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Relationship Plans – For Building Tenant Loyalty

As a provider of quality rental homes, whether you realize it or not, “you are constantly marketing to your tenant.” You are sending a message that you want to be their home provider and that you want them to be your tenant. Your goal is to keep long term, happy tenants who provide you a steady cashflow. Turn over always cost money (in lost rents, renovations, and marketing costs). Tenants stay in a home that is within their budget (rent and utilities) and where they feel safe and cared about by their landlord (maintenance done when needed). These relationships happen through consistent connection initiated by you. Marketing involves providing opportunities to not only do things for them but remind them that you are adding value to their lives.

As winter approaches you have an opportunity to check in with your tenants to make sure all is happy, both with the tenant and the home. Develop a button up cozy plan that involves three parts. The first part is meeting and listening to their needs and concerns. Tenants also love affirmations. They want you to see that they are taking care of the home that you are providing. I have one such tenant who is always sending me pictures of the way they are taking care of the home. As a landlord I have had to remember to affirm that action. Everyone wants to be appreciated.

Take the opportunity during this visit to be curious, ask questions, and look around. You will be surprised to find out about what might be happening in their lives that could affect their long-term relationship with you. You will also find out about maintenance that has been unreported that is possibly causing unwanted damage.

The second part is sharing what you will be doing to the home, on their behalf. Provide a button up cozy brochure with an outline of projected tasks. Assure them that your maintenance people will check in to assure the timing is convenient.

The third part is helping educate them to what they can do to help keep their home safe and afficient for the winter. Give them a checklist of how they can play a role in winterizing their home and show them how they can influence their utility costs.

This button up cozy plan, once created, can be used on all your single family as well as multifamily properties. While winter is much more tumultuous you can also adapt this plan to your summer. With these touches twice a year you will be surprised how much more smoothly your rental business operates. If you want a copy of the button up cozy plan for landlords and tenants email me at karen@karencupp.com.

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