How to Manage Your Tenants

Peter Watson
Peter Watson

The best landlords understand that property ownership itself is only a small part of achieving long-term success within the real estate industry. Regardless of whether you rent out a single property, or own an extensive property portfolio, you need to carefully manage not only the property itself, but your tenants too.

From treating tenants well so that they continue to rent from you, through to actually keeping your tenants safe and secure, there are many different aspects to juggle. In this article, we explore some of the solutions that are available, so that you can manage your tenants and optimise the revenue brought in through your properties.

“Tenants As Customers”

For landlords, one of the single biggest keys to success is to limit upheaval and tenant turnover. This means finding good tenants and then keeping them happy, so that they want to continue to rent from you for the long term. A great way to achieve this is to think of your tenants as customers, and treat them as such.

This is a relatively subtle shift, but it is a significant one, because it places an emphasis on the importance of delivering a positive customer experience for your tenants. Customer service principles apply, such as responding to complaints or requests quickly, and tenant management software can play a vital role there.

“Consumers expect even established businesses to engage with cutting-edge technology, and four in five tenants believe that tech will transform the industry,” a blog post for Reposit states. “Your customer service system should be designed specifically for ease of use. Keep tenants happy by offering more.”

Screen Your Applicants

Another major part of managing tenants involves screening them before taking them on. This will improve your chances of finding trustworthy, considerate renters and, in turn, will make your life easier. It means you are more likely to receive rent on time, and less likely to have troublesome tenants who do not live up to the agreement.

There are certain obvious steps that should be taken during the screening process, such as verifying income or financial status, and checking references. As an article for Cleverism points out, however, it is also important to actually interview potential tenants, attempt to find out more about them, and trust your instincts.

Erin Eberlin from The Balance Small Business states that screening can also help those with multiple properties to reduce turnover rates, because one of the main reasons tenants move on is because they are unhappy with their neighbours. Screen your tenants sufficiently and use tenant management software to try to avoid clashes.

Keep Your Tenants Safe

Finally, an absolutely vital part of landlord property management involves living up to the obligations you have to keep tenants safe and secure. For this reason, you need to carry out inspections, ensure you keep up-to-date with what your tenants are telling you, and also understand the latest legal obligations you have.

“Regularly review your properties and keep abreast of the legislation,” Legal for Landlords advise. “Something as seemingly innocuous as a missing gas safety certificate could have major consequences for you and your tenants. It’s also important to ensure that any tradespeople you use have the required qualifications.”

You should avoid trying to cut corners or find easy solutions to problems. Ultimately, dealing with things swiftly and properly will pay off in the long run, as you will be less likely to lose tenants and less likely to need to carry out more major repairs or maintenance work. Technology solutions for landlord property management may make it significantly easier to manage important health and safety documents as well.

The Final Word

As a rental property owner, the process of actually managing your tenants is vital for reducing turnover rates, maximising revenue and minimising risk. One of the best ways to manage tenants is to invest in property technology, which can make it easier to communicate with renters and to manage important documents.

It is also useful to try to think of tenants as customers, and think of your role as slightly more customer service based than has been traditional within the industry. Furthermore, you need to take the necessary steps to screen applicants and select the best candidates, while also maintaining your property and keeping your tenants safe.

 

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