Are you struggling to keep good tenants in your property? If so, one thing that may help you buck this trend is working on your tenant relations.
First things first: what is a positive landlord-tenant relationship? For you, this translates to timely rent payments and fewer vacancies. For your tenants, a good relationship involves a comfortable living environment.
Fortunately, these two definitions are mutually inclusive. Here are some time-proven strategies that will make both you and your tenants happy!
Choose Tenants Wisely
The first step toward building a good relationship with tenants is choosing responsible tenants. Your screening process should include:
- Rental applications
- Credit and background checks
- Landlord references
Vetting tenants thoroughly is the only way to ensure they'll follow your rules. This is an essential part of addressing issues collaboratively. Consider hiring a property management firm for your screening needs.
Be Professional
Building a relationship with tenants is all about setting boundaries. Getting too friendly may cloud your judgment if certain issues arise. Plus, it leaves you vulnerable when the time comes to negotiate a lease renewal.
Of course, this doesn't mean you should be impolite. Stick to a friendly but formal rapport and draw a line between private and financial affairs. Also, be transparent and keep the tenant communication lines open.
Set Clear Expectations
All landlord-tenant relationships require a strong lease agreement. The lease will set clear expectations on your policies and responsibilities. This clarity will help prevent any misunderstandings in the future.
Some key things your lease should cover include:
- Rent payment guidelines
- Occupancy regulations
- Rules on pets, noise, smoke, etc.
Respect Their Privacy
Tenants have reasonable expectations of personal space. Showing up uninvited can drastically impact tenant satisfaction. At best, they'll see you as overbearing; at worst, they'll look for another place to stay.
To foster good faith, respect the tenants' privacy. Make repairs at appropriate times and provide proper notice before coming in. This will let your tenants know they can rely on your integrity and discretion.
Address Issues Promptly
Maintenance issues are a key part of rental property management. If tenants raise a concern, address it as quickly as you can. Doing so will prove you care about the tenant's comfort and living conditions.
Prioritizing maintenance also prevents small issues from becoming big ones. This is why you should conduct regular property inspections. A proactive approach will both protect your investment and ensure tenant safety.
Offer Incentives
Offering incentives is another good way to strengthen your relationship with your tenants. For example, you may reduce some fees if your tenants:
- Pay rent early
- Dispose of waste properly
- Participate in rental improvement ideas
Incentives are great because they help both parties equally. Tenants will feel valued for their contributions and will continue to respect your property. In turn, you'll find it much easier to retain reliable tenants.
Tenant Relations Made Easy
As you can see, sustaining strong tenant relations isn't a one-day job. It requires continuous effort and mutual respect. If you don't have the time to build that kind of relationship, consider hiring a property manager.
At PMI Properties, we can help you keep tenants happy in your New York City property. And if you're unhappy with our services, you may cancel your agreement without penalties! Contact us here to learn more!
