Updated May 3, 2022.
A successful real estate business is dependent on building strong relationships. This success includes relationships with the residents who will live in your properties, too!
Once you have quality renters in place, building and maintaining relationships can help reduce turnover, saving you money—as well as the time spent in having to replace them. As busy as you are, you may view building strong resident relationships as a task that’s hard to do. With the help of a Columbia property management company, this monumental task suddenly becomes far easier!
Why Do Relationships Matter?
As noted, having strong relationships helps encourage renters to stay with you longer.
Happy renters are friendlier to their neighbors, and they care more about their home, too!
They also pay their rent on time because they value living in your rental property.
Happy residents are easier to work with, whether you need to have a repair taken care of or increase their rent down the road.
How to Create Strong Relationships
If you choose not to work with a Columbia property management partner like Renters Warehouse, here are several key things you can do to improve the working relationships you have with your renters.
Everyone wants to feel appreciated! From a business standpoint, your residents are your clients. Like any consumer, people want to know they matter and that the good things they do matter, too.
Even if you have two left feet when it comes to communication, showing appreciation is possible in simple ways.
Write a handwritten note to your resident, thanking them for paying their rent on time or alerting you to an issue.
Recognize them in a public manner, such as on a bulletin board in a shared community space.
Small gift baskets during a renewal also show appreciation for great renters.
Keep in Touch
It’s a good idea to keep in touch with your renters regularly. You can easily do this in person by checking in on their needs if you see them.
If you are working with a Columbia property management company and not involved in the day-to-day activities of running a rental property, they'll handle this element for you. If not, see how they're doing with a quick email; let them know you are there, accessible, and interested in what they have to say.
Keep Them up to Date
Unexpected events happen in the life of any investment property portfolio!
You may need to let your renters know about a change in management or other events.
You may need to let them know that the city plans to do construction nearby, and it could interfere with where they park their car.
Simply communicating with your residents about things that could impact them, even remotely, can help them feel like you have their backs.
If you are working with the skilled Rent Estate™ Advisors at Renters Warehouse, they'll take the time for you to verify that key information is being passed down to your renters.
Let Them Know When There’s Work to Be Done
You may know rental law and its requirements to alert people when you need to enter into their homes. However, there’s more to it than just following the law! Give them a time, and keep communication solid whenever something is happening at one of your properties.
At the same time, let renters know what you are doing about their requests for repairs or updates.
For example, send them a quick note to alert them about a back-ordered part.
Let them know you received their request for the updates to the home, and you are working on it.
Simple, quick communication is all it takes for the renter to feel valued.
Manage Disputes in a Positive Manner
There may be times when even good renters may not agree with your needs or changes. Disputes may even arise between your renter and the neighbors. Try to focus on a positive way to resolve conflict—while also knowing when you need to bring in more serious mediation.
Listen to your residents carefully.
Focus on behaviors instead of personalities.
Get people to talk to each other, not just at each other.
Then, work to develop a solution and plan that both parties agree to.
You don’t have to back down, but you do need to communicate reasons to ensure people understand your decisions. Even if you have to evict this renter, you don’t want to create a bad reputation for harsh management.
Use a Columbia Property Management Company
Working with a Columbia property management company like Renters Warehouse is the easiest way to boost working relationships and give you the break you need! Good relationships are never easy to build, whether in a rental agreement or day-to-day life. Yet, they are absolutely worth investing in!
You need a property partner capable of providing quality services, who values your renters the way you do. This quality service can give you and your renters peace of mind knowing someone is always there to support their needs. It also means you have proper documentation and responses to everything from rent payments to maintenance requests!
To get an idea of what we handle for you as your property manager, download your free copy of our Collecting Rent in a Crisis Handbook, and learn more about how working relationships with your renters pay off!