Rental property investing is a business, and precisely like all businesses, you need loyal and satisfied customers to be successful and flourishing. In the business of rental real estate investing, your “customers” are your tenants, which makes caring about them and assuring they are excited about the rental home your top priority.
Tenant Satisfaction: It’s Just Good Business
Tenant turnover is one of the most regular reasons rental property owners determine a significant decline in their annual cash flows. Having a vacant rental property, even for a moment, comes along with a list of added expenses, from cleaning and repair costs to lost rent.
It can take too long to find a new tenant, with all the advertising costs, background checks, and other expenses in relation to that approach. Additionally, all of your rental’s ordinary expenses are now no longer offset by rental income, furthermore reducing your bottom line. In reality, the more often your tenants leave, the lesser the odds you will make any profits from your rental property.
The best way to avoid this situation is to carry out what you can to reduce or eliminate tenant turnover. The initial move is to find good tenants; the succeeding step is to keep them. A good tenant will not only conform to the terms of their lease but indeed will do so thoughtfully and conscientiously. They will need regular communication with their landlord to relate maintenance issues and ask concerns since they care about the property’s condition.
One final matter, a good tenant will pay rent on time and in full each month, giving you a sure and stable rental income for as long as they live in the home. If you find a good tenant, you should motivate them to stay in your rental home for as long as possible.
Valuing Your Assets
One of the best things to motivate a tenant to stay in your rental long-term is to regard them with concern and respect. In this way, you are helping your tenant feel valued as a person rather than just a number on a balance sheet. As soon as tenants feel valued, they are, in all likelihood, more apt to respond in kind by caring about and for their rental home.
You can help your tenant feel valued by building a positive relationship with them built on constant, effective communication. When they ask you for maintenance or repairs, respond quickly and properly, and manage the issue within the assured timeframe. Show your tenant respect by giving advance notice when you need to go into the property, and often ask for the tenant’s schedule just prior to making appointments for home services.
As an investor, you desire your investment property to perform well based on the numbers. But take note, as a landlord, you maximize your profits by putting your tenants first. By recognizing that your tenants, and not the real estate you own, are your most valuable assets, you can more proficiently aim at executing the things that will enable you to realize your property ownership goals.
At Real Property Management Vesta, we understand the value of tenants. This is why we offer and render Macon property management services that consist of finding and keeping good tenants for your rental homes. Would you want to learn more about what we have to offer rental property owners like you? Contact us online or call us at 478-257-7055 today!