The saying “Time is Money” is no exception when applied to property management. One time investment property managers can make is resolving high tenancy turnover. Whether it’s preparing the units for showings, creating online advertising for potential tenants, maintenance, or processing documents for applicants, it can be a lot to handle.
At Bayview Strata & Rental Services, our team of certified professionals has simplified this method. We go beyond the everyday norms to build long-lasting relationships with every tenant. If you would like to stoke a healthy relationship with your tenants and reduce turnover, then these tips are for you.
1. Open Communication Policy: Communication is one of the most undervalued skills. When it comes to the relationship between tenants and property managers, this is especially true. You never want your tenants to feel like they waste their time by addressing a concern or asking questions. If you are busy and can’t respond to them at their initial point of contact, follow up immediately and provide them with a specific timeline of when you will be available. Keeping people in the dark (or ‘Ghosting’ as the millennials would say) is a sure-fire way to sow the seeds of distrust and frustration within any relationship.
2. Address Issues or Complaints Immediately: Whenever you are managing a property with multiple tenants, it is your job to ensure they coexist peacefully. Should a complaint ever arise, you must be diligent in resolving the issue. Always make sure that you maintain your open communication policy and immediately notify the tenants of what you have done to fix or amend the issue.
3. Don’t Just Respond, Learn to Listen: Similarly, with communication, listening skills are vital. Reading between the lines of what is said can prove useful in identifying what they mean. For example, if a tenant comes to you with a problem about parking availability, rather than reciting the policy, take a closer look into why there might be an issue in the first place. Individuals will go out of their way to avoid or be the direct cause of conflict. Perhaps the problem is not the availability of parking stalls. Maybe specific tenants are bending the rules and having friends or family using the ‘temporary parking’ in the evenings. Whatever the case may be, reinforcing your open communication policy with tenants will help correct any potential issues in the future.
4. Show Gratitude and Appreciation: It is always the little things in life that make the most impactful difference. Creating a personalized Christmas or birthday card is a great token of appreciation. It takes very little time to produce small gestures that will surely boost the relationship and loyalty between your tenant and yourself.
If you have never used any of these tactics, we encourage you to give them a try. As we all know, the best way to reduce tenancy turnover is to establish a healthy relationship with your tenants. Making your tenants feel valued beyond the month-to-month cheques they write is how you can start building that community within your community.
For more information on Strata Management, Rental Management, or our list of available Rentals, contact our team today. Our certified Property Management Professionals are always prepared to customize our services to meet your unique requirements.
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