If you are a landlord over a rental property, you have a fair amount of flexibility over the decisions made regarding your renters. You might think that the same practices that have worked in the past, will work in the future, or that deadlines should be strict. However, change can be very beneficial for your property.
Some rental properties, like those in college towns, have set move-in times that dictate the dates in the lease agreement. In those instances, it is harder to fill a spot mid-semester because the contract would have to be modified. However, if you become more flexible with lease agreements in terms of length or specific dates, you are opening your doors to more tenants and limiting vacancies. For example, if a tenant is not looking for a year-long lease, they can determine how long they are planning to live there. You can also employ different marketing techniques to fill those vacancies.
Create Better Tenant Relationships
Traditionally, tenants and landlords have had a tumultuous relationship with many misunderstandings. However, flexibility can create better tenant relationships. Tenants look for landlords who are understanding instead of one who just sees them as a living paycheck. For the landlord, this looks like having conversations with the tenant when rent is later and seeking the full story instead of charging a fee immediately. Prorated rent also helps charge a fair rate when the unit is undergoing extensive repairs. This means that the return would only charge the tenant for days they lived in the rental instead of the full month’s rent when the tenant had not moved in yet.
When you manage a property, you must be flexible in your schedule because you are in an unpredictable business. If a tenant has an issue that he or she needs you to resolve, you should be there for their needs. This does not mean that you need to wait on them, but you should be reachable in an emergency or even if the tenant just has a question. You also benefit from a flexible schedule because it allows you to have a life outside the office as well.
As a rental property manager, you carry the responsibility of taking care of your tenants and their homes. They look to you to help provide a great living situation. Becoming more flexible helps you adjust to your tenant’s needs as well as any changes in the world around you.
Take a look at our listings to find your next rental property!