5 Tips for Rental Success – Healthy and Profitable Landlord Tenant Relationships

The landlord business is all about relationships. Building and maintaining a professional yet personable rapport with your tenants is key to developing a lasting business relationship.

These 5 tips will put you on the right path

Start off on the right foot

From day one, you want to work on developing a positive professional relationship with your tenants. Provide them with all the information they need to start their tenancy off right. That includes contact numbers, details on your expectations, and important dates.

Document everything

Be sure to keep archives of all your communications and receipts. This will help with taxes and also when a tenant has a question or disputes a charge.

Communicate early and often about repairs

Nothing is as frustrating to a tenant as not knowing when their refrigerator is going to be replaced or when you’re going to come and finally fix the shower door. Whether it’s a big repair or something minor, make sure your tenants know that you received their request and update them along the way in order to manage their expectations.

Always maintain your professionalism

If a dispute arises, and it’s getting heated, take a break to cool off. No matter what, you need to stay level-headed and professional. Stick to the facts, and your policies and procedures, and set emotions aside.

Be fair and be flexible

You don’t want to be a pushover, but sometimes giving a little goes a long way. If you are going to make an exception to a process or rule, be sure to document it, along with the cause and frequency. Is it a one-time grace period? Or something more long term? If you make an exception for one tenant though, be ready to make it for every tenant under the same circumstances.

Disclaimer: The information contained in this publication is exclusively for promotional purposes and is not to be relied upon for legal or contractual dealings. Tenant Source recommends you seek independent legal advice, and that you may need to seek technical or other advice and information prior to making any actions in regards to tenancies in your investment properties. Tenant Source Ltd including its staff and directors accepts no responsibility for any issues arising as a result of taking advice from this publication.