If you've decided that you want to make your residences available to other people to pay for to live in, this can be a great way to build up communities and also bring in some revenue. However, the most successful property owners know that this means good management and keeping residents happy. Here are five ways to achieve this.

Respect Privacy

In the same way that you wouldn't like intrusive phone calls and emails for no apparent reason, the same is true for people who decide to live in your residences. Being friendly and courteous to residents is a sign of professionalism, but some boundaries should be respected. Unless you have legitimate business needing to contact a resident, it's a good idea not to interact with them to see how they are doing.

Be Responsive To Repairs

When something goes wrong, it's important to remember that the longer it is unattended, the worse—and potentially more expensive—it will become to address it. A leaky pipe, for example, can do minimal damage if it's caught and fixed quickly, but if it goes for hours, or even days, it can wreak havoc on a home. When repair requests come in, good management is about resolving them quickly.

Take Calls

Similar to repairs, in general, it is always a good idea to be available, especially during normal working hours. While no one will expect you to answer the phone and take a question at 3 am on a Saturday night, if a resident has a question or an issue that needs discussing at 3 pm during the work week, getting ignored won't go over well. When it's legitimate business, residents expect and deserve a prompt response.

Lay Out Clear Agreements

One of the best ways to start and maintain good relationships with residents is to ensure everyone knows what the rules and boundaries are. If you take the time to create an agreement and make sure residents see and understand this agreement, it benefits both sides. Residents will know what, if any, responsibilities and obligations they are expected to maintain. Conversely, they—and you—will also know what your responsibilities are, and what boundaries you have defined.

Resolve Conflicts Quickly

If you are lucky enough to get good, reliable residents who live responsibly and pay on time, you want to do everything you can to keep them and enjoy that reliable, hassle-free income. This also means that if a mistaken decision occurs, such as bringing in a new, disruptive resident, this is something that should be addressed quickly. The worst-case scenario is that an unruly resident may actually drive away your reliable residents in an effort to escape the disruption, leaving you not only with a rowdy, potentially unreliable resident but also lost sources of reliable income because the desirable, long-term residents are now gone.

Always remember that while long-term, responsible residents mean less work in the long run, this also means you should put in some work to keep them. If you want to make sure you're getting the most out of your property rental investments, contact Occupancy Solutions and let us help.