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Property Manager / tenant relations can produce
healthy and synergistic relations in what is typically a unpredictable real estate
partnership. Tenants must meet certain expectations according to their
lease. Property Managers, in turn should help the owner keep their
investment property in such a condition as to improve tenancy.
On the part of property owners, properties should be
well-maintained and repairs should be made in a timely fashion.
Property owners should strive to keep Common Area Maintenance costs to a
minimum by reevaluating contracts, needs and latest technologies on an
ongoing basis.
Tenants should feel comfortable to address any
concerns with the property manager. Keep a copy of the lease
handy and refer to it whenever there is a question of tenant or landlord
responsibility. A property management company can only enforce what has
been agreed upon by the tenant and the landlord.
The benefits of a healthy Property Manager / Tenant
relationship exhibit themselves through increased sales, improved
occupancy rates and improved real estate asset for the owner.
Perhaps once a year you might consider surveying the tenants about the
property. Ask tenants to rate the on-site property manager to make sure
that there is a conducive relationship with the property management
company. Furthermore, ask tenants about the overall cleanliness,
preventive and common area maintenance, landscaping, building condition,
noise, and parking. Ask them if there is anything that management should
consider doing that would be helpful in improving their business or foot
traffic.
Respect and communication can increase and improve tenant satisfaction.
A newsletter, website, email update or flyer, can serve to inform
tenants regarding about building events, upcoming improvements and
neighborhood events.
A lack of communication can put strain on the Property Manager / Tenant
relationship. If a tenant doesn't see action taken to address an
issue, they may think that nothing is being done. A tenant won't know
that the Property Manager is waiting on a vendor for a quote, for parts,
for an appointment time. Property Managers are responsible
to their bosses (sometimes the property owner) and must follow protocols
which could mean getting approvals to spend certain amounts of money.
There are many tools available today for the property managers to
increase response time, efficiency, communication and their businesses
bottom line. Because of the niche market that is property management,
oftentimes these tools are expensive, incomplete and specialized.
Today's real estate market is challenging. In some areas, space is
hard to come by and the Landlord is in a better position to charge and
get fair market value for her property. In other parts of the
country and world there is a surplus of office and retail space giving
the tenant an excellent position from which to get a fair and beneficial
lease. If a building is well maintained, operating costs are competitive
and communication and satisfaction is high among the tenant and property
manager - a tenant will usually prefer to stay put.
Property Managers, develop good communication with your tenants and
respond quickly to tenant calls.
Tenants be aware of what will be possible and doable
for the Property Manager based on the lease. The lease is what the
property manager will turn to when trying to understand the terms and
expectations on which the landlord and tenant began their relationship.
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