Are you struggling to retain tenants (leading to expensive marketing campaigns, stressful vacancy rates, and frustration)? If you're not fostering healthy landlord-tenant relationships, they won't want to stay! Learning how to improve tenant relations could prove essential to your success as a property investor.
Here are a few strategies you can use when communicating with tenants. After applying these tips, they could see you as a quality landlord.
Build stronger relationships and start retaining tenants today!
Understand Their Preferences
Before applying the rest of these tenant communication tips, take the time to understand your tenants. Everyone has unique needs and preferences. Understanding your tenants as individuals can help you better appeal to those needs.
For example, 80% of renters say their primary priority is affordability. If you're concerned about tenant retention, don't rush to increase the rent. Instead, consider making energy-efficient upgrades to the property to help tenants save.
Your tenants could feel more inclined to stay for another year. Increasing your retention rate can save you time and money. You won't have to market the property and screen new tenants.
Learning about your tenants can help you determine the best way to communicate with them. Nearly 50% of renters are under 30 years old.
Younger renters likely won't want to communicate by phone. Instead, consider texts, emails, or using an online portal.
Ask your tenants about their concerns, goals, and expectations. Determine how often they want to hear from you. Adjust how often you're communicating with tenants or your communication style based on their answers.
Be Concise
When communicating with tenants, always remain clear and concise. Otherwise, you could confuse your tenants.
Whether you're sending a rent reminder, feedback survey, or documents they need to sign, make sure the message is easy to understand. Use direct, simple language. Avoid jargon or slang.
If a concept is complex or confusing, break it down using a numbered list or bullet points. End each message with a call to action that clarifies how you want tenants to respond.
Be Responsive
Neglecting tenant communication can frustrate your renters. They may feel that you don't care about their needs or concerns. They might decide to move out when it's time to consider renewing their lease.
About 43% of tenants hate their landlord. As a result, 77% of tenants plan to move out this year. Before that happens, foster healthy tenant relationships by remaining responsive.
Reply to any inquiries, complaints, or requests in a timely manner. Show tenants that you respect their time and want to help.
Try asking tenants for their feedback. For example, they may ask you to adjust how often you send messages. Adjusting your performance based on their feedback can increase tenant satisfaction.
If you're struggling to respond quickly, consider hiring a property manager. With help, you can keep tenants happy.
Improve Your Tenant Relations
Improving tenant relations will help you retain tenants, leading to long-term profitability. Use these strategies to boost tenant satisfaction and communication. If you need help communicating with tenants, consider outsourcing.
PMI Puget Sound is a full-service real estate asset management company. Our professional services can help you maximize your profitability. Contact us today to discover how we can improve your tenant relationships!
