10/29/2019
Tips for Tuesday
Tenants Are Your Customers:
Landlords and property managers need to treat the renter as a very valuable customer. When the renter has a request, whether maintenance or a general inquiry, customer service principles need to be implemented. This will improve online reviews, which leads to better applicants and, ultimately, higher rent. – Lee Kiser, Kiser Group
The Cost Of Replacing Tenants Is High:
Love on your tenants, be flexible with them as their needs change, work with their selected representatives instead of trying to go around them, and listen to your tenants, because it is much harder to replace a tenant than it is to keep a tenant happy. Don’t be penny-wise and pound-foolish. The cost of replacing a tenant is often two to three years of lost revenue. – Jonathan Keyser, Keyser
Tenants Are More Than Just A Monthly Check:
It’s important to remember that the landlord-tenant relationship is a partnership. Many landlords view tenants as commodities or “mailbox money.” In fact, neither side works without the other. Landlords need to make sure to stay abreast of landlord-tenant law and go above and beyond as much as possible. Tenants respond better when landlords actually care about their well-being. – Danielle Pierce, Women, Wealth and Real Estate
Great Tenants Provide A Higher Return Than Increased Rent:
Many landlords chase higher rent and unfortunately lose great tenants. Raising rent on great tenants can bring losses. Every time a tenant moves out it costs you in repairs, vacancy time and new high-maintenance tenants. Tenants with under-market rent complain less and move less—increasing your bottom line. – Joseph Edgar, TenantCloud