Build a Strong Relationship With Your Tenants: 6 Things to Make You a Better Landlord
Landlords must establish trust and comfort with their tenants. With a multi-family real estate investment purchase, you are the landlord. Most tenants consider renting apartments or homes where they are comfortable with their landlord. Here are a few tips to help you establish trust and build a successful business.
Maintain an aura of professionalism in all that you do. Dress appropriately for tours. Greet tenants with a positive attitude. Answer questions promptly and honestly. Let prospective and current tenants know how to contact you. Most landlords prefer written communication regarding lease policies.
Stick to Your Commitments
As with any business venture, your word is your greatest asset. Treat prospects with respect. When you promise to update a unit or help a tenant, stick with it. In the event of storm-related damage, provide status updates to tenants. Consider investing in an online portal to post information or send messages.
You are bound under the Fair Housing Act to avoid discrimination. Make sure that leasing rates are equitable for the area. Most rental attorneys frown upon offering significant discounts for similar rental units. In addition to discrimination concerns, some prospective tenants are wary of leasing rates that sound too good to be true.
Develop a Lease Agreement
Everyone involved in real estate investment should understand lease agreements. These contracts protect your business and your tenants by detailing the terms of the lease, including:
- Rental rate
- The physical address of the unit
- Included parking spaces
- Maintenance responsibilities
- Tenancy length
Maintain the Building
Everyone wants an appealing home. Some landlords fail to maintain their buildings. Walk the exterior and common areas, looking through the eyes of a prospective tenant. Do walls need to be painted? Is the roof in good condition? Are parking lots free of potholes? Are there stinging insects or poisonous plants in the common area? Take notes and make improvements.
Consider Property Management
As your reputation skyrockets, you may want to take advantage of other real estate investment opportunities. Consider partnering with a reputable property management company to offset some or all of the day-to-day operations of your facilities. Be sure to hire a company as committed to maintaining your reputation as you are. Interview several management teams and ask for reviews to select the best one.
By forming strong relationships with your tenants and proving your commitment to the facility, you will soon have a wait list of prospective tenants hoping for a vacancy.