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The Ongoing relationship with tenants
By arlene | June 25, 2008
Tenants are an important asset of the owner, a close second to the property itself. Without tenants, the property is unable to produce income. When the rental market is poor, with high vacancy levels, this is obvious. However, in good times your existing tenants may not seem as important. Yet, existing tenants represent a significant investment of time, money and goodwill. It makes good economic sense to maintain healthy tenant relations.
When a new tenant moves into a rental unit, his own inspection of the premises serves to reassure him of its inventory and condition. Leases typically require the tenant to report in writing any defects in the premises within, say, three days of occupation. This lease condition provides you with a legal basis for any claims that may result from misuse of the property. The contents of the inspection forms which are often employed for this purpose vary according to area and the policies of owners and property managers. The residential inspection checklist in Exhibit 4.7 was designed for use by the tenant. The first part of the form relates to the inspection of the premises, while the second part is used to summarize any defects that are found. The signature of the caretaker signifies to the tenant that all defects have been noted and that substantial ones will be rectified. To you, this signature verifies that the defects listed are actually present.
Note the positive and friendly language that is used in the form. This is intended to provide the basis for a harmonious relationship with the tenant during his tenancy.
During the term of the lease, maintain this harmonious relationship with your tenants, ensure that their requests are attended to promptly and courteously, and enforce rules of conduct and lease conditions rigorously.
The most important factors in building a harmonious relationship with tenants are the proper maintenance of the building and the manner in which requests and complaints are handled. These requests are important to the tenants, or they would not make them. Select caretakers carefully — they are in constant, day-to-day contact with the tenants and can do irreparable harm if hostile or unpleasant. Your service personnel should respond to requests as soon as possible and should be courteous at all times. Good relations can easily suffer if tenants sense that their requests are regarded as a nuisance. Unreasonable requests should be politely, but firmly refused, and without delay.
Good relations are fostered by intangible benefits such as the grooming of service personnel, redecorating the foyer of a building after a rental increase, creating a sense of pride in the property by promoting its image, and by applying a strict tenant selection policy.
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Topics: Investment, Market, Property, Rental, Residential |
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