Do you know if your tenants are satisfied, secure and happy?

Tenant income is the lifeblood of your success when it comes to income real estate ownership. However, many property owners focus too much on the financial side of their investments and not enough on the people side, allowing the tenant-landlord relationship to suffer.

When tenants feel abandoned, uncared for or the property they rent is neglected—exemplified by poor communication or the lack of urgency for repairs— it can turn a tenant from a reliable source of income to one that may stop paying rent and/or start ignoring maintenance items around the property.

Not that a landlord or property management team has to bend over backward to accommodate every little request or become a “helicopter landlord,” but you or your property manager needs to provide professional, responsible attention toward the relationship as it will go a long way to helping tenants become more conscientious about your property, pay rent on time and renew their lease.

Here are a few important tenant-landlord actions you can do to improve relations with your tenants whether directly from you as the property owner or through your property management team.

Open the channels of communication—Whether you are self-managing or are working with a property management company, make sure the lines of communication are open with your tenants. If a tenant is making a request, it’s reasonable for them to expect a consistent and timely response. Communication goes a long way to keeping your tenant aware of what they can expect so they can plan accordingly and know that you care about their requests.

Be consistent with acknowledgement—Regardless of what the topic or outreach is, let your tenants know that their concerns are heard. Aside from good customer service, it makes good financial sense. If your tenant feels you are responsive to their requests or concerns, they will be more apt to contact you when something more serious arises which could save you time, money and frustration. It also reflects as a positive aspect when a tenant is considering re-leasing or moving out.

Be prompt with maintenance issues—Communicating and being in action regarding maintenance issues makes financial sense and keeps your building safe from accruing further damage. Deferring maintenance or not responding to requests sends the message that you don’t care about your property or them. If you provide a tenant a well-kept property, they will also keep it up as you are modeling proper care of a property. Likewise for the alternative. In most cases, your tenant will mirror your level of care and responsibility for your property.

Negotiate and resolve issues together—If you have a good, long-standing tenant, work with them if they are going through a hardship. Tenants that have been consistently in good standing can experience a hardship. In those circumstances try to work with them especially if they have been long-term tenants with a proven history of excellent tenancy.

Be understanding about life changes—Losing a job or falling ill could happen to anyone, so work with them by setting up payment plans or a system that works for you. Financially, it might not make sense to kick a tenant out over non-payment if you know their challenge is temporary and will eventually change and they will make the back payments. The cost of turnover for a tenant that’s been there a long time will likely be costly. The outcome of your accommodation will be tenfold.

Share information that benefits all parties—Educating tenants on the terms of their lease from the get-go will save a lot of confusion in the future. Review all sections of the lease with the tenant and encourage them to ask questions. Discuss scenarios that they may not have considered so they can see how the lease actually protects them as well as you. By setting expectations early, your tenant will have a a better understanding of the rules that apply and hopefully take serious their responsibilities stated in the lease.

Be open-minded and responsive to suggestions—If a longstanding tenant asks for unit upgrades, consider the long-term value of the upgrades. Fresh paint, an appliance swap or small cosmetic improvements will make your tenant happier and feel that you care and that they have some say in the matter even though they don’t own the property. Tenants who want to alter the property often improve the property. In fact, sometimes it doesn’t even come out of your pocket because they opt to do the work themselves. Offer to pay for the materials; be part of the solution by encouraging ideas that align more with what you’re valuing. Allowing your tenants to spruce up the yard or make minor, reversible alterations is a win-win. Such gestures keep the relationship positive and they feel good about their “home.”

Welcome the extended family: pets!—There are pros and cons to allowing pets. Potential pet-caused damage may deter you, while the extra monthly income associated with the fee should encourage you. Financial points aside, pets make people happy and are part of the family. Celebrate and welcome pets to further distinguish your value and attract tenants who are responsible for their pet’s care.

Express and exhibit respect—Being communicative with tenants is respectful. Whether it’s keeping them up-to-date with their requests or answering them in a timely manner, it shows them that you respect them and your business relationship. Additionally, even though you own the property and you reserve the right to enter whenever, respect their space. Giving tenants at least 24-hour notice is more than fair on both sides.

Owning and managing a rental property is a business, however, remember that within a business, you are dealing with people. Your property is where they eat, sleep, work, play, celebrate holidays and create memories. Treat your investment as a living, breathing entity that has direct impact and influence on the people who rely on it for shelter and safety—a place they call home.