Landlord-tenant relationships play a critical role in running a profitable rental property. Lucky for you, there are numerous ways to procure lasting tenant relations. Here are some methods that property owners can employ to improve relations with their tenants.
One method is to bring in a third party, such as a property manager or parent management company. They will handle tasks like rent collection, maintenance, and leasing. Property managers work to make the property owner profit. Additionally, tenants feel more secure in the presence of the watchful third party. A professional property management company can also handle financial reporting. This makes filing taxes simpler and helps decide an owner’s return on investment.
Establish a healthy relationship with your tenants as soon as possible. Communication is key, whether it be through face-to-face checkups, a designated channel, or over the phone. Today, 31% of renters expect a response from their landlord within a few hours, while 80% expect an answer within a day. Responding in a timely fashion will prove to tenants that you are reliable.
Finally, schedule regular property inspections to stay on top of upkeep. It’s recommended to provide transparency to establish trust in the relationship and be honest if anything is wrong with the property. Being accountable and courteous goes a long way.
For tips on how to establish a healthy landlord-tenant relationship, please see the accompanying guide created by Caton Commercial Real Estate Group.
Guide created by Caton Commercial Real Estate Group, a specialist in industrial property services