In 2023, there was a high demand for commercial rental space. As a property investor, you might always be on the lookout for the right properties to buy.
Buying properties is definitely a vital part of your business. However, handling tenant relations is just as important. Some argue that it's even more critical.
Building relationships with your tenants is helpful for your business. Keep reading to learn why this matters and ways to do it.
The Importance of Tenant Relations
Tenant relations matter for these reasons and others:
- Communication helps tenants feel valued
- Tenants move out faster if they feel ignored or mistreated
- Increased lease renewals when tenants feel heard and valued
- Improve on-time rent payments
Relationships, in general, are better when you build them.
Ways to Build Tenant Relations
So, how can you build tenant relations with your DeLand properties? Here are some ideas that might help:
Listen and Communicate
Being a good landlord requires excellent communication skills. Listening is one part of communication. Learn to listen well when your tenants speak to you.
Responding is the second part of communication. Think before you speak, and always treat your tenants like they matter to you.
The way you communicate greatly affects how they feel. If you communicate well, they'll feel more satisfied and content.
Address Issues in a Timely Manner
Tenants always want a landlord who addresses issues quickly. So, you must first listen to their issues and concerns to understand the problem. Next, you must remedy the problem in the best way possible.
Finally, aim to resolve the issues immediately. Your tenants will appreciate your timely response.
Your tenants will also appreciate the work you put into the properties. Work on routinely updating properties. Keep them nice.
These steps will make your tenants happy. They'll also help your properties hold their values or increase.
Get to Know Their Needs
Learning your tenants is also helpful and vital. For example, if you have apartments for rent, do your tenants want you to allow pets? If so, it might be time to reconsider this decision.
What updates do they want? Find out and work on providing those to your tenants if needed.
Offer a Tenant Portal
You can also improve tenant relations by offering a tenant portal. A tenant portal offers a means of communication between you and your tenants.
Tenants can use it to pay their rent or request repairs. They can even send you direct messages through it.
Hire a Property Manager for Help
As you see, tenant relations matter. You can work on building relationships with your tenants by following these tips. You can also do it by hiring a property manager to help.
Hiring it out simplifies your job and takes the stress off you.
PMI Central Florida is here to help. We service Central Florida and can help with residential and commercial properties. We specialize in leasing, development, and much more.
Reach out to learn how we can help you build your tenant relations.