Whether you are renting out your home, running a small duplex, or are the landlord of a large multi-family investment, one thing remains the same – your property is your business. As with any business, your success is reliant on customers. In this case, your customers just happen to be tenants. If your tenants don’t feel respected, you may lose them, and when you lose tenants, your business can fail.
Communication, respect, and clear expectations can keep tenants happy and in place. This can save you from spending time and energy dealing with a high-rate of tenant turnover. Less turnover means more profits. As a landlord, it is essential that you take time to foster a relationship with tenants that is built on consideration and effective communication.
This clear communication and respect must carry through the entire timeline of the landlord tenant relationship, from application to move-out. It can be difficult to continue to function from this point of view during moments of frustration or conflict. It is vital to consider potential tenants ability to communicate in this way before move in. Will they show you the same respect in return? Adding this question to your mental checklist before accepting a new tenant will make your life as a landlord easier.
I believe that with strong communication and mutual respect, a landlord can choose tenants that will happily stay under their roof for long durations of time. These tips can help you develop healthy landlord tenant relationships and consequently improve your business.
Communicate with Transparency
A landlord tenant relationship must be built on transparency. Both parties must communicate honestly in order to avoid conflict and misunderstandings. You can not expect your tenants to meet your expectations if you have not first made them clear. On the other hand, tenants cannot expect you to take action if they do not make their needs known. Explain your expectations to your tenants from the beginning. Answer any of their questions up front to the best of your ability. By maintaining effective communication, you can properly handle problems as they arise, before they become a major conflict.
Hold up Your End of the Bargain
Regardless of the dynamic, relationships are built on trust. The landlord tenant relationship is no different. If you make a promise, keep your word. If you have a policy in place, follow through. You can’t always control the actions of your tenants, but you can control your own. Be available, be responsive, and communicate. If you expect your tenants to hold up their end of the deal, you must also hold up yours. When you follow through on your responsibilities, you set an example and a standard for your tenants. In moments of conflict, it can be hard to “be the bigger person” – as a landlord, it is your job.
Understand Boundaries
Checking on tenants can be part of a landlord’s responsibility. But while you may have valid reasons or good intentions, a surprise drop-in is not only rude, but often illegal. Most states have laws that require due notice before entering a unit. Regardless of the regulations, a landlord should understand basic boundaries. Many matters can be handled by phone or email instead of in person. While you want to have a strong landlord tenant relationship, it should always stay more professional than friendly. When it comes to boundaries, the same rule applies as in most relationships – when you respect them, they will respect you. – Steven Taylor