Managing real estate is a tricky balancing act between interpersonal considerations and business needs.
Property management is responsible for turning a profit in their Nashville building. However, they are also providing one of the most essential aspects of human life: housing.
A healthy relationship between tenants and management ensures everyone stays happy. Content tenants are more likely to abide by the building’s rules and pay their rent on time.
This can be the result of mindful work on the tenant’s part, but it will more likely be based on how property management interacts with their tenants.
So how do you promote this type of relationship?
Here are 7 tips to build a healthy relationship with your tenants:
This is at the top of the list for a reason. One of the main complaints renters will have is bad communication with property management. You need to make yourself available to hear their comments and questions.
These concerns can have a drastic effect on their day-to-day life. Tenants like to know you have their backs.
This goes in both directions. Being available for your tenants makes them more likely to communicate necessary information with you. Knowledge of small problems either between occupants or in the property itself helps you keep them from becoming large problems.
Set expectations and guidelines early with new tenants. All property rules should be clearly defined. This will help new tenants know their boundaries, but it will also let them know when they can call you for help.
For example, let’s say your building has quiet hours from 10pm to 8am. Your new tenants will be comforted knowing they can call you for help should an adjoining unit keep them up late into the night.
Surprise rules are almost always met with scorn. Give yourself the best chance at maintaining a civil environment by making the rules known early.
Broken utilities and malfunctioning building amenities can have a noticeable effect on your tenants’ daily lives. These tasks begin to stack up if you don’t stay on top of them.
Respond quickly to any concerns your tenants might have. This includes repairs, questions, or any other situation they need you to address.
Your tenants want to know you have their best interest in mind. Tending to their concerns is the best way to communicate this idea.
There are some technological considerations that should be taken into account. Allowing your tenants to pay rent online is one that seems small, but makes a big difference.
The truth is, many people don’t even have a checkbook anymore. This can create problems if you’re still asking your tenants for physical checks.
Online rental payments make it much easier for tenants to make payments. This means you’ll have less late or forgotten payments. Rental management services like Synergy Real Estate Group offer online rent payments and have seen great benefits from it.
It can be tempting to fill your open units as quickly as possible. However, you need to take your time with this.
You’re essentially choosing a business partner. Beyond that, you’re choosing your current tenants’ new neighbor.
A smooth integration of a tenant is in everyone’s best interest. Choosing a new tenant that will fit into your current environment saves you possible interpersonal conflicts.
Take your time with the applications. Speak with the applicants for a while. Ask for references and call them. An informed decision will set you up for future success.
This is the best example of balancing business interests with interpersonal interests. Your tenants obviously want as low of a rental payment as possible. However, it’s the job of property management to maintain a profitable property.
Pay attention to similar properties in your local market. Keep your prices in line with these properties, but keep your own needs in mind.
Let your tenants know as soon as possible if there’s going to be a rental increase. Be sure this is in alignment with the rental contracts, as well.
The best way to stay on top of any repair requests is to avoid them altogether. Preventative maintenance is property management’s best friend in this respect.
Keep a log of any maintenance requests as well as property-wide considerations. This could include things such as getting the HVAC system serviced every year, patching holes in parking lot pavement, or maintaining shared mechanical devices such as elevators.
Your tenants will appreciate the rarity of a breakdown in these areas. And property management will enjoy a reduced amount of calls from frustrated tenants.
The relationship between tenants and property management takes constant attention and upkeep. But a healthy relationship makes management’s workday much more smooth, and a tenants day-to-day life more enjoyable.
Nashville Property Management
