- June 15, 2018
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The multifamily property sector is as hot as ever, making it a great place for investors to spend their money. Running a multifamily property is not, however, just as simple as signing on the dotted line. More and more tenants are seeking out experiences these days, rather than just a place to rest their heads. A big part of that experience is their interaction with you, the landlord, which is why it is so important to maintain cohesive relationships with your tenants. Following some simple tips will help to ensure that your tenants are ready to renew year after year.
1. Be Transparent
When you take over your new multifamily property, take some time to draft up a new lease model that clearly outlines the expectations that you have of your tenants. Make sure that it also details your role and the role of any management company that is involved with the property. How are complaints handled? Who will make necessary repairs on the property? What is your pet policy? All of these questions and more will need to be answered within the terms of your lease agreement. Then, take some time at the lease signing to go through the whole thing with your tenant. Give them an open platform to ask any additional questions that they may have and answer them honestly. Building trust with your tenants is an important and necessary first step.
2. Hand Them Keys to a Well-Kept Property
The state of your multifamily property speaks volumes about the experience your tenants can expect to have while they live there. Nobody wants to walk into an apartment that looks like it hasn’t been cleaned or maintained. Make it a point to have all of your units professionally cleaned in between tenants. Test all outlets, light switches, and appliances to guarantee that everything is in working order, and make any necessary repairs. Additionally, ensure that the exterior of the building is well landscaped and clean.
3. Consider a Gift
A simple and easy way to show your appreciation for your new tenant is to offer them a little welcome home package. Consider leaving a bottle of wine, a gift basket, or some other small item that lets them know you are happy to have them.
4. Allow Furry Friends
If your multifamily property is currently not allowing pets, now may be the time to reconsider that. For many tenants, a no pet policy is a big deal breaker when they are searching for their next apartment. Obviously, you have a vested interest in taking care of your units, but on-site pets don’t necessarily equate to property damage. Consider implementing breed and/or size restrictions to find a happy medium that works for everybody.
5. Respect Privacy
As the landlord of a multifamily property, it is important to have some interaction with your tenants, but too much face-time can feel like a big invasion of privacy. Be sure to maintain professionalism and balance when dealing with your tenants. Everybody wants to be liked, but becoming overly-friendly can skew the boundaries of your landlord-tenant relationship.
Routine property maintenance is another area where you will want to consider your tenants privacy. Be sure to give ample notice if you will need to enter a unit to test alarms, make repairs, or for any other reason.
6. Handle Complaints and Issues Diligently
Nobody wants to wait two weeks to have their air conditioning fixed in the height of a hot summer. They also probably won’t enjoy being woken up by their loud neighbor night after night after night. When a tenant calls to make a complaint or advise you of an issue, it is a good indication that they are feeling fed up. Validate that by listening to their needs and coming up with a plan of action that will alleviate the problem quickly and efficiently.
7. Show Your Appreciation
Finding good tenants for your multifamily property isn’t always the easiest thing to do. So, when you find them, let them know that you appreciate them. Send holiday cards, have a tenant appreciation picnic, or offer renewal incentives that will keep your successful relationship thriving.
Looking for Multifamily Investment Property in Baton Rouge or the Surrounding Area?
Now is a great time to invest in multifamily real estate, and we are happy to guide you through the process one step at a time. At SVN | Graham, Langlois, & Legendre, LLC, we know commercial real estate and we have a deep understanding of the local multifamily market. When you work with the best, you attain the best results, so why look anywhere else? Contact us today to get your search underway, and browse through our database of available properties HERE.