Elevate the Relationship Between You and Your Customer…
Getting the most out of your investment property doesn’t end with purchasing that property. It doesn’t end with putting tenants into that property, or even with putting the perfect tenants in. You will only get the most out of your investment property if you can keep ensure a good relationship with those perfect tenants throughout the duration of their stay.
When you are able to truly elevate the relationship you have with your investment property tenants, you can continue to reap all the benefits that having the ideal tenants can bring. Here are some of the best strategies I know to elevate one your most important Real Estate relationships
But first, one of the best definitions of tenants I have come across comes from Tim Johnson & The Real Estate Investment Network:
“A partner in business who will open up the shop each morning and lock it up at night. They will look after security & inform you of potential problems in the business. They will cut the grass, rake the leaves, shovel the snow, pay all the utilities. They will even pay all of your mortgage payments and taxes. Then, in the end, they will relinquish all monetary interest in the business and walk away, leaving you with the profits.”
~Tim Johnson & Real Estate Investment Network
Top 10 List:
1) Get Rid of the Word ‘Tenants’ forever:
They are your clients, customers or partners in your business. They are helping, and you are working together with you to realize yours (and their) dreams of financial independence. In some cases, your clients are worth more than $20,000 per year to you. Treat them accordingly.
2) Be a Solution Provider:
Always provide value to your clients. The more problems and value you provide to your clients the more and happier clients you will have.
3) Walk a Mile in Their Shoes:
Understand your client’s needs, wants and pain points. Stay in one of your rental properties for a few days (when vacant 🙂 ) and you will get a first-hand account of the experience of your property.
4) Understand What your Clients are Looking For:
The bottom line your clients are looking for; a) Safety and security b) Amenities c) Condition of the property d) Cooperative landlord. Understand what your ideal client is looking for then provide it to them at the market price
5) Treat This Like a Business:
You are the owner of a ‘business in a box’ and your clients are an essential part of your business plan
6) Create a WOW Factor for Your Clients:
How will your properties and you as a Landlord (Business Owner) be remarkable (Seth Godin definition– Remarkable is in the eye of your client, If your clients talk about what you’re doing, it’s remarkable).
7) Set the Ground Rules Early & Understand the Rules of Engagement:
The local landlord and tenant act is the rulebook that you must work with.
8) Do Not Over Promise or Guarantee Something You Cannot Do
This one is very simple: Never guarantee your tenants something you cannot actually do. It creates distrust, which we all know is to any good relationship.
9) Have Open Lines of Communication and Encourage Your Tenants to Reach Out:
The more you know about the property the quicker you can address any issues that can turn out to be costly nightmares
10) Be Friendly, but not BFF’s:
All clients appreciate a friendly landlord, but most probably don’t want an overzealous one that tries to become their best friend. Keep it professional and you’ll be on the right track.
Follow these 10 ‘golden rules’ and you can turn the most challenging part of owning rental properties, into an empowering and inspiring experience.
Some Great Companion Training Can Be Found Here:
Find out if Brand-New Homes in Edmonton are right for you, please review our investment page on our TriUrban website to get started…
#Inspire # Encourage #Love