Hug Your TenantReal Estate Influence
July 16, 2013 — 1,244 views
The success of any business depends on the relationship between the two parties involved. Similarly, maintaining a good relationship with your tenant is important for various reasons. Mentioned below are a few tips on how to maintain a healthy relationship with your tenant, along with why it’s important.
Importance of a Healthy Relationship with your Tenant
Entering the real estate business requires a lot of time and patience. If you are dealing with tenants, it requires effort to keep the business going, and at the same time keep your tenants happy. Unlike other businesses, here you are entrusting a part of your property to the tenant--and a good landlord and tenant relationship will ensure that the property will be handled well and carefully.
Everyone reciprocates a friendly relationship, and in this case it is beneficial to both the parties. Maintaining a good relationship with the tenant will make him use your services for a longer period of time. It is better to have a tenant who will stay for a longer period of time, than getting a new tenant often or keeping your property vacant.
Tips to Have a Good Relationship with your Tenant
Maintaining a good relationship with your tenant is not an easy task, especially if the same attitude is not returned from the other end. But it’s best to do your bit to ensure that the relationship stays healthy. Here are a few things that you can follow to maintain a good relationship with your tenant:
- DO NOT get Personal
It is important to keep the landlord and tenant relationship professional. No tenant would like an inquisitive landlord interfering with their personal life. Try to be friendly and foster a good relationship without getting personal.
- DO NOT Fleece your Tenant
While it may be really important for you to quote high prices in order to get profits, it may lead to backfiring if your prices are too high. Make sure the prices you quote are in par with industry standards. Also, try to be understanding to your tenants if they approach you with any financial problems. No doubt it may be bad for the business in the short run, but in the long run, you will certainly gain the trust of your tenant.
- DO NOT be too Proud
Do not make your tenant feel that he is inferior and indebted to you. Try to be humble. Although it is a business you are running, do not let it get across to the tenant in that way. Make your tenant feel that he is important and that his comfort matters to you. Pay close attention to all their complaints and be attentive to their inquiries.
Making your Tenant Take Good Care of Your Property
A healthy landlord and tenant relationship will not only keep your tenant happy, but will also keep you happy and your business will flourish. Do not forget that you are entrusting a lot of capital to your tenant and a bad relationship will lead to careless use of your property.
If you make your tenant feel at home he will have an emotional bonding with your property and will begin to treat it as his own. By maintaining a good relationship with your tenants you can ensure that your property is in safe hands and that no damage will be done.