It’s easy to see why landlords often get a bad rap. After all, it’s only natural to be disdainful of people to whom you pay a significant portion of your monthly income. Furthermore, some landlords won’t hesitate to engage in deceitful business practices if they believe they stand to make more money. However, against all odds, some landlords are able to maintain the trust and goodwill of their renters, which is conducive to healthy relationships and strong tenant retention rates. First-time landlords looking to fit into the latter category will be well-served by the following tips.
Be Mindful of Rent Increases
At the end of the day, people own rental properties in order to generate profits. As such, it’s easy to see why so many landlords charge tenants the highest possible rents in the name of proving the best quality furniture and other facilities. The way they figure it, they invested in this property, and they want to see the maximum ROI. However, while this approach to overseeing a rental property may make you money in the short term, it’s unlikely to endear you to your renters or foster favorable tenant retention rates.
With this in mind, give some serious thought to every rent increase you place into effect. Rent increases are sometimes necessary due to rising property taxes and utility costs, but raising rent for the sole purpose of generating more income isn’t likely to sit well with your renters. So, the next time you announce a rent increase, make sure to share the reasons you feel this increase is necessary. This isn’t to say that all of your tenants are going to be satisfied with your explanation, but your candor is liable to be appreciated.
Make Yourself Accessible to Tenants
It’s vitally important for renters to be able to contact their respective landlords. For example, if one of your tenants is experiencing a maintenance emergency and doesn’t have any way of getting in touch with you, the situation is likely to become substantially worse. Similarly, if a tenant is having an issue with one of their neighbors, you may be called upon to smooth things out.
To help ensure that your tenants are never left high and dry, provide them with multiple ways to get in touch with you. In addition to giving each renter your work phone and email, make sure they have a number at which you can be reached in the event of a nighttime emergency. Furthermore, if you have an office on the property, consider setting designated hours for tenants to come and meet with you.
Process Tenant Applications in a Timely Manner
Every landlord would do well to thoroughly screen every application they receive from a prospective renter. Among other things, the screening process entails running credit and background checks (with each applicant’s permission, of course), confirming that applicants have enough income to comfortably afford rent and following up with references.
Unsurprisingly, dragging your feet throughout the screening process stands to cost you tenants. For example, if an applicant is kept waiting for weeks, there’s a good chance they’ll simply find another place to rent. With this in mind, make an effort to limit the maximum screening time to no more than one week. Should you require more time, make sure to inform the applicant of this and apologize for any inconvenience. Dependable rental registration software may prove helpful in this area.
Quickly Tackle Maintenance Requests
Few things irk renters more than having their maintenance requests sat on for weeks or ignored indefinitely. To help distinguish yourself from indifferent landlords, make a point of addressing maintenance requests in an expedient manner and hiring a knowledgeable, dependable maintenance staff. The sooner requests are processed, the sooner maintenance issues will be remedied – and the sooner maintenance issues are remedied, the happier your renters are likely to be.
Although there tends to be a lot of negative stereotyping with regard to landlords, some renters would argue that such characterizations are justified. In other words, landlords generally aren’t figures who command tremendous respect from their tenants especially the ones who litter their beautiful home and other stuff. Of course, this isn’t to say that there aren’t exceptions. Earning the respect and admiration of your tenants is well within your abilities – provided, of course, you’re able to see past your financial bottom line.
