Forging and managing landlord-tenant relationships can be difficult in the best of times. Making sure that your tenants feel secure and happy in the home they’ve rented from you is a top priority for professional real estate managers all over the United States and the world. But executing this vision often feels easier said than done.
However, innovative solutions to common problems that tenants and real estate investors alike run into over the life of a tenancy can really improve this quality of life and relationship by a huge factor. With these three strategies you can boost satisfaction in your tenants and improve your investment’s security in the same breath.
1. Keep the front door secure.
Property managers in New York, Texas, and other states of the United States are turning to tech solutions to help provide security and quality of life upgrades for their residents. Perhaps the most exciting new improvement that property managers are introducing is ButterflyMX for added security and managed property access. ButterflyMX has created a remote access system that helps tenants and property owners securely grant door entry access for self-guided tours, package delivery, and visitors without the need to create additional key fobs, remotes or keycards. This makes a property manager’s life easier, and helps tenants feel safe and secure in their homes. All you need is a smartphone and access to the easy to use ButterflyMX mobile app in order to create and issue virtual keys, which are QR codes scanned at the reader installed at the front door or entry gate of the building.
2. Switch your electricity supplier for a discount.
Whether you are a landlord who is offering a bundled package that includes electricity, water, and other utilities, or not, the option to change electricity suppliers is an important one that many people overlook. By switching yourself, or providing your residents with the information they need to facilitate a switch themselves you, or your tenants, can save hundreds of dollars every year. The average electricity rate per kWh is more than double the price that non-switchers pay when they simply stick with the power company that runs the lines into the property. Switching is a crucial decision that is actually incredibly easy to finalize.
Combing through electricity providers is simple, and many websites exist to help facilitate this search. The truth is, your power company sells you the connection (that you need) along with their markup on the commodity (the utility). But you can instruct your utility company to change suppliers and provide you with a discounted rate energy supply. You will get the same service, just at a discounted price. All it takes is a quick phone call to swap suppliers and you can change as often as you like in order to take advantage of the current market trends and best pricing.
3. Maintain a friendly and professional relationship.
Speaking with your tenants is the best way to get to know them. Maintaining a strong relationship between yourself and your renters is the only way to ensure a mutual respect. As the property owner you must be conscious of the needs of your renters and take care of any issues that arise in their apartment for them in a timely and professional manner. If you maintain an open dialogue you will create a better atmosphere of cooperation that makes for less of a risk of nonpayment or damage to the property.
Building this type of relationship takes time, but it will ensure a more protected property investment over the long run.