You put a lot of time and money into finding the right property, but there is no guarantee that tenants will come just because you build it or buy it. Marketing costs big money. Paying for marketing and still having a high vacancy rate costs you even more. Keeping the tenants you have is more cost-effective than constantly acquiring new renters. Commit to building trust with your tenants before you spend any money on marketing.
It all begins with good tenants
No matter how much you try, you can’t fake the level of respect you have for a person. Unscrupulous real estate investors build their business on owning cheap properties and renting to desperate people. Perhaps their renters have no other option due to poor credit or low income. A typical workday for those investors involves equal parts chasing rent and badmouthing their renters.
Establish that you respect your tenants and your properties. Make it clear that you will maintain a good home for all of your renters. Maintenance bills, utility bills, property taxes, and loan payments do not pause just because you do not have tenants occupying a property.
The prospect of having money constantly going out without any or insufficient money coming in has led many real estate investors to accept tenants against their better judgment. Doing so will prevent you from building trust, respect and a positive relationship with your tenants.
Building trust with your tenants
People who are adept at reading the market, analyzing numbers and deciphering which properties have the greatest potential for profit are not always outgoing and personable. That’s fine. People appreciate a good listener more than a good talker. In this fast-paced world where time-saving products are highly valued, it is a rare thing to have someone take the time to genuinely listen in a one-on-one conversation. People appreciate it.
While you are listening to people, they are watching you. They notice how you dress, how well your vehicle is maintained, and how you interact with others. People who are always in a hurry come across as arrogant, disorganized, and unprepared. To establish credibility, you have to look the part and walk the walk of a prepared, organized, and confident person.
Providing an opportunity for people to communicate with you is crucial. This is where social media and routine property inspections come in. When people feel they have an opportunity to be heard and involved in what is going on around them, they feel more comfortable and are less likely to look for another place to call home.
Latest posts by Theresa Bradley-Banta (see all)
- Multifamily Common Areas Maintenance & Management Tips - March 31, 2020
- 8 Tenant Gift Ideas That Will Boost Your Bottom Line - November 11, 2019
- Need a Package Delivery System at Your Multifamily Rental Property? - October 28, 2019