Real estate investing is a relationship business. Renting out a home requires you to develop strong, professional relationships with all of the professionals who contribute to your success. You need to work well with maintenance vendors, Las Vegas property managers, attorneys, insurance agents, and accountants.
Most importantly, you need to have a good relationship with your tenants.
Depending on the type of tenant you have in place, dealing with those residents isn’t always easy. Maybe you have a complainer or someone who is always escalating conflicts. That’s hard, and you want to screen carefully before you place tenants in your Las Vegas property. Look for people who are well-qualified and easy to work with.
Whatever your current tenant relationship, improving it will only help you. In fact, when you have a good tenant relationship in place, you earn more money.
Establishing and maintaining good relationships with your tenants impacts what you can earn. You’ll find that tenants stay in place longer when they’re happy with how their rental experience is going. Lower turnover means lower vacancy. Higher retention means better and more consistent rents. It means stability.
For some property owners, tenant relationships come naturally. This is likely when you communicate well, respond to the needs of your tenants, and you’re committed to enforcing the rules and providing a consistent, fair rental experience.
But if you find your tenant relationships aren’t what they should be, we have some ideas for how to improve them towards the goal of retaining more tenants for longer periods of time.