It’s All About Tenants
How would you say you feel about your tenants? What words and phrases would you use to describe them right now?
Just for the sake of this important topic, right now, write down your perspective of renters in general and how you truly feel about them. Because in this post, we view tenants in a new way — as the core of a landlord or property management company.
There is a lot that’s eroded the relationship between landlords and tenants. It’s important to push all that aside and re-visualize tenants as major assets, active people who support communities and keep your business thriving.
Respect for Tenants Elevates Your Business
Do you always communicate clearly and respectfully in a helpful manner? How would you describe tenant’s responses and attitude toward you?
If their attitude is bright, courteous, friendly, professional and positive, then they must respect you and appreciate living in the home you’ve provided. The point here might be that tenants reflect the treatment they receive. If you communicate and respond professionally, they will tend to mirror that in return.
And for landlords or property managers who don’t view tenants with esteem, will that translate to behavioral problems, late rent, more complaints and repairs, less cooperation, churn, and rent defaults?
Hold Tenants in Higher Esteem than Homeowners
If we only hold homeowners with respect, it taints our view of renters. In the landlord world, renters should actually be held in higher esteem than homeowners because you’re not earning anything from homeowners.
Tenants are your customers — the lifeblood of your business. Without them happily paying rent, your business fails. If we view them as less than magnificent people in our business lives, they’ll get the message in how we speak to them and provide service.
Respecting the Value of Tenants
Why are good tenants great?
- they create our rental income and a source of accumulating wealth
- they pay rent even though they’re hurting financially and personally
- they keep your cash flow consistent and your business viable
- they take care of our rental property assets
- they are a continuous long-term customer saving you from having to acquire another one at great cost
- they can’t afford to buy, but they support the community, make it viable, and take part in it
- they are the essence of a construction industry which builds at great costs and risk
- they’re willing to live in new construction or built-to-rent developments which can revitalize neighborhoods
You can give your business an uplift with a new communications priority to show personal caring, respect, appreciation, and interest in them.
Your positive attitude goes a long way to helping them cope and stay on top of their lives too. After all, these are challenging times and there will be ups and downs for tenants and landlords. A good attitude helps you support the people who support you.
Here are 12 Good Ways to Show Appreciation for your Valued Tenants
- ask them how they’re enjoying the rental home and if anything needs to be fixed
- call them every year and ask them how they’re doing personally and financially, as it’s good to know whether they intend to continue with their lease, and give you an opportunity to keep them leased
- respond to maintenance requests fast — the faster, the more respect they feel
- make one big fix such as a furnace or A/C problem
- replace an old appliance that’s become an energy waster or doesn’t work well
- provide an incentive for renewal
- give a token of your appreciation every year such as a bottle of wine, gift card, or event tickets along with a handwritten thank you card
- ask them if they can’t operate anything in the unit and need instruction
- be generous and show generosity of spirit as it’s the number one sign of your quality of character
- streamline your daily work so you have more time to devote to them personally
- if they’re late on rent and notified you, be fair and give them a breather without fanfare and ask how things are in a phone conversation
- give them a potted flower or plant, a symbol of life and love
If you sincerely respect these wonderful people, they’ll see it — it’s in what you say and do. Your efforts to create a great tenant experience and support them as customers reflect how much you respect yourself and your business.
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Tips for Property Managers and Landlords
See also: Tenant Experience Management | Property Management Guide | How to Write a Rental Ad | Credit Checks for Tenants | How to Find a Good Tenant | Tenant | Background Checks | How to Cheer Up Your Tenants | How to Be a Good Tenant | Tenant Benefits Packages | Property Market Reset | Why Good Tenants Leave