Purchasing investment rental property in the Bellevue area is a great way to add to your portfolio, but it’s also a time intensive investment option, because you have to handle a variety of details like maintenance, repairs, and tenants. While marketing and getting tenants into your investment property is one thing, keeping those tenants happy and ensuring that they stay is another thing entirely. Statistics show that one in three or more non-professional landlords fail to communicate properly with their tenants, and when you don’t communicate with tenants, you often end up with payment voids, which can cost thousands of dollars, as well as tenants. Other reasons to stay in touch include keeping aware of maintenance needs, keeping tenants happy, and offering appropriate emergency services. The following tips from Bellevue Property Managers should get you started.
Keep an Emergency Phone Line
If you’re not running your investment property out of a dedicated office with a 24-7 phone line support, or don’t have a call center to take calls around the clock, then you need an emergency phone line. The best option for this is to get a separate unit with its own phone number (pre-paid is fine), and list it as the emergency number for tenants. You have to keep this phone on at all times, and you have to answer it, even when it rings at 4 A.M.. Because you’re legally obliged to provide emergency support, this is actually a matter of landlord tenant law. If you make it a specific phone, with its own ringtone, and make sure that it’s always on, you won’t have to worry about answering calls to your normal phone at all hours, which can save you a great deal of hassle.
Consider a Blog or Newsletter
While printing out flyers with updates is an okay way to stay in touch, it’s not the most cost effective way to go. You can save money on paper and printing by simply sending out a newsletter every time you have to get in touch with tenants, or posting it on a website blog. Adding a laminated printing of a QR code to the signup or to the blog, plus the URL in the lobby allows you to easily direct tenants to the site, which means you won’t have to worry about anything but sending news. If neither of these seem like your thing, a Facebook page is a great, free option.
Client Tenant Portals
If you have enough units, a tenant portal is a great way to keep in touch with your tenants because they usually include a forum for discussions, maintenance requests, and general emails. This allows you to put most of your contact requirements in one area, so you can easily see everything, without going through too much trouble.
Have Office Hours
Even if you work at a traditional job and don’t have a lot of time to spend with your tenants, you should still make available office hours. Scheduling a weekly or bi-weekly visit to your buildings for a casual inspection, ensuring that tenants know when the best time to call you to discuss casual repairs or issues, and making yourself available is extremely important.
If you need help keeping in touch with your clients, or handling any of the multitude of other day-to-day responsibilities of Bellevue property manager, contact Sterling Johnston for more information, and a free quote on managing your property.