Communication is essential for rental property owners, especially if you want to attract and keep highly qualified tenants in place. When you communicate well, you create a great rental experience for you and your residents. You also increase your earnings because communication leads to better transparency and better performance.
We’re always alarmed when owners and even professional Auburn property managers ignore their responsibility to communicate. It’s essential to the way we work, and we have some tips on how you can communicate better about your rental property.
Communicate Expectations and Responsibilities
You need to communicate with your tenants before they even move into the property. This will save you money and time. If you leave your tenants alone to read the lease themselves, you can’t be sure they’ll actually check when rent is due or what’s required when they move out. But, if you explain some of the most important parts of the lease agreement to your tenants in person or in writing, everyone will be on the same page and aware of what the expectations and responsibilities are.
Talk to your tenants about when rent is due and how to follow the terms of the lease agreement. Taking the time to do this will save you from having to chase down late rent and begin evictions. It’s also a good idea to show your new residents how the property works. Make sure they know where to find the water shut-off in case there’s a pipe that bursts and floods the home. Train them on how often to change the air filters and what to do if they lose power. Be accessible when they have questions.
Use Communication to Retain Tenants
Tenants expect and need communication that’s clear, accurate, and responsive. If you ignore calls and messages from your tenants, you’re going to lose them as soon as the lease is up. They’ll find somewhere else to live. It’s important that you’re responsive to the needs of your residents, whether it’s a maintenance request or a simple question about how to deal with the utility companies.
Be a resource.
When you keep in touch with your residents, you’re letting them know that you care about their comfort and their rental experience. They shouldn’t only hear from you when rent is late or when you’re trying to schedule an inspection. Thank them every time they pay on time. Communicate your appreciation that they’re taking good care of the property.
Check in once in a while to see if there’s anything they need. This will help you keep your tenants in the long term, which is good for your ROI. When tenants renew their lease agreements, you have fewer vacancy, maintenance, and turnover costs.
Use All Available Technology
The right technology can help you communicate better with tenants. If you’re using a professional Auburn property management company, you’ll have access to accounting software and online portals, which will help with communication between all parties.
If you are managing on your own, you may not have the resources to invest in sophisticated property management software. But, you can still help your bottom line by making yourself available to tenants, vendors, and other community partners online and through platforms such as social media. Be willing to meet people where they are. Increasing your ROI requires creativity and innovation.
Please contact us at People’s Real Estate if you’re struggling to communicate better with your tenants, your vendors, or even your Auburn property management company. We can help.