Placing high-quality renters in your property is critical for your rental business. This is why as a property owner you take the time to thoroughly screen prospective renters. But keep in mind, renters also have their own set of expectations about their landlords. Apart from considering the overall fit of your property to their needs and preferences, renters also look at the personality and demeanor of their potential landlords.
At the end of the day, both you as landlord and your tenant desire a harmonious, mutually beneficial relationship. As you and your renter build a strong relationship, you can expect them to care for and protect your property as if it were their own.
Here are some helpful tips to strike a happy note with your potential tenant.
How Embodying Good Landlord Qualities Benefit Your Business
Being a good homeowner creates positive impact on these three areas your rental business:
Lower Vacancy Rate and Tenant Turnover
When your residents are happy, they tend to stay longer in your property, giving you a stable source of rental income. You can confidently expect them to renew their leases under your own terms, improving your tenant turnover rate.
Assured Rent Collection
If you embody the kind of homeowner that is easy and nice to deal with, your renters will abide by your rules without resistance or hesitation. You would have easily solved the number one pain point of 84% of homeowners surveyed by TransUnion — non-payment of rent.
Lesser Maintenance and Repairs
Your renters will reciprocate your kindness by being more responsible in treating your property with extra care. With less maintenance and repair costs to handle, your bottom line will greatly improve.
Qualities of a Good Landlord
Prospective renters can already sense your demeanor when they start interacting with you during property inquiries, down to signing the lease. During this time, they also watch out for red flags in your behavior and will not think twice about not pursuing the lease if something feels amiss. It would help to be amiable from the very start in order to close your deals much faster. And then stay consistent throughout their stay.
Be professional in the way you speak, act, dress up, and conduct your business. It should also show in your organized and transparent manners in dealing with them. For example, respond promptly to inquiries, be punctual on showings, and be quick to process their application. If they have a pleasant experience with you, it will highly likely speed up their rental selection in your favor.
Be Available for Any Concern
Nothing frustrates renters more than neglectful homeowners that avoid complex discussions especially when it comes to maintenance calls. So let your renters know and feel that they can easily reach you and communicate with you. . Give them several options on how to reach you (such as email or text message) and times of the day they could do so. Set a guideline, if needed, on what you consider as an emergency call to avoid any misunderstanding as to when they can call you. If you will be away for an extended period, have someone take calls on your behalf and inform them about it.
Be Patient But Proactive
Frequent late payments, refusing to take your calls or to call you back, or their reluctance to speak during your interactions may be signs that something is wrong. Taking the initiative to look into the problem is a good way of showing empathy, patience, and understanding. For instance, giving them an announced visit and offering to talk is a good gesture. You may also conduct a basic survey with your renters if you feel that they are more comfortable expressing their feedback this way. A survey is also a good way to document their concerns and objectively address them. Taking actions like these show that you’re willing to resolve any problem as best as you can. Doing so also helps avoid further escalation which could lead to renters possibly terminating the lease or not wanting to renew it.
Renters want the kind of homeowner they can rely on to provide them with a safe and habitable home. To show your trustworthiness, be transparent about the condition of your property and take responsibility for your rental obligations by not cutting corners when it comes to maintenance work.
Disrespectful behaviors that most homeowners are unaware of committing cause emotional distress. Being condescending and over-critical during conversations, forcing them to do something against their will, or invading their privacy in the guise of a property inspection are clear signs of disrespect. You can still maintain your role as a professional homeowner especially when reprimanding them for bad behavior and exercise your rights but with due respect to them. This way, you can continue to run inspections without getting into legal trouble and correct them for wrongdoings while avoiding conflicts.
The Best Way to Remain Consistent
As an act of goodwill to your renters, enlisting a property manager to work with them on your behalf is a strategy that ensures that high quality of service and harmonious relationships are kept consistent. Look for a company with a technology that makes the end-to-end renting process simple, seamless, and convenient. Some examples of these are info-rich property listings that can be viewed remotely using 3D virtual tools, free and streamlined application, online lease signing, automated rent collection, and 24/7 maintenance support. These service features allow ease and flexibility for your renters and will definitely help gain their trust.
With a proptech company, the heavy burden of rental management work is unloaded from your shoulders, giving you the confidence to grow your portfolio and the freedom to enjoy your life.
Your demeanor can make or break your chances of finding high-quality renters. Likewise, how bad or well you treat them as residents of your property will determine your renter turnover. If at the outset you interact with them in the right conduct, they will feel valued and appreciated. As you help build their self-esteem, they begin to feel safe and confident to lease your property and engage in your relationship. Therefore, embodying the qualities of a good landlord not only gives your renters a positive experience but also a way for you to stay on top of your game in the highly-competitive rental market.