Being a landlord has so much more to offer than merely collecting rent. At the end of the day, you want your tenants to look after the property they’re renting as though it were their own, which is why it's so incredibly important to have a healthy, communicative relationship with each and every single one of your renters.
Like any relationship, you'll need to dedicate some pointed effort and time into fostering an amicable rapport that is equally symbiotic for both parties. Below are a few suggestions and strategies to create the perfect landlord-tenant partnership.
Choosing the right individuals is the foundational basis for establishing a good partnership with your tenants. It's important to do your due diligence while looking for renters to effectively root out tenants who may be difficult to get along with.
It's no secret that putting the right people in your property from the start is one of the easiest ways to establish a good bond with your tenants. That means weeding out prospective tenants with extensive tenant screening while your rental is empty.
When you screen your tenants, you should check the following:
● Creditworthiness (try using a rental credit report to confirm a renter’s credit health)
● Employment and income
● References (including personal, employer, and any previous landlords)
You can make informed decisions about the people you are placing in your apartment if you have access to this type of information. This allows you to start a strong connection from the outset.
Once you have found the perfect tenants that meet your needs, the next step is setting expectations together. The start of the partnership between landlord and tenant on an optimistic note starts with what you all anticipate from each other. This will better ensure that your tenants follow your rules and stay in good standing per your asks.
Establish specific guidelines that ensure that the tenants can clearly understand from the get-go. Guide your tenants on what is expected of them while occupying your property and clarify in depth so that they can fully comprehend the rules and terms you've set in place.
While it may be tempting to allow your emotions to hinder your ability to set strict guidelines, it's important to keep in mind that you are essentially running a business. Stick to your rules to prevent trouble down the road— and as they say if you give someone an inch and they’ll take a mile. Be firm.
When interacting with your tenants, you should be cautious not to cross the line of privacy and become one of those dreaded intrusive landlords. No matter who you're renting to, the last thing they want to contend with is a nosy or overbearing property manager. Nix the unwanted calls and unwarranted drop-by visits unless there is an emergency.
Ultimately, inconveniencing your tenant will likely result in your upsetting them, and could even lead to causing a tenant to leave once their lease is up. Respect your tenant’s privacy by maintaining a healthy distance and they’re sure to be much happier with you.
One of the best ways to see if your renters are satisfied with your tenant-landlord relationship is by simply asking them. You can collect feedback from your tenants simultaneously when you perform routine property inspections.
Why settle for being a good landlord if you could be a tremendous landlord? There are a myriad of approaches that you can take to show your tenants that you value them and look forward to establishing a great relationship with them in the coming months.
Go the extra mile by greeting new tenants with a welcome gift. It can be stressful to move into a new home, but by surprising new tenants with a welcome package, you can help turn that stress into comfort. Consider including things like toilet paper, a welcome mat, a map of the area, or a few locally sourced snacks. You can also include a handwritten note to add a personalized feel.
Building great relationships with your tenants in 2020 should be your number one priority for the year. Did we miss any tips? Let us know in the comments below!