Life is much easier when you get on with someone. But when it comes to your landlord-tenant relationship, maintaining a good relationship is also good for business. Developing a positive working relationship can be the difference between amicably discussing and settling differences and a costly legal action. So what can you do?
Take the time to get to know prospective tenants
Although it does present some costs it is worth conducting reference checks on all prospective tenants. After all the risk of not performing these checks could result in more serious financial consequences, for example; lost income, property damage and litigation costs. Consider:
- Credit checks
- Previous landlord verification
- Identity verification
- Employment verification
Protect your property
Taking measures to properly maintain your premises encourages your tenants to take pride in the condition of their rented space. It could even bolster relationships and lessen the probability that they take legal action in the event of an incident or dispute. Take these measures to be prepared for maintenance issues:
- Establish a procedure for dealing with maintenance requests that guarantees prompt service to tenant requests and maintenance issues.
- Create, clearly communicate and promptly enforce policies regarding shared spaces, such as non-smoking policies.
Although you may not be expected to guarantee the safety of tenants, visitors and guests, you must exercise reasonable care to protect them from foreseeable events. What’s more, security measures make tenants feel safe, benefitting your relationship with them and lowering the likelihood of a legal action.
Focus on customer service
Taking extra steps to make tenants feel welcome helps to create a cooperative relationship. Small gestures can dramatically improve the relationship you have with tenants:
- Prompt, polite responses to requests
- Support during moves
- Clearly outlined policies and swift enforcement for all tenants
Unfortunately due to the nature of risk no matter how carefully you prepare sometimes the unforeseen can occur. This is why it is important to also make sure that your insurance covers the typical risks that may impact your rental property. If you would like an independent review of your policies why not get in touch.
Source: Zywave 2011-2013 Risk Insights Property Management