Property investment is about the property, but it’s also about the people. You will get better renters if you are an incredible landlord. Consider that these people are your customers. You want to attract and retain the best of them, and you do that by performing routine maintenance but going beyond that with the following techniques:
Remember that satisfied tenants are tenants who in turn care for your property and are likely to stay future years. One way to immediately get on the good side of your residents is to provide them information in a similar way to an AirBNB host – assuming they are new to the neighborhood. Put together a quick-list of local amenities, such as post offices, drug stores, and grocery stores. Much like your application and lease, you only need to create this document one time, just updating it a bit in future years. You can also include a welcome card.
You will make your tenants much likelier to want to keep you as a landlord if they can get in touch with you easily. Make sure they have your email address and phone number on move-in day if not beforehand.
You want to develop systems so that you can repeat actions without having to do as much work each time. Refine as you go. Be fair, but also be firm. Watch the finances like a hawk. Understand the value of impeccable customer service. Being businesslike can help establish rapport with tenants, who want everything to be smooth, organized, and understandable.
At the same time you want to be available (see above), you also want to keep your sanity. Establish the hours when you are available with renters so that they know cut-off times for maintenance calls. Setting these expectations helps everyone be on the same page – and you can only be “great” when you are rested. You can also have a policy that email is the standard way to communicate unless it is an urgent concern, such as a water leak. Anything that is an emergency to them is probably also an emergency to you as the property owner.
Finding tenants is your first challenge, but you also must perform strong screening. A conscientiously selected resident is much more valuable to you in terms of retention and problem avoidance. In other words, you can only be a great landlord when you have great renters. Get prior landlord references, abide by the Fair Housing Act, and steer clear of anyone who’s been evicted. Check criminal background and credit. Verify that monthly income is triple the rent.
Listen to what your tenants have to say. Validate their reasonable concerns. If there are major issues with the rental or if a resident’s payment is late, it can be easy to lose your composure. Do not ever threaten your tenant. Do not curse or raise your voice.
Do you want to get the most out of your investment properties but feel you need help? At Twin Cities Leasing, we understand what Owners need in property management. Let us show you why we’re the highest rated residential property management company in Minnesota.