Whether you are renting out one home or an entire portfolio of properties, in order to be successful at what you do, you must know that property management is a relationship business. You cannot lease, manage, or maintain your property and keep it occupied if you’re not willing to invest in positive and professional tenant relationships.
One of the benefits of partnering with a Nashville property management partner is that you leave the tenant relations to your property manager. We take care of lease enforcement, accountability, and ensuring that your residents have a great rental experience so they renew their lease agreement.
If you’re an independent landlord managing on your own, you’ll be responsible for your own tenant relationships. And it’s important that you give this some attention. Establishing and maintaining a good relationship with your residents is critical to your investment success. Retaining great tenants increases what you earn because it prevents vacancy and turnover costs.
We have some strategies for creating a positive landlord-tenant relationship. These tips will help you navigate Nashville’s rental market and enjoy a profitable investment experience. Let’s take a look at the benefits and the action steps.
Why It Matters: Some Benefits to Having Good Relationships with Nashville Tenants
You’ve probably heard the worn and tired narrative that landlords and tenants are not meant to get along, that their relationships are adversarial and conflict-oriented.
Not true, in our experience.
Good tenant relationships can save you money and even help you earn more on your Nashville rental property in the long term. Here are some of the benefits you’ll enjoy when you build a great relationship with your residents.
- On-Time Rent
It makes sense, right? You’ll never have disgruntled tenants rushing to pay rent on time. And the tenants who like and respect you will be eager to pay rent when it’s due to preserve their own good reputation. Happy tenants will want to make a good impression on the landlord who seems to care about them. A good relationship also means that your tenants will feel comfortable coming to you if they’re facing a financial mishap one month and need some flexibility. Setting up a payment arrangement is far better for everyone and more effective than chasing down late rent or not knowing when it can be expected.
- Maintenance Partnerships
Sometimes, tenants hesitate to report maintenance issues, worrying that their landlord will blame them for the problem. If a tenant has a good relationship with you, this will not be a concern. They’ll report the maintenance issue right away because they’ll be secure in the knowledge that you’ll give it immediate attention. Deferred and unreported repair issues will only grow more complicated and more expensive with time, so cultivate the kind of relationship that inspires an immediate reporting of problems.
- Easy Lease Enforcement
Lease violations are uncommon when you have a good relationship with your Nashville residents. You’ll have a better time working with renters who understand their responsibilities and your expectations. A good relationship means you can have conversations before the tenancy even starts about what’s required according to the lease. Tenants will feel comfortable asking questions, and they’ll be willing to talk with you about things like pets, guests, parking, utilities, and other lease-related issues.
- Less Vacancy and Turnover
One of the most important benefits to a good tenant relationship is lower tenant turnover. You want to keep your good tenants. When they renew their lease agreements year after year, you save money. The more stable your tenant, the more stable your rental income.
Keeping the tenants you have in place and renewing the lease agreement for another year or longer is a great way to increase your rental income and your ROI. There’s less vacancy to worry about and you won’t have to make those expensive repairs and updates during a turnover process. Turnovers are always more expensive and more time-consuming than we expect. Give your tenants a good reason to stay in your property.
Keys to Creating Positive Nashville Landlord and Tenant Relationships
It’s easy to see why positive landlord and tenant relationships are so critical. So, how do you make sure that you’re establishing and nurturing these good relationships? We have some ideas for you, and we can tell you that the most important thing is this: you have to know what tenants really care about.
- Make the Move-In Stress-Free
No one really loves the act of moving. Your residents are likely excited about moving into your property, but they’re still stuck in the process of moving and the managing of endless details. What can you do to eliminate some of that stress?
For one thing, you can provide a move-in process that’s transparent, easy, and effortless. A simple and supported move-in process will create a great foundation for a positive relationship moving forward. Answer all of your tenant’s questions about the lease and their responsibilities ahead of time. Make sure the home is clean, functional, and ready for them. Provide an introduction to how things work – show them how to turn the appliances on and where to find the air filters. These things will make a big difference during the early part of the tenancy.
Always keep a dialogue going around expectations. Discuss the lease and answer their questions.
Your residents need to know how they should pay rent and what they’re responsible for in terms of maintenance and landscaping. All that information should be in the lease, but if you talk about it, you can reinforce those things and demonstrate your willingness to communicate.
- Listen Attentively and Communicate Transparently
We’re going to share a secret that really isn’t a secret: Communication is the foundation of any good relationship. That’s true when we’re talking about personal relationships, business relationships, or the relationship you’re cultivating with your residents. You won’t have a great rental experience with your residents if you can’t communicate with them. You can improve your relationship by being available and accessible to tenants when they have a question or a problem.
Make sure you’re transparent and accommodating when they need to talk. Don’t hide from them when they know they have a complaint, and don’t try to sugarcoat the truth when something unpleasant needs to occur. Communicate in a manner that’s direct and always be willing to listen.
- Make Responsive Maintenance Plans
There’s nothing more frustrating for a tenant than waiting for a repair to be made. The longer they wait, the less patient they become. Maintenance is always a concern for both landlords and tenants. And, nothing is more important to your tenant relationship than the way you handle these repairs and requests. Responding to repair needs with a sense of urgency protects the condition of your property and shows your tenants that you care about their comfort and safety.
You have to over-communicate when repairs are requested. Let your tenant know when you’ve received their request. Let them know what your plan is to fix the problem. Don’t make promises that you cannot keep. If you say you’re going to fix something, fix it. After the work has been done, follow up with a call or a text to make sure the tenants are pleased with the results.
You’ll also need to be available in case there’s an emergency. A tenant is going to get very frustrated if there’s a major issue like the heat breaking down on a cold winter night, and you are impossible to get in touch with. Be ready to respond, and make sure your residents understand that you can be counted on to take care of both emergency and routine repair issues.
Be Friendly and Available but Also Respectful of Your Tenant’s Privacy and Space
Tenants are entitled to their privacy. They don’t need you showing up every few weeks to inspect the home. It’s true that you own this home, but it’s your tenants who are living in it. Respect their space and their privacy. You won’t be able to maintain a positive relationship if you’re a pest. Even if your intentions are good, leave your tenants alone. You want to communicate and be available, but you don’t want to overdo it.
Let your tenants know that you’re available if needed, but don’t linger. Don’t become friends. Establish and respect boundaries.
Provide Tenants with Convenience and Technology
Today, the tenants you are renting to will be especially impressed with two things: technology and convenience. They want things to be as simple as possible. They want to pay rent online.
Be flexible, too. Allow pets. Invite smart home tech installations like video doorbells. When you allow your tenants to make their rental property feel like a home, it’s going to work well for your relationship.
These are just some of the suggestions we have for creating a great landlord/tenant relationship. It does not have to be difficult. If you do find that it’s more than you want to manage, however, we invite you to contact us at Apex Ventures, Inc. Having a professional Nashville property management expert take over the tenant relations can deliver you a lot of extra peace of mind. We’re happy to help.
