As a family-owned and operated business that traces our history in our nation's capital back to 1920, we understand the importance of creating lasting working relationships with the renters who call your D.C. rowhomes for rent 'home.' The right kind of partnership between property owners and renters is the difference between a vibrant community with deep roots—or a transient neighborhood where we rarely venture beyond our own front door.
While social distancing measures in our area have made staying at home a movement, as a property owner with D.C. rowhomes for rent, it is vital to create lasting relationships with your renters. As a landlord, there are many reasons why you want to keep your residents satisfied and looking forward to their renewal. There are also a variety of approaches at your disposal that will create and maintain that satisfaction: the better the relationship you develop, the more powerful the rewards are for both parties.
If you haven't yet considered the relationship you have with your renters as a critical element of your crisis planning, there has never been a better time to do so. It can be powerful when a tenant and landlord work as one, towards the common goal of maintaining a space you both value and respecting the terms of your lease—as well as each other.
As a note: This post is not a substitute for proper legal counsel. When in doubt about how to proceed with renters in your D.C. rowhomes for rent, obtain guidance from a skilled attorney or your trusted partners at EJF Real Estate Services.
Why Should Property Owners Delight Their Renters?
There are several reasons why a property owner should make every effort to delight and retain their renters. Some of the benefits of such synergy are obvious—others, more subtle. Regardless, it's worth your time to invest in crafting lasting relationships with your renters before, during, and after any crisis.
- Delighted renters renew leases: This first reason is one of the more obvious advantages of working with your renters. When your residents enjoy living in your D.C. townhomes for rent, they have no desire to move. Beyond the extensive costs of turnover, there is also the reality that, when you do not have a tenant, you have no opportunity to bring in any income. This means that your property is actually having a negative impact on your income potential.
- Satisfied renters pay their rent: Even if some of your renters are experiencing difficulty making payments at the moment, when they enjoy living in your D.C. townhomes for rent, and have otherwise been satisfied by your services, they work to make up these shortfalls in the future. Whether it's via a payment plan or some other alternative, delighted residents make payments—and that is one of the biggest reasons to keep the positive relationship going strong.
- Happy residents protect your property: As a landlord, you want to actively protect your assets. When you have happy residents, they take more pride in your D.C. townhomes for rent; they see your property as an extension of themselves and a home rather than a mere rental. Ultimately, this has the effect of preserving and protecting your investments for the duration of their stay.
How to Proactively Delight Your Residents
There are several proactive measures you can take directly and indirectly to show your appreciation and respect for your renters to build and maintain your work relationship with them. Taking these steps can also serve to solidify any existing foundation you've already lain.
- Gratitude is powerful: As a property owner, your gestures of appreciation don't have to be extravagant. Even taking small steps to show your appreciation for their continued care of your property, such as a verbal thank you, small gift card, or thoughtful basket on their birthday or another special occasion speaks volumes.
- Stay in touch often: You never want to be out of touch with your renters. Talking to your tenants can go a long way towards showing that you care. With social distancing measures in mind, it's worth noting this communication doesn't have to be verbal: a simple e-mail or a letter is enough. The point is to emphasize that you care.
- Make maintenance crucial: Timely maintenance can be the sole deciding factor between renewal or turnover. If you haven't been prioritizing your work orders, you are missing out on a key opportunity to nip your losses in the bud. Whenever your renters request a repair, approach it as though your income depends on it.
If you find that interpersonal relationships are not your forte, turning to a professional with a history of business built through satisfied tenant referrals can be a smart move for you. As a property owner, you're not required to know how to manage your property like an expert when you have someone else at your side who can help you achieve success.
When you leave your D.C. townhomes for rent in the expert care of EJF Real Estate Services, you are building a solid relationship with your renters by default. Relying on the skills of a professional with roots in the area also spares you from having to carry out sensitive tasks like rent collection during a time when many residents are struggling.
To see the insight behind this statement, download your copy of our Collecting Rent in a Crisis Handbook. It's designed with DIY property owners in mind and gives them generalized tips for how to approach the mentality of payment plans in a time when property owners cannot demand lump-sum payments from their renters.