When it comes to investing in residential real estate rentals, think of the owner/tenant relationship as a symbiotic one— since, you can’t have one without the other. Realizing this, you also see that both parties are dependent on one another: you depend on tenants paying rent, while they depend on you to deliver a comfortable and safe living environment. Therefore— as an investor— you should always remember that, in order to keep the rent payments flowing, you’ll need to keep your tenants happy.
So where do you start? Like most other situations in life, relationships are maintained by performing actions that go above and beyond what is required…of course, we’re talking about customer service! Doing so keeps tenants happy and rent checks flowing.
When it comes to developing impeccable investor/tenant relations, HomeUnion’s Asset Management team utilizes the following guidelines:
How to Build a Solid Relationship with Tenants
|1. Communicate Frequently. Never pass up the opportunity to update tenants on the status of a complaint/request. A simple assurance that you’re “taking care of it” often suffices to diffuse any upset or anxious feelings.||1. Wait days to respond to the tenant. Again, any communication is better than none at all. Even a simple “I’m taking care of it” is much more welcoming than giving any appearance of ignoring a tenant request/complaint.|
|2. Respond Quickly. A great rule for all things customer service related. Remember: the faster you respond, the more valued the tenant will feel.||2. Make false promises. In other words, be honest! For instance, as soon as you know the timeline for the completion of a scheduled repair, tell your tenant—don’t be overly optimistic, simply share with them the same info that maintenance personal have shared with you.|
|3. Enable Easy Rent Collection. Avoid making rent collection difficult. Using an online service (or helping tenants to set-up automatic payments yourself) will make your life much easier.||3. Forget to look at your lease. Depending on your lease, your tenant may have to pay for the repair(s); so read the fine print before shelling out your hard-earned money.|
|4. Use Quality Maintenance Services. Make sure that all maintenance work is performed to a high standard. Cutting corners will only result in angering the tenant.||4. Cut corners. Hiring unprofessional services to save a quick buck will cost you in the long run, tenants may become upset and leave; also, you may need to pay for additional repairs to fix the same issue, which costs you more in the long-term.|
|5. Work within Your Tenant’s Schedule. Your tenant is likely to feel more comfortable if needed repairs are made with them home; so work around their time constraints when scheduling the arrival of maintenance personnel.||5. Dodge your tenant’s phone calls/texts/emails. Maintenance and repairs can be a long process. Your tenant may be persistent in wanting to know what is happening, so keep them informed as much as possible. This will reduce any miscommunication.|
What HomeUnion’s Asset Management Team is Saying
Kelly Barton (manager of HomeUnion’s Asset Management) knows just how important it is to keep tenants in a state of contentment. “Whether it’s fulfilling a small request or tackling a more serious issue, striving to keep tenants (of the clients we represent) happy always leads to positive results for the investor… our goal is to keep them so satisfied that our investors never have to get involved,” Barton says.
Schedule a Consultation Today
HomeUnion’s investing approach enables greater peace of mind for all parties involved. Whether it’s identification, acquisition, or asset management, our goal is to ensure a smoother, more efficient process. Streamline your investing experience by scheduling a consultation at 888-276-0232 today.