The relationship between landlord and tenant varies from person to person. In some cases, the relationships may form effortlessly, while in other cases, the two sides just can’t seem to find common ground and eventually have to move on. It takes considerable effort from both parties to create and maintain a good relationship.
For the landlord, especially, there are some things that you can do to help build and maintain a healthy and respectful relationship with your tenant. Below, 15 professionals from Forbes Real Estate Council talk about the steps that landlords can take to forge such relationships, and why those steps are so necessary.
Members of Forbes Real Estate Council offer tips on how landlords can forge positive relationships with tenants.
Photos courtesy of the individual members.
1. Communicate Your Vision And Values
It is critical for a landlord to communicate their vision and values clearly to residents. We are dealing with where people live, and residents want to know they are more than a monthly rent check to their landlords. A good landlord will constantly be looking for opportunities to enhance their resident’s lives and communicating these decisions to residents is what will build trust and loyalty. – Dave Marcinkowski, Madera Residential
2. Set Proper Expectations Upfront
Understanding that it is indeed a relationship is very important. Always keep open communication and set proper expectations upfront when dealing with tenants. Be sure to perform due diligence when procuring the right tenant that will pay on time all the time. Also, having good management in place is key. Think like an Airbnb host and you will almost always have a happy tenant. – Julian Williams, JW Realty Partners
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3. Communicate Regularly
Communicate on a regular basis with your tenant to learn their business goals now and in the future. By doing so, you can understand what the tenant’s plans may be for their business, and work at growing with the tenant in place of them choosing to leave. This also gives the landlord the opportunity to find solutions to problems before they become a problem with the property. – Galit Ventura-Rozen, Commercial Professionals, Inc
4. Use Multiple Channels Of Communication
Use multiple channels for communicating important information. Too often, landlords rely solely on email or written notices to inform their tenants of important events, conditions or deadlines. These are easily missed, which leads to unpleasant surprises for the tenants. Taking the time to call or visit in person, in addition to providing written notice always builds positive rapport. – Todd Laurie, Baceline Investments
5. Visit The Property Regularly
First, choose tenants carefully. Good tenant relationships are critical to the performance of your real estate investment. Then, visit the property regularly. In-person interaction is at a premium today, and you will often see something that helps you manage the investment better. It might be as simple as a broken sprinkler, but making that repair quickly saves money and builds credibility. – Matthew Moore, Moore Real Estate Group
6. Treat Tenants Like Your Customers
Follow the golden rule: Tenants are first and foremost your customers. If you don’t take care of your customers, someone else will. When you treat people with respect, you build trust and when you build trust, this mutually beneficial relationship works better for everyone. It’s such a simple concept when put into practice. – Charles Argianas, Argianas & Associates, Inc.
7. Understand The Business They’re In
Today, it’s not enough to rely on a contract; landlords need to understand the business their tenants are in and if they can manage challenges enough to afford their rent over the entire term of their lease. Vacancy is a killer, so it’s always best to have a paying tenant you understand and appreciate. – Philippe Lanier, EastBanc
8. Remember That Your Tenants Are People
Remember that your tenants are people, not just a line item on a spreadsheet. Often, it’s easy to get lost in the cap rates or expense reports and forget that behind the numbers are real people with their own stories, lives and dreams. If you view your tenants through that human lens, you’ll make compassionate yet fair decisions that will benefit both your tenants and your bottom line. – Annie Dickerson, Goodegg Investments
9. Respect Their Relationship With The Property
It is the landlord’s property, but it is also the tenant’s home. That is an emotional relationship and landlords should not forget that. Landlords often make the mistake of viewing property as an investment. When you generate returns from someone’s home, you have to always be mindful and respectful that this is the tenant’s place of belonging. Ask permission and do nice things from time to time. – Rayan Rafay, Fraction
10. Adopt A Service Mindset
As a landlord, you are providing a quality product and service. Adopt a service mindset. You should be constantly thinking about your customer’s pain points and finding ways to improve your product. – Mark Chung, Verdigris
11. Balance Firmness And Empathy
I hire property managers, and what I look for in a manager is a balance between firmness and empathy, especially in this pandemic. It is also important to have separation between myself and the resident so that the property manager can maintain good relationships with the residents and have me as the higher authority to make the tougher decisions. – Eric Martel, MartelTurnkey
12. Update And Maintain The Property
Having been a landlord for 30 years, I live by one rule: If I wouldn’t live there, I would not rent it out. Update your property and maintain it a class above the rest in the area. You will then get the best tenants who do not want to move. The longer a tenant stays, the better your ROI. In general, if you take care of people, they will take care of your property. Doing the right thing pays when you’re a landlord. – Coni Dean, Venture Realty & Investments
13. Be Available And Responsive
Being available and responding quickly is the easiest way to build trust with tenants. There is a fine line and you don’t need to cater to every whim. Answering when they call and being open and honest with your communication will ensure you have a solid foundation to build a good business relationship with your tenants. – Jon Ortner, Renters Warehouse
14. Provide Tech That Makes Their Life Easier
Provide robust technology that allows occupants to more easily live and work in your property. With the right tools, such as two-way communication, mobile work orders, visitor management and more, you can automate building operations, save time and allow property teams to focus on providing world-class service instead of constantly fighting fires. – Prasan Kale, Rise Buildings
15. Set Up A Tenant Portal
With more and more communication moving online versus in person, tenant portals are more critical than ever. The ability to easily communicate with management, pay rent or make a maintenance request with an app on a phone is no longer a luxury. – Chris McAllister, ROOST Real Estate Co.