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Last updated on February 3rd, 2021 at 11:35 am
Finding a tenant, signing a lease, and having someone move into your property seems very simple.
It should be the beginning of a wonderful, win-win relationship. Yet this is not always the case. Rental investments have a difficult reputation.
So setting clear expectations and demonstrating mutual respect from the outset are the necessary keys to a long-lasting, professional relationship where everyone is happy.
There are a number of steps to ensure both parties understand and are in agreement with how the many aspects of the rental cycle will be managed.
It is important that a conversation to review every aspect of the rental occurs before your tenant moves into the property.
To ensure your own peace of mind and the success of your investment, take care of these basics:
- Review The Lease With The Tenant
One would hope that the tenant has read the entire document prior to signing, however, in this age of one-click acceptance of terms and conditions, it’s no longer assumed.
To safeguard that both owner and tenant are clear on the finer points of the document, it would be very helpful to review the lease together.
This also gives you an opportunity to answer any questions or provide clarification if any and address all concerns.
- Set Clear Guidelines For Communication
How do you want them to contact you with maintenance issues?
What if they have questions about how to use an appliance?
How will you arrange scheduled inspections or entry for exterminators or other service calls?
No one wants that 2 a.m. phone call demanding an immediate fix for a broken A/C in a heatwave.
On the other hand, you don’t want to find out about a pipe leak in the basement hours after it happened.
These are just a few examples of the different types of communication that will need to occur while your property is occupied. Specify what method text, email, or phone call, is to be used based on the urgency of the situation.
It is critical to invest in systems to manage communication there are more sophisticated systems to manage this process, including 24/7 maintenance lines and online portals.
- Respond Quickly With Respect
We have all been in situations where we have sent some sort of communication, only to have to wait several days to hear back. By the time you finally do get a response, the tone has been set.
Whenever your tenant reaches out to you with a question or a concern, always respond ASAP, even if you do not have an immediate answer.
The utilization of a tenant portal can be invaluable in these instances, as the tenant can check for updates without having to call or email anyone and any new management activities or regular reminders are reported in real-time in their account.
Work with your tenant when scheduling vendors to ensure that you do not disrupt the quiet enjoyment of the property for which they are paying.
- Provide Technological Conveniences
Tenants now expect their landlords to offer them no-contact and 24/7 methods of interaction.
For example, paying rent online or from a mobile device is becoming the norm over dropping off a check, using the mail, or going into a bank.
Tenants want to view properties virtually, submit maintenance requests online, and receive fast online responses to their questions.
This can be a particular challenge for self-managers or inexperienced rental owners, yet is critical for a safe, clean, and respectful relationship in this era.
If you take these initiatives at the outset of your partnership with your tenant, you will immediately increase your return on investment.
Content tenants take better care of a rental property and are more likely to keep the terms of their lease, and are more likely to remain in the property and extend their lease, which eliminates the risk and cost of vacant days, turnover costs, and marketing expenses.
Reference Source: Forbes
