Offer great customer service by making sure maintenance is taken care of quickly and that you are offering a good product, to begin with. Not only will well-maintained units fetch you higher rents, but they will also help keep your customers happy. Make sure to thank your tenants for their business and keep open and honest communication with them. If your tenants trust you, they are more likely to behave honestly. Be consistent and make sure your tenants know how your run things. If they know your expectations and how things work, they will be more likely able to act the way you want them to.
Take care of your customers and they will take care of you and your property. While offering great customer service, you also need to keep an eye on your bottom line because this is a business. Be very thorough in your screening process, as nothing will eat your profits faster than bad tenants. Develop a system for screening and stick to it. Increase your rents regularly and be proactive about maintenance. If something goes wrong, have a system in place as to how to handle it and act quickly. Action tenant damage, non-payment, and complaints about tenants very quickly as these items can greatly impact your bottom line. Use the appropriate landlord and tenant board forms to action bad behavior without exception–this will protect you in the long run even if the tenants temporarily change their behavior. Once you make exceptions you are setting a precedent for future exceptions. Develop your policies and stick to them so your tenants know what to expect from you and what you expect from them.
