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Communication is key. This is true both in life and real estate investing.
As an investor, it is important that you have a clear and open line of communication between you and your tenants so that you can sleep easy knowing your tenants know what you expect from them and can easily inform you of any urgent matters.
However, while it is important to establish that line of tenant communication, it is equally important that you determine a consistent medium for those communications to use. After all, if you are juggling a combination of texts, letters, and phone calls, it may become difficult to ensure that the message conveyed in consistent across conversations.
So, in order to help you find the best communication method to talk with your tenants, we would like to offer you this article as well as a free strategy call to discuss your investment financing and more. To book your call today, all you need to do is click the link below.
One of the best methods for communicating with your tenants is good old-fashioned email. Not only does it come with a sense for formality which is good for maintaining a professional appearance, but it comes with a range of additional benefits.
These benefits for your tenant communications include:
Typically, unless you manually choose to delete them, emails are forever. One of the worst things you can do is ‘lose’ an important conversation you had with your tenants – especially if things are going south. By using a method that reliably backs up and maintains your records, you can be confident that if you ever need to refer back to an agreement or provide proof of a conversation with your tenant, you can relax and be sure that you have everything you need.
Easy to Organize
One of the classic detriments to old-school letters and printed notices is the struggle to ensure that all of your records are adequately organized and accessible to you at a moment’s notice. However, by using email to conduct your communications, you are suddenly able to search for specific tenants for key terms as well as create sub-folders to organize your emails by tenant, problem, and request.
Automatic Updates from Property Management Software
If you opt into using software in order to organize your property management, email may be a strong option for you. After all, much of the software used by property managers and investors has the option to automatically send relevant information to the appropriate party. This can streamline the tenant communication process and help you stay on top of things.
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Another common means of landlord-tenant communication is phone calls. This method is the most personal of the ones listed here and allows you to communicate more freely than other means allow.
Easy to Convey Tone and Importance
One of the biggest problems with written tenant communication is the fact that sometimes information may appear to be less relevant or more intimidating than it is meant to sound. If your tenants do not understand the tone and emphasis you are putting on different aspects of your tenant communications, you will struggle to get the expected behaviour you wanted from them.
However, by communicating over the phone you have the ability to clearly articulate exactly what you mean and put additional emphasis on important facts and requirements. This allows both you and the tenant to develop clearer expectations moving forward.
Communicate on the Go
Another key benefit of using your phone to stay in touch with tenants is the increased mobility it allows for. As long as your phone is with you, you know that whenever your tenants needs to reach you or vice versa, you can do so easily. Additionally, using phone communications allows for you to communicate hands-free while you are doing other things such as driving, eating, or completing paperwork.
Finally, one of the best methods of landlord-tenant communication is texting. This methods combines the record-keeping power of emails with the freedom and mobility of speaking over the phone. However, this method also comes with its own unique benefits.
Fast and Easy Communication
Texting is by far one of the fastest means of tenant communication that you can use to manage your investments. Not only are texts typically quick to type and send, but the average person checks their texts much more frequently than they check their emails.
Additionally, if you rely on phone calls you have to ensure that both you and the tenant are available to speak, whereas with a text, the tenant is likely to answer as soon as they can. These easy near instant can also make you more approachable and can help your tenants become more comfortable contacting you directly because you are accessible to them.
Texting and direct messaging are some of the most popular methods of tenant communication in the world. As well, people typically try to keep their text messages short and to the point, which allows for you to be as direct as you would like with your tenants for the sake of convenience and efficiency.
Bonus: Make Sure You Set “Quiet Hours” For Tenant Communication
Regardless of your preferred method of tenant communication strategy, one of the most important things you can do is establish your own “quiet hours” where you will be unavailable to your tenants outside of an emergency. This allows you to create a firm divide between your investments and personal life to maintain a healthy work-life balance. Real estate investing an anywhere, anytime type of business so it can be easy to get caught up and lose track of your day-to-day life.
If you are ready to begin investing or have more questions about the world of real estate, you can contact us at LendCity. Our team of experts will gladly help you find the financing that is best suited to your needs. You can contact us at 519-960-0370 or visit us online at LendCity.ca. Alternatively, if you want to book a free strategy call, you can do so at the link below.