Getting Schooled by My Tenants

Okay so I'm not ACTUALLY getting schooled by my tenants... What I mean is that my tenants are also unintentionally teachers. I've owned a four-plex for almost a full six months now and the learning never stops. From the city inspector, to mechanical issues, to neighbors and tenants. It's both rewarding and incredibly frustrating at times. While I knew there would be issues, it's one thing to know they're coming and another to actually be in the moment when they happen. Sometimes my natural reaction isn't what's needed for the situation, but it's opened my eyes even more to how I operate and the opportunities I have to evolve in both my personal and business life.

Inadvertently my tenants teach me something new at least once a week. In the time I've had my rental, here are some of the key things I've learned when it comes to maintaining a professional relationship with your tenants. If you're not a buy and hold investor, stay tuned because these principles can apply to any aspect of your business when dealing with people. 

Awkward Silence: learn to be okay with it. Often in conversations, there will be a time you need to pause before you answer a question, and less is more. I have a tendency to be a people pleaser, so I just start talking to avoid awkward silence and sometimes the things that come out make both of us even more confused. Having clarity in your policies and expectations can save you a lot of headache and hassle. If you need to stop and think about it for a minute, take a deep breath and process. If you're not sure what the best way to answer a question is, let them know you'll get back to them. But make absolutely sure that you follow up and get back to them about the issue at hand.

Gossip: everyone loves to tell their side of the story when it comes to justifying an issue. But more so, people (my tenants) love to blame one another. Everyone talks about everyone and each person tells me something drastically different. Most stories I hear conflict with one another, leaving me without a solid definition of what's truth and what's not. As counterintuitive and automatic as it can be sometimes, listen but don't judge. Hear what's being said, keep record of it (mentally or otherwise), but don't partake in the gossip. Not only can that have legal consequences, it compromises your integrity and speaks volumes about your character. I find it best to steer the conversation back towards the person you're speaking with and make the focus about them and what they have to say or what they can control, not about others.

Dictatorship: is not the best route when it comes to being a landlord or running YOUR business. Just because it's YOURS doesn't mean that everything you say goes. As a landlord, the city and state are watching, and there are litigation attorney's out there waiting for you to make a mistake. As a business owner, your integrity and reputation will get out to others in the community and in your industry. Maintaining a positive perception and being fair to everyone you interact with (even on a no good very bad day) should be a priority. Sometimes it's easy to feel entitled when something is yours and you want to protect it, but when applicable, compromising to keep your tenants, GC's, business partners, etc. happy can be crucial to your success. The reoccurring issue I've had at my property is people picking up after their dog(s). At first I was threatening fines and checking the yard (and camera's) every chance I got. That got people to straighten up, but now when it happens I give them a gentle reminder that they've done a great job staying on top of it and I would prefer not to issue fines (even though sometimes I would). That motivates them to continue doing a good job instead of resenting me for costing them more of their hard-earned money.

R-E-S-P-E-C-T: or lack thereof. People are selfish. A majority of people don't care about your stuff the way you do. Even good tenants won't have the level of respect for your property that you do. Some contractors will waste time (a.k.a. your money) and do a poor job. Treating people with respect anyway despite the way the act or react, will still go a long way. You may not see the results immediately, but I'm a firm believer that what you put out there will come back to you. Not always, and not always obviously when it does, but the Golden Rule is as true today as it always has been. Listen to your momma.

Drama: It's bound to happen. Prepare yourself now for how to deal with uncomfortable situations. Read books on negotiation, psychology, and dealing with people. Dale Carnegie's "How to win friends and influence people" is a great book, as is Love and Respect by Dr. Emmerson Eggerichs. Learning how to diffuse a situation is important because you can find yourself in hot water if it escalates. Walking away doesn't always feel good and can sometimes have adverse consequences by making others think you're weak or timid, but sometimes it is necessary to keep the peace. Let the dust settle and you can try resolving the issue after everyone is in a more reasonable, level-headed state. I like the quote, "Don't mistake kindness for weakness" as people often do. Let them, because often cooler heads prevail. But also be conscious of when it's necessary to stand your ground and be firm without succumbing to your emotions.

If you've ever had a bad boss (haven't we all?) then you know how tough it can be to remain positive and professional in the various circumstances that arise. Some days it's like walking a tightrope, other days it's smooth sailing.but finding a good balance in your personal and professional life is one of the keys to having a healthy life. I'll reiterate the book Love and Respect because those are two of the most basic (and complex) things you need to understand when working with people and developing or maintaining relationships. Easier said than done. 

I enjoy learning from others so feel free to add a comment below with key principles you've learned along the way. Thanks for reading!