One of the most critical areas in apartment or commercial management is the relationship established between Landlord and Tenant. It is also an area where a Landlord has the least control, unlike deciding vendors or services. The Landlord and Tenant relationship is critical as this helps define the most important aspect of real state ownership, income. Viewed in that light, this relationship, like all others requires nurturing. The natural inclination is for a Tenant to feel that they are paying too much for too little. Conversely, the Landlord feels that the Tenant is paying too little for what is being provided to them. Thus, we have the perfect formula for conflict. How then does one approach this to create the proper ‘real estate’ relationship?
The best approach is to be the Landlord that views the Tenant as an important client. They are, after all, responsible for the cash flow or any residential or commercial property. This means a respectful and businesslike approach, but not one where any unnecessary advantage is given. The lease is the lease. The second part of the equation is to remember this is a critical business, commercial relationship and not to personalize no matter what issue or attitude is presented from a Tenant. The final part is to provide all services (repairs and maintenance) in a quick and professional manner. Nothing makes a Tenant angrier than a broken item being left for a long time. It makes the tenant feel unimportant and unwanted. A broken faucet will cost the same to repair today, as it will next week. So why not do this today?
Any thoughts on success stories or strategies will be welcomed.