It’s no surprise to renters and property owners alike that the rental industry in many cities across North America has suffered many blows over recent years, largely due to the economic downturn as a result of the COVID-19 pandemic. However, this was not the case in Calgary – access to rent relief and other support programs saw the proliferation of rental rates during this time.
It would not be far-fetched to say the rental industry has benefited from the pandemic, as the rise of remote working placed a consumer emphasis on the need for nicer homes and better home maintenance in Calgary. With a greater number of people upsizing leading to higher demand, the pressure exerted on landlord-tenant relationships has never been smaller. That said, it does not mean that landlords and property owners don’t need to spend any time cultivating their relationships with tenants. In fact, now is the perfect time to capitalize on the trends working in your favour and decrease your vacancies, ultimately securing a greater ROI.
Having a good relationship with your tenants can not only save you the headache of dealing with leasing and amenity repairs. This, of course, comes with having great tenants. Check out our other blog on choosing the right tenants and read more below on our essential tips on building the ideal landlord-tenant relationship.
Communication is key
As with any relationship, maintaining transparent communication with your tenants, especially about policy changes and inspections is the foundation of a good tenant-landlord relationship. Landlords should also aim to be easy to get in contact with, as this strengthens the bridge between them and their tenants and makes it easier for tenants to reach out to them if issues arise. More open dialogue between landlords and tenants can open the door to collaborative solutions to problems that tenants may struggle with, like an individualized payment plan.
Centralize your communication with specific platforms
Speaking of communication, it’s generally a good idea to designate a single platform for which all communication between you and your tenant takes place. Various forms of communication, such as email, text, or even in person can easily overwhelm both the tenant and the landlord, as responses can get lost or missed. This can leave either party feeling invalidated and frustrated – this is what you want to avoid when trying to build any kind of relationship. The best way to go about this is to be very clear on how you will communicate with your tenant right from the get go, which can take the form of a designated landlord messaging app that everyone will have installed. There are a wide variety of multifamily property management softwares out there on the market with these features, which you can read more about here. Ensuring that all communication takes place on one platform will minimize confusion and act as a record of anything that should be in writing in the case that you need to reference it.
Know your tenant
One of the basic building blocks of any relationship, this should occur at the tenant screening process. Before you offer a lease agreement, it’s a good idea to invest time into getting to know your tenant. Through screening reports and person-to-person conversation, you can get to know your tenant’s personality and communication style – which will come to be a huge determinant factor in the success of your relationship. This also provides you the opportunity to set expectations and lay down the ground rules, clearing up any confusion from both parties.
Keep an open mind for suggestions
A huge part of any successful relationship is receptiveness to the ideas of others. Healthy two-sided communication between landlords and tenants greases the wheels of idea exchanges that will ultimately be mutually beneficial. Being open to suggestions exposes both tenants and landlords to the perspective of the other that may be otherwise overlooked. As tenants are actively living in the property, they may be more privy to noticing details that may elude even the most observant landlord. This, of course, strengthens the relationship between the two parties and breaks down the barriers of communication.
Hire a property manager
Even the most well-functioning tenant-landlord relationship can benefit from the mediation of a third party. This is where a property manager comes in – they are responsible for the daily management of the property, as well as rent payments, maintenance requests, and can be an asset in emergency situations. As this is their profession, they are experts on all there is to know on tenant-landlord law, which makes them a qualified mediator to keep the peace and ensure everything runs smoothly. Looking for a property manager? Don’t hesitate to check out our property management page and get in touch to see how we can make your property ownership experience a breeze.
You’ll notice that the common theme with our tips is having top-notch communication skills. Not only are they vital for the functioning of your other relationships, but they are especially important as a landlord with anywhere from 5 to 50 tenants or more. The bulk of a landlord’s responsibilities and expertise comes from the day-to-day management of their rental properties and logistics-related tasks, though building healthy relationships with their tenants is also a vital part of a property owner’s success. Keeping up with all the work that goes into managing a property is just as worth your time as the interpersonal aspect of multifamily property ownership.
Focusing on relationship building with tenants may not be high up on the list of priorities for both experienced or new landlords, but it makes a massive difference in both your personal life and financial success as a property investor.