Residential property is a worthwhile and potentially profitable investment. However, you need to put in the time and effort for it to generate enough revenue to cover expenses and allow you to invest in other things. One of the important aspects of renting real estate out is taking care of occupants.
Residential property management experts from Denver, CO cite the following ways to improve tenant relationship.
Be clear with the rules.
It’s important to clarify the regulations about occupying your property. This means you have to be black and white regarding fees and when to collect rent, and if you prefer cash or checks. State whether pets can stay with a tenant, what they can and can’t do while in the premises, curfews and others. Doing so reduces confusion and potential problems in the future. Clarity allows you to filter occupants who don’t fit your criteria. If they don’t like your rules, they can go elsewhere.
Perform routine inspections and repairs.
Occupants might complain about leaks, sudden power outages, creaky floors and pests in their property. This may dampen your relationship with them and cost you more money in the long run. In such cases, it helps to conduct regular inspections, repairs and maintenance. Doing so prevents the problems from worsening. It also keeps fixtures, faucets, electrical connections and other details of running a rental property in order.
Listen to their complaints and requests.
When you listen to your occupants, you’ll have a better relationship and know how to respond effectively. Hear them out when they have valid requests and complaints. This enables you to identify the best solution to their problems and find common ground. This practice also allows you to find areas of your management style that need improvement.
These are just some to improve your relationship with occupants. Implement these to develop rapport and keep them under contract longer.