Keeping tenants happy is the key to a healthy property investment cash flow. But what do you do when you have to engage in some conflict resolution?

Great tenants are the lifeblood of a yield-based investment strategy.

You want to earn as much as possible each month from your property. As importantly, you want to create a stable income that you can rely on. It’s this income that will allow you to cover the costs of the property. Plus, it helps when you’re trying to secure a loan.

Wealth for Life great tenants
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That means you need to find good tenants. You want people who pay on time, cause no issues, and leave the property in good condition.

Unfortunately, things can go wrong. A breakdown in communication could lead to you having an unhappy tenant. And when that happens, you’re increasing the risk factor for your property.

At best, an unhappy tenant will decide to move on sooner rather than later. At worst, they may decide to take their frustrations out on the property itself.

When issues do occur, you need to get on top of them as fast as possible. These are the six tips that will help you to do that.

 

Tip #1 – Understand That There is No One-Size-Fits-All Solution

You can build various processes that will help you to manage your property.

You may have a process for communicating with tenants. It’s possible that you’ll build an entire system around tenant relationships.

Wealth for Life losing good tenants
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Even so, it’s crucial to remember that there is no one-size-fits-all solution to tenants’ issues. That’s because you have to take much more than just the issue itself into account.

For example, let’s say that you have two tenants who have the same maintenance issue. One of them has a tendency to anger quicker than the other.

You can’t handle those two tenants the same way. The tenant with a temper needs a little more TLC to keep them happy. The calmer tenant may understand the pressure you’re under and be a little more patient.

That’s a minor example.

The point is that you have to treat each tenant as an individual.

 

Tip #2 – Communicate Regularly and Listen Well

Relationships between tenants and landlords tend to struggle when there’s a lack of communication.

If you’re not talking to your tenants, you can’t have any idea how they feel about different issues.

Good communication extends beyond fast responses to tenant requests. You could also solicit feedback from tenants to find out how you can serve their needs better. 

But here’s the most important part.

It’s not enough to stay in touch with your tenants. You have to listen to what they’re telling you and take action on their feedback.

In fact, it’s an inability to listen that may cause the biggest frustrations among previously happy tenants. If they feel like you’re ignoring an issue or not taking it seriously enough, they may start looking at other options.

Good communication is about so much more than the words that come out of your mouth. Sometimes, keeping quiet and listening is the key to figuring out what your tenants really need.

 

Tip #3 – Make Yourself Accessible

Picture the scene.

A tenant runs into a maintenance issue. They need to get it fixed so they decide to get in touch with you.

Only that they don’t have a phone number for you or your property manager. And when they send an email, they don’t get a response. They have no idea if you’ve actually received or read it.

That’s going to create frustration.

Most tenants can understand if you’re not able to fix a problem immediately. However, they at least want some acknowledgement that you know about the issue. And they want to have access to you for reporting those issues.

That’s why you need to make yourself as accessible as possible. Of course, this doesn’t mean handing out your personal phone number. But it does mean that you provide tenants with a clear way to communicate with you. Plus, you have to respond quickly to any messages you receive.

 

Tip #4 – Follow Up on the Promises You Make

Let’s say the tenant managed to get in touch with you about their maintenance issue.

You tell them that you’ll have a contractor out to them over the weekend to get it fixed. They’re happy with the resolution and understand why they need to wait.

Then, the weekend comes and nobody arrives to help them.

Perhaps you forgot about the request and didn’t book anybody to come round. Maybe there was a problem that caused the contractor to delay and you forgot to inform the tenant.

Whatever the case may be, the tenant will see one thing – a broken promise.

You told them something would happen and it didn’t. As a result, they’re not going to trust a word that you say about anything from now on.

And if your tenants can’t trust you, it’s only a matter of time before they move on.

If you make a promise, you have to follow through on it. And if circumstances beyond your control stop you from doing that, let the tenant know.

 

Tip #5 – Make Responsibilities Clear from the Beginning

This is where your tenancy agreement becomes important.

A poor tenancy agreement leaves your tenants feeling uncertain about what role you’ll play with the property. They won’t know if and when they should contact you. This could lead to them contacting you about everything. Frustration grows on both sides as you have to keep explaining what your responsibilities are.

Wealth for Life responsabilities
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Or, it can lead to them never contacting you at all. That can be as bad as overly-frequent contact. For all you know, a tenant may have major issues that they’re not telling you about. That frustration could boil over and result in them refusing to pay their rent.

Prevention is the route to take here.

Make sure your tenancy agreement outlines the responsibilities that both you and the tenant take on. Leave no room for interpretation. Tell them in plain English what you will and won’t do during their tenancy. Finally, make what you expect from them as clear as possible.

 

Tip #6 – Document Everything

Sometimes, an issue could escalate to the point where the tenant threatens legal action.

Wealth for Life keep emails
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If you’ve used the other tips in this article, you shouldn’t find yourself in this situation. But if it happens, you need to build as strong a case for yourself as possible. That means you have to be able to show that you’re meeting every responsibility that you have.

That’s why you need to document everything.

Keep any email communications you have with the tenant, especially if things start to get heated. Maintain a diary with meeting appointments and record every instance of your visits to the rental property. It’s also crucial that you keep all invoices and receipts that you get from contractors. This may prove useful if a tenant tries to claim that you didn’t resolve an issue when you actually did.

It’s not nice to think that the relationship could break down to the point where you need all of this evidence. But it is a possibility.

Remember that you have an investment to protect. This step will help if the relationship goes past the point of no return.

 

Work With the Problem Solvers

Tenant relationships can be a fickle thing.

You could keep a tenant happy for several years. But as soon as something goes wrong, the relationship’s at risk.

Don’t let that happen.

As you develop your portfolio, you may find yourself with less time to spend on managing tenants. That’s where Wealth for Life can help. Out property managers can ensure you resolve tenant issues quickly.

To find out more, get in touch with our team today.

Keeping tenants happy is the key to a healthy property investment cash flow. But what do you do when you have to engage in some conflict resolution?

Great tenants are the lifeblood of a yield-based investment strategy.

You want to earn as much as possible each month from your property. As importantly, you want to create a stable income that you can rely on. It’s this income that will allow you to cover the costs of the property. Plus, it helps when you’re trying to secure a loan.

Wealth for Life great tenants
  • Facebook
  • Twitter
  • Google+
  • Pinterest
  • Gmail
  • LinkedIn

That means you need to find good tenants. You want people who pay on time, cause no issues, and leave the property in good condition.

Unfortunately, things can go wrong. A breakdown in communication could lead to you having an unhappy tenant. And when that happens, you’re increasing the risk factor for your property.

At best, an unhappy tenant will decide to move on sooner rather than later. At worst, they may decide to take their frustrations out on the property itself.

When issues do occur, you need to get on top of them as fast as possible. These are the six tips that will help you to do that.

 

Tip #1 – Understand That There is No One-Size-Fits-All Solution

You can build various processes that will help you to manage your property.

You may have a process for communicating with tenants. It’s possible that you’ll build an entire system around tenant relationships.

Wealth for Life losing good tenants
  • Facebook
  • Twitter
  • Google+
  • Pinterest
  • Gmail
  • LinkedIn

Even so, it’s crucial to remember that there is no one-size-fits-all solution to tenants’ issues. That’s because you have to take much more than just the issue itself into account.

For example, let’s say that you have two tenants who have the same maintenance issue. One of them has a tendency to anger quicker than the other.

You can’t handle those two tenants the same way. The tenant with a temper needs a little more TLC to keep them happy. The calmer tenant may understand the pressure you’re under and be a little more patient.

That’s a minor example.

The point is that you have to treat each tenant as an individual.

 

Tip #2 – Communicate Regularly and Listen Well

Relationships between tenants and landlords tend to struggle when there’s a lack of communication.

If you’re not talking to your tenants, you can’t have any idea how they feel about different issues.

Good communication extends beyond fast responses to tenant requests. You could also solicit feedback from tenants to find out how you can serve their needs better. 

But here’s the most important part.

It’s not enough to stay in touch with your tenants. You have to listen to what they’re telling you and take action on their feedback.

In fact, it’s an inability to listen that may cause the biggest frustrations among previously happy tenants. If they feel like you’re ignoring an issue or not taking it seriously enough, they may start looking at other options.

Good communication is about so much more than the words that come out of your mouth. Sometimes, keeping quiet and listening is the key to figuring out what your tenants really need.

 

Tip #3 – Make Yourself Accessible

Picture the scene.

A tenant runs into a maintenance issue. They need to get it fixed so they decide to get in touch with you.

Only that they don’t have a phone number for you or your property manager. And when they send an email, they don’t get a response. They have no idea if you’ve actually received or read it.

That’s going to create frustration.

Most tenants can understand if you’re not able to fix a problem immediately. However, they at least want some acknowledgement that you know about the issue. And they want to have access to you for reporting those issues.

That’s why you need to make yourself as accessible as possible. Of course, this doesn’t mean handing out your personal phone number. But it does mean that you provide tenants with a clear way to communicate with you. Plus, you have to respond quickly to any messages you receive.

 

Tip #4 – Follow Up on the Promises You Make

Let’s say the tenant managed to get in touch with you about their maintenance issue.

You tell them that you’ll have a contractor out to them over the weekend to get it fixed. They’re happy with the resolution and understand why they need to wait.

Then, the weekend comes and nobody arrives to help them.

Perhaps you forgot about the request and didn’t book anybody to come round. Maybe there was a problem that caused the contractor to delay and you forgot to inform the tenant.

Whatever the case may be, the tenant will see one thing – a broken promise.

You told them something would happen and it didn’t. As a result, they’re not going to trust a word that you say about anything from now on.

And if your tenants can’t trust you, it’s only a matter of time before they move on.

If you make a promise, you have to follow through on it. And if circumstances beyond your control stop you from doing that, let the tenant know.

 

Tip #5 – Make Responsibilities Clear from the Beginning

This is where your tenancy agreement becomes important.

A poor tenancy agreement leaves your tenants feeling uncertain about what role you’ll play with the property. They won’t know if and when they should contact you. This could lead to them contacting you about everything. Frustration grows on both sides as you have to keep explaining what your responsibilities are.

Wealth for Life responsabilities
  • Facebook
  • Twitter
  • Google+
  • Pinterest
  • Gmail
  • LinkedIn

Or, it can lead to them never contacting you at all. That can be as bad as overly-frequent contact. For all you know, a tenant may have major issues that they’re not telling you about. That frustration could boil over and result in them refusing to pay their rent.

Prevention is the route to take here.

Make sure your tenancy agreement outlines the responsibilities that both you and the tenant take on. Leave no room for interpretation. Tell them in plain English what you will and won’t do during their tenancy. Finally, make what you expect from them as clear as possible.

 

Tip #6 – Document Everything

Sometimes, an issue could escalate to the point where the tenant threatens legal action.

Wealth for Life keep emails
  • Facebook
  • Twitter
  • Google+
  • Pinterest
  • Gmail
  • LinkedIn

If you’ve used the other tips in this article, you shouldn’t find yourself in this situation. But if it happens, you need to build as strong a case for yourself as possible. That means you have to be able to show that you’re meeting every responsibility that you have.

That’s why you need to document everything.

Keep any email communications you have with the tenant, especially if things start to get heated. Maintain a diary with meeting appointments and record every instance of your visits to the rental property. It’s also crucial that you keep all invoices and receipts that you get from contractors. This may prove useful if a tenant tries to claim that you didn’t resolve an issue when you actually did.

It’s not nice to think that the relationship could break down to the point where you need all of this evidence. But it is a possibility.

Remember that you have an investment to protect. This step will help if the relationship goes past the point of no return.

 

Work With the Problem Solvers

Tenant relationships can be a fickle thing.

You could keep a tenant happy for several years. But as soon as something goes wrong, the relationship’s at risk.

Don’t let that happen.

As you develop your portfolio, you may find yourself with less time to spend on managing tenants. That’s where Wealth for Life can help. Out property managers can ensure you resolve tenant issues quickly.

To find out more, get in touch with our team today.

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