Managing rental properties has forever been a wonderful source of additional rental income for landlords living within cities and towns all across the United States. Property managers taking care of a real estate component within the mix of their overall investment portfolio know that this takes a more nuanced approach than simple stock buys.
In order to truly see portfolio growth with the addition of high-quality rental properties, you must understand the local climate, take great care of the real estate itself, and always protect the connections you have with your renters. Rental income that boosts cash flow depends on these connections and considerations. A great long-term return on your investment demands a short learning curve as a property manager. Installing great appliances, including central air conditioning, is the best way to ensure that this relationship thrives. Here are some ways to maintain good relationships with tenants.
Maintain the property as if you were living there.
Any guide for managing a rental property will tell you that a high-quality tenant expects their comfort needs to be met on a regular basis. The best way to achieve this is to treat the property’s amenities as if they were being utilized for your own comfort. Tackling kitchen upgrades or storage additions when you first purchase the property can create a luxurious experience that makes renters flock to space and battle one another for the lease. This gives you increased access to great tenants that will respect the property and your wishes. However, quality tenants expect more than simply luxury amenities. In order to maintain that great relationship with tenants, you’ll need to remain serious about maintenance issues that come up throughout the tenancy.
Fixing plumbing or power issues in a timely manner is crucial to keeping renters happy, and so is the installation of central air conditioning in all of your investment properties. Central air is a critical component to a great home and offers superior efficiency and comfort over competing for AC solutions that you might consider for a home. A central AC unit that relies on a duct system and humidity control to ensure maximum comfort is a great amenity to furnish tenants with. This is a quality of life upgrade that makes viewers jump at a property, and it also keeps your costs down over the long term. Central AC requires minimal maintenance and needs replacing or major repairs every five to ten years—even longer on some units.
Build a cordial and professional relationship with your tenants.
Maintaining a great relationship with the tenants that live in your rental property is a recipe for long term rental habitation and a reduction of the risks of eviction proceedings, non-payment of rent, or wild damages to the home and its grounds. An investment property carries a unique blend of the same risks that pervade any investment opportunity. Just like the stock market could take a dive tomorrow that lasts through the next three quarters, so too could your property become damaged by a squatter that requires eviction action and eats away at your ability to produce profit for months on end. Still, rental property, according to some of the wealthiest investors around, is one of the best investments a saver can make to capture and grow true wealth.
Acting professionally produces an inviting feeling toward the people who live at the address, and it’s the best way to create mutual respect between you and your tenants. The property is yours, of course, but to foster a positive relationship, you must respect their privacy and give renters the trust they deserve. This way, you can build a long term relationship with good tenants. Keeping the same, known renters in the home for multiple lease terms produces a steady income stream on your real estate investment.
This means that your rental business won’t have to shell out capital every few years for new heavy steel heating units that require professional installation or hefty maintenance requests from your tenants. Similarly, building this rapport with state of the art amenities for heating and cooling needs, as well as internal appliances, will make for long term rentals that won’t need to be relisted every year to find a new, paying tenant. Introducing the ultimate comfort into the home will make your wallet and your renters happy at the same time.