Best Ways to Build Good Tenant Relationships as New Landlord?

[Jason Poquette]

Hi BP Community,

Looking at buying my very first MF very soon. It will likely have tenants, and I'm eager to build a good relationship with them. I know this is also a business, and I'm not looking to be their buddy. But I'm just curious if any experienced landlords have any tips or experiences they want to share about this. It might be especially important, since I may have to make a small rent increase, even though it will still keep the rent in a very good range compared to other similar units. 

Any suggestions, advice or experience you want to share about how you handled building relationships with tenants that you inherited when buying a MF?

Thanks!

[Jon K.]

I think this is a great approach as a good rapport with your tenants makes everything a lot easier. You can be friendly and even empathetic when necessary without being taken advantage of. When it comes to things like scheduling maintenance, reporting issues or discussing struggles with their paying the rent if they like you as a person they're more likely to work with you than against you.

I've only dealt with SFH but people are people. You'd build that rapport with them the same way you would with anyone else: Just introduce yourself, chat them up a bit. Be communicative if given the opportunity instead of being all business and find some common ground.

I wouldn't sweat the rent increases as they are a necessary evil. The cost of insurance, taxes, labor and materials increases each year as does inflation. If you don't increase rents to match you are in fact losing money over time. Most renters understand and expect this.