and its condition.
In conclusion, the reason to create this relationship is so that your tenants are comfortable talking to you, feel that you respect them and in turn, they will provide a reciprocal response. If they feel like you care, they will take better care of the property. Having an open relationship, being a phone call, a letter or email, and or, a personal visit will offer insight into any small issues with the property that may become bigger problems later. The biggest reason is that tenants like to pay people who respect them and are likely to stay knowing you are taking care of them. Longevity equals profitability.
