goes a long way, and treating tenants as customers rather than disposable rent-payers can help to differentiate your properties from others. When you view tenants as customers, you deliver a customer experience and customer service. You may not see its impact every day, but it adds up. Tenants remember great properties. In turn, they stay for longer and communicate unit problems promptly, ultimately boosting your investment revenue and cutting down on long-term costs. Start paying attention to data; you’ll soon see how increased tenant stability affects your bottom line. BUILD TRUST IN MANAGEMENT. Trust is highly sought after in the rental industry. Oftentimes, investors begin to NO. 3 distrust property managers due to the need to do forensic accounting on tasks that shouldn’t need
oversight. Factual inaccuracies and a lack of data lead to a feedback loop of distrust. Smart, relationship- minded property management can end the cycle of distrust by practicing transparent communication from the very beginning, especially regarding incentive structures. NO. 4 EMPOWER BETTER RELATIONSHIPS WITH TECH. When you work in an industry where operational inefficiency is the norm, relationships tend to suffer. Fortunately, using technology for portfolio ownership and management can boost efficiency at every level. By collecting data in real time to offer more timely maintenance and more proactive communication, problems never become emergencies and tenants feel cared for. Remember: Tenants pay thousands of dollars in rent every year. Not treating those tenants as customers is a severe mistake. The best tenants
are the ones who feel at home; they take the best care of your properties and your communities. Ensure an ev - er-growing percentage of your portfolio is dedicated to this kind of tenant—and
watch your bottom-line grow. Changing your mindset on
tenant turnover is key to building a successful long-term investment portfolio. By focusing on building strong relationships with your residents, you can reduce turnover, increase profitability, and build a sustainable business that’s set for the long run. Use technology to your advantage, differentiate your service with a human touch, and build trust with transparent communication. The result will be a portfolio filled with great residents who take care of your properties and help you build a thriving community. •
Nick Farquhar is co-founder and CEO of Appreciate, a venture-backed technology and services agency that is changing the rental property ecosystem.
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