1. Keep Communication Open: Establish clear communication channels and guidelines for yourself, your tenants, and their representatives. Make sure all parties know how to contact you and the best way to communicate.
2. Employ a Professional Property Management Service: If the businesses you manage is large and/or complex, it may be worthwhile to employ a professional property management service to oversee your tenants. The cost of hiring a service may be offset by a decrease in complaints or issues.
3. Establish a Clear Rental Agreement: Ensure that all tenants understand the terms of their rental agreement. Lay out specific expectations and reminders regarding rent payment, guest policies and noise complaints, and specific ways to handle property damage.
4. Inspect the Property Regularly: On a regular basis, manage a thorough inspection of the property. This can help to identify any maintenance issues that need to be addressed before they become a larger problem.
5. Protect Your Tenants: Make sure your tenants feel safe and secure in their rental units. Ensure strict screening criteria — including criminal background checks — before allowing any new tenants onto the property.
6. Respond to Requests Promptly: When tenants make requests or report issues, make sure all parties respond in a timely manner. If a tenant needs something fixed or repaired, prioritize their needs so that everyone can be happy and content.
7. Establish Fair Rules and Regulations: Keep tenants informed of any new rules or regulations that may come into effect, and give tenants the opportunity to discuss these changes and make suggestions.
8. Network With Local Businesses: Reach out to local businesses to promote your property, network with potential tenants, and learn about any services or products that may be of help.
9. Adapt to Changing Trend: Businesses and trends come and go. Be open to changing trends, and use them to your advantage — look for ways to repurpose or upgrade your property, such as adding amenities and features with the help of local businesses.
10. Treat Tenants With Respect: Treat your tenants with respect and professionalism. Make sure they understand the rules and regulations, and create a safe and comfortable environment for them.
