There are a lot of things that you have to think through when you are a rental property owner. Many property owners think that the technical side is all they have to work through. But there are so many more details such as communication, building a good relationship with renters, and working things out as issues come up. If you're looking for ways to build a better relationship with your renters, here are some ways you can make it happen.
There are many different ways to interact with the renters of your investment property that are beneficial for the overall relationship.
Find the right renter
You want a renter that is trustworthy, able to pay the rent on-time and can provide you with a list of references. This means you'll have to interview and ask good questions. This information is vital to forming a picture of the kind of people that will soon be moving into your property.
Be professional around your renters
Avoid crossing the line of being a property owner and a best friend. This kind of relationship opens the door to being taken advantage of. It could put you in a position that you do not want to be in. Professionalism is the best way to build a trustworthy relationship.
Keep the lines of communication open
Let renters know all expectations upfront - what they can and cannot do on the property, repairs process and what they can expect from you.
Respect their privacy
You can't just walk into the property whenever you feel like it. There are laws in place to keep it from happening. Make sure that the resident knows the correct procedure you'll follow before entering the home. If you have a good relationship with them, it shouldn't be much of an issue.
Ask the resident to provide yearly feedback as to how they view you as a property owner. This option lets them know that you care about their opinions. This also give them time to give you information that would make it easier on everyone in the rental relationship. This can also help you see if they plan on renewing the lease at the end of the term or not.
Allow for a certain amount of flexibility, but blend it with being firm. Flexibility is easy to take advantage of. But a point of firmness will keep the renter from abusing your grace. This allows them to have some say in things, but gives you the control you need as property owner.
Consider partnering with a property management company
Using a property management firm to help you navigate the path of being a property owner will help you handle all of the administration and paperwork. They can even schedule repairs and times when the home needs to be entered. They also handle rent collection, resident screening, rate analysis, and more!
Many property owners only take care of the administrative side of things and fail to consider the people living in the home. It's important to have a certain amount of interaction with the renter in order to keep long-term renters in your investment property. If they feel taken care and welcome, then they are more apt to stay from one lease year to the next.