Many real estate experts agree that losing a tenant does not only cost a significant amount to your investment but can also waste your time looking for the next one to fill the vacancy. Tenant turnover is, generally, not helpful to your business’ revenue. Yes of course there are advantages especially when the tenant has become problematic, threatening your property’s value or quality or the safety of other renters, or refusing to pay the rent. Obviously, that is not ideal for a rental business. But losing one just because of minor issues or miscommunication, for example, is not a smart way to manage a property. It’s needless to say, that is not how professionals manage a rental business.
Maintaining a healthy relationship with tenants is easier said than done but remember that not using the advantage of proper communication methods can lead to disputes. And again, needless to say, disputes may also lead to serious legal battle; affecting not only your financial aspect but may also adversely impact the quality of your life and your family’s particularly the mental health and overall well-being, including your children’s. This is because a conflict, big or small, can cause stress and worries. As a smart way to manage these risks, it is better to take care of the relationship by teaching yourself the right approach. Tenant-landlord relationship is not easy to manage, let alone to make it dynamic and productive, but with dedication and willingness, you can learn the tools related to this kind of social relationship.
Another way to avoid unnecessary tenant turnover is to select a good tenant. This can be done by establishing and maintaining an efficient tenant screening system before accepting one. The turnover process is very costly so you have to learn how to screen your tenants; it is one of the most cost-effective approaches to managing expenses for a rental property. Attracting new tenants need money for it to be successful as it also needs effort, through marketing or advertising, that’s why doing your best to select a real worthy one through tenant screening is an intelligent move. If you want a tenant who is worth having for the long term, filtering him is the right method. This is how things are done by professional property managers, especially those who have extensive experience in the market.
After letting the prospective renter sign the lease, it is now your responsibility as a landlord or property manager to communicate everything that is necessary for both of you to proceed. This is the very beginning of your formal engagement with him; making sure all the factors that interplay with your relationship will be checked and put in balance. Doing all the work by using the right method of communication with your tenants and using the approach you prefer while also considering their rights and respecting their boundaries, your tenants will surely respond the same way as you want them to; they will respect and abide by your guidelines, policies, and rules. In order to establish a good relationship from the beginning, you must really learn to work the professional way by learning the proper communication approach. By using the appropriate tools, you will never be going to fail or lose another tenant.
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