Being a landlord isn’t only about collecting rent from your tenants. Good relationships are paramount to a landlord’s success, as those who establish good relationships with tenants will see better lease renewals and fewer problems. In this article, we’re highlighting five tips for landlords on maintaining a healthy relationship with their tenants.
Having a great relationship with your tenants starts with mutual respect.
Renters that feel respected are more likely to respect your property and the rental agreement terms. When you’re on good terms with your tenants, it means much less potential for conflicts down the road.
For example, you should respond quickly if a tenant reports a maintenance issue or needed repair. Failing to keep your rental property in good living condition could cause you to lose a good tenant. In fact, one of the top reasons tenants don’t renew their leases is because their rental property is poorly maintained.
Set Your Rent for the Market
As a landlord, knowing your property’s rental value is essential. Overcharging could lead to high tenant turnover and resentment; however, undercharging tenants leads to lost profits. Setting your rental rate at market value is important to attract and retain tenants. However, it can be hard to know what the “right” amount is.
If you aren’t sure what the optimal rental rate is for your property, it’s important to speak to an experienced property management company. A knowledgeable property manager can help you determine your property’s rental value according to the local market.
Set Realistic Expectations
For a successful landlord-tenant relationship, it’s crucial to set realistic expectations from the start — especially when it comes to rent payments and maintenance. A mismatch of expectations can quickly lead to disgruntled tenants and a breakdown in communication.
Making your expectations clear in your lease agreement is one of the best ways to avoid unnecessary issues. You should include several things in the lease agreement, including clearly stating due dates for rent and deposits, tenant responsibilities and rights, and proper management of other applicable details like furniture repair and landscaping. This will avoid disputes.
Maintaining clear lines of communication between you and your tenant is essential for a smooth landlord-tenant relationship. You can easily achieve this by responding to emails and phone calls quickly and resolving issues in a timely manner.
A good way to ensure a fruitful relationship is to find out how your renter prefers to communicate. For example, do they prefer email, phone calls, or good old-fashioned mail? Depending on the method of communication, it might be wise to keep a written record of all verbal agreements & decisions.
Be Friendly and Approachable
If a tenant feels like they can approach you easily, they’re more likely to keep you up to date with any maintenance concerns at your rental property. This is important, as it enables you to take care of issues quickly before they develop into bigger, more costly problems. In addition, happy tenants are more likely to be willing to commit to a long-term lease and take good care of your property — which is ideal when you consider the cost of turnover.
Renting Your Property Out in Brevard County
From marketing your property to finding prospective tenants, executing rental agreements, and collecting rent each month – the job of managing a rental property can be difficult for one person to accomplish alone. Fortunately, there is a solution that can help landlords take care of their property portfolio. If you own rental property in Brevard County, Rent in Brevard can help you.
As a full-service property management company, we enable landlords to effortlessly manage their rental property portfolio. We are dedicated to providing high-quality service to our clients and strive to provide the best tenancy services to landlords. Contact us today to discuss your property management needs with one of our experienced property managers.