So here are some essential tips to keep your tenants from leaving:
If a tenant believes the property manager they’re dealing with treats them badly, problems are more likely to occur during the tenancy as the lines of communication start to disintegrate. The fact that your property investment is their home, and they will (hopefully) show you the same courtesy. No one likes to feel disrespected.
Listen to your tenant if they tells you they can’t pay on time. Allow a room for bargaining if they presented a realistic reason. Maybe they are going through a hard time. Don’t pressure them, instead be a comforter and win their trust. You’ll never know you’ll need their help in the future. They can be your walking testimony and will be a channel of advertisement of your property.
Communication corresponds to cooperation, so you need to be amicable, approachable and professional in all dealings. Being ignored is another common problem. It’s not difficult to send a quick message informing the progress and approval of a repair or other type of tenant request. If something is taking a little longer to organize than anticipated, it’s essential that your tenants be kept in the loop and informed as to what’s going on.
Quick and efficient processing of all maintenance requests received from tenants should be your priority. They need an established protocol around on how to proceed in addressing different issues, along with specific instructions with regard to repairs that can be organized on your behalf if you happen to be unreachable in an emergency.
Remember that you are legally obliged to maintain your property investment in safe, livable repair, so this is an area you literally cannot afford to ignore
While you’re entitled to increase your rent in line with market fundamentals, how you approaches an increase can either make it more palatable to tenants, or alienate them entirely.
By the time the question of an increase arises, a professional property manager will have established a good rapport with your tenants and have the courtesy to call them before sending out written notification of a rent review.
They’ll know how to soften the blow by explaining about comparable rental prices in the area, making your tenant more likely to sign on for another year and less likely to pack their bags and head out the door and feeling hard done by.
The bottom line is, treat your tenants how you would like to be treated, display a little empathy for your tenants and you’ll find it goes a long way in maximizing your portfolio’s returns.