October 10, 2019

"Thank You!": How Building Tenant Relationships in West Bloomfield Grows Your Investment

As a landlord, when you have an issue with a tenant, it's easy to see how your appreciation can falter. However, it's critical to remember that tenants are a critical part of why your rental property business is a success! Without tenants, your West Bloomfield property sits vacant—and you lose money. 

Building good tenant relationships can enhance your success as a landlord. You want your best tenants to stay year after year. Whether you intended to own a rental property or you find yourself as an "accidental" landlord, saying "thank you" to your tenants goes a long way.

The fall season is the perfect time for giving thanks, but appreciating your tenants should happen year-round. Here are six ways to show your tenants that you appreciate them any time of year. 

1. Start off on the Right Foot

A tenant relationship begins the first time you make contact with your next potential tenants during the application process. It's critical to maintain professionalism from the start. Your first impression with prospective tenants can set the tone for an ongoing relationship—good or bad. 

Greet potential tenants warmly. Handle initial interviews and applications fairly and without bias. Don't let appearances influence how you handle a potential tenant. 

Instill trust from the beginning, and you'll often find your tenants respond in the same professional way. 

2. Respond Quickly

It's a simple concept, but when the daily tasks of being a landlord become overwhelming, it can be tough to respond quickly to tenant request

However, prompt responses show tenants that you're available and committed to making your property a safe, comfortable place for them to live. Even if you can't resolve an issue right away, work to respond to tenants within twenty-four hours of when they reached out. Let them know you hear them, and you're working on a solution. Be sure to prioritize emergencies over other routine tasks or problems. 

If you're on vacation, make sure your tenants have another resource to contact if they need something while you're gone. 

3. Offer Incentives

When it's time to renew a lease, you want your best tenants to stay. Tenants have options in the West Bloomfield area: sometimes offering a little "extra" something helps your tenants renew their lease for another year. Inspiring your tenants can be the difference between staying and leaving for lower rent elsewhere.

You don't have to spend a lot, but small, thoughtful gestures can make a difference:

  • Offer a free house cleaning service after they sign a new lease.
  • Send a "thank you" basket of goodies at the start of a new lease term.
  • Send a gift card for a night out to dinner.
  • Consider a small discount on the first month's rent to start the new lease.

When tenants feel appreciated, they'll feel like they're already home—again and again. 

Thank You

4. Make a Thoughtful Property Upgrade

Is it time for new appliances? Maybe a new security system to show your tenants you care about their safety.

You don't have to overhaul everything in the house! Choose one or two things to upgrade around the start of a new lease term for your tenants. New appliances or a new security feature appeals to tenants, plus those types of upgrades can help reduce your rental property taxes

With upgrades, your business benefits—and your tenants stay happy. 

5. Keep Your Promises

If you promise freebies or upgrades as an incentive for tenants to sign a lease, be sure you follow through on those promises. 

Building your reputation as an excellent landlord starts with how you handle tenants. Under-promise and over-deliver when it comes to serving your tenants well. Never risk your tenant-landlord relationship by promising things you don't intend to fulfill or can't do for the sake of keeping a tenant.

You want your tenants to uphold their part of the lease agreement while living in your West Bloomfield property. Be sure you do the same for your tenants. 

6. Remember: You're the Landlord

While it's essential to maintain positive relationships with your tenants, never forget that you're still the landlord. 

You're not their friend. It can be stressful to balance being kind and attentive while enforcing the rules to keep your rental property business a success.  

Being responsive, keeping your promises, and offering small tokens of appreciation should never take the place of honoring your role as the property owner. You must remain fair and stick to the guidelines of the lease agreement. Make sure your tenants pay the rent on time and follow the terms of the lease agreement.   

Landlord and Tenants

Property Managers Support You—and Your Tenants

If dealing with people isn't what you signed on for as a landlord, let your West Bloomfield property manager maintain tenant relationships for you! JMZ Management knows that property management is a "people business." We're here for many landlords who don't have the time—or the desire—to get personally involved with tenants. 

Our team appreciates your tenants while making sure they follow the terms of lease agreements. We make it a priority to thank tenants for taking good care of your property and renewing a lease—so you see continued success with your rental property. If you're ready to build your rental income and your tenant relationships, just reach out to the expert property managers at JMZ!

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Topics: tenant relations, property manager tips and advice, rental property tips