We have managed more than 600 residential rental properties, multiple homeowners associations and millions of sqft of commercial space. What we found out is that we need to manage tenants expectations. If tenants know what to expect, they are much easier to work with. So communication is a critical piece to manage tenants.
Manage Tenants Expectations
When we manage tenants and set expectations, we have to be consistent. Once you are not consistent, everything falls apart. This is even more so in a multifamily building where your tenants can interact. If you give an exception to the rule in a multifamily building you had better be prepared for everyone in that building to expect the same. It may sound cold, but have a rigid set of rules that you and your tenants can abide by makes managing tenants easier.
Expectations are also manged by having consistent policies and procedures. Everyone on our staff knows how to handle the variety of situations that may come up when you manage tenants. This consistency allows tenants to feel comfortable knowing how things will be handled.
But before we get to manage tenants expectations, we need to find quality tenants. We do this by doing a thorough job of screening tenants. Once we find our ideal tenant, we ensure to understand their needs and set expectation right from the start. If we didn’t clearly communicate what we are going to provide them and what we expect of them, then we wouldn’t be able to achieve our real estate investing goals as well as our clients.
Convenience for tenants
Aside from setting expectations, we also provide a variety of services that make our tenants lives easier:
- A 24-hour emergency repair service line.
- Monthly Call or meeting in order to ensure that the property is in good condition and the tenants are happy
- Easier methods of collecting rent
- Responsive handling of repairs and maintenance
- A consistent and fair enforcement of regulations
Managing tenants isn’t very difficult, you just have to be consistent, set expectations and live up to them. If you can create a set of rules and follow them, then you could be a good property manager. If you can’t, you should probably give us a call.
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