Keeping your tenants happy is crucial for a successful investment.
Happy tenants will pay their rent on time, care for your property and come to you whenever there's an issue. They are also more likely to stay in your property long-term - and long-term tenants are ideal because you won't face vacancies!
In this post, we put together a list of ways you can keep your tenants happy. Keep on reading!
1. Become a Responsible Landlord
Being a hospitable and cooperative landlord will increase the likelihood that your tenants stay happy.
Make it easy for the tenant to get in touch with you so you can answer their concerns right away. Maintain open channels of communication to prevent misunderstandings and to improve the tenant-landlord interaction.
Being kind and considerate can go a long way in helping tenants feel comfortable in their apartment.
2. Recognize the Amenities that your Tenants Desire
If you want to better meet tenant needs, it's important to understand the amenities and services that current tenants look for in a rental property.
Making a home more aesthetically pleasing, comfortable, and eye-catching are just a few small modifications that can make a great difference. Without a doubt, your tenants will value your basic efforts. Anything you can do to make them feel more "at home" will reflect favorably on you and persuade them to renew their lease.
Some of the top amenities that many tenants appreciate include:
- Superb security systems
- Modern appliances
- A central air conditioning
- Hardwood floors
- Extra storage spaces
- Fast Wi-Fi connection
- Stainless steel appliances
Adding these things in your property could be a crucial and profitable investment to keep current and new tenants happy.
3. Respond to Maintenance Requests Quickly
Tenants appreciate when their repair and renovation requests are handled quickly. If they make a request that goes unanswered, they will be frustrated and feel as though they are uncared for.
You want to respond promptly to maintenance requests to ensure that your tenants are always living in a comfortable place.
4. Contact Tenants Before the Expiry of the Lease Term
Do you plan to extend the lease agreement with your tenant? If so, you must give them advanced notice. Usually, this should be done at least 90 days before the lease expiration date.
If your tenants are happy, it's likely that they will renew the lease. However, if they decide they don't want to stay in your unit, there are some things you can do to try and change their mind.
For instance, perhaps you can try to do some specific renovations they're requested. Find solutions that will benefit you both. You might find that complying with a tenant's request is less expensive than having them vacate the property.
5. Offer Quality Customer Service
If you want to keep your tenants happy, make sure that your onsite crew has a positive attitude and good behavior. The resident experience will suffer if your onsite staff comes across as cranky, unhelpful, or uninterested.
Maintain a positive outlook and hold onto your optimism even when times are difficult or overwhelming.
Use the following recommendations to guarantee that the on-site crew keeps a cheerful attitude:
- Be effective in handling complaints. When a resident complains, apologize for the problem and reassure them that you take their complaint seriously.
- Treat your residents how you would like to be treated if you were in their shoes. Try to always imagine yourself in your residents' position.
- Give thanks. Show your tenants that you appreciate them by thanking them when they pay their rent on time or when they report an issue. Showing your gratitude will help the tenants feel happy.
6. Reward Tenancies with Incentives
Use incentives to entice your tenants to extend their lease. A gift or discount will undoubtedly keep tenants satisfied.
Here are some of the incentives you can consider offering:
- A system for referrals. Give current tenants a rent credit or gift card for each referral that results in a new resident.
- Discounts for early rent. Residents can be given a slight reduction if their payments are received before the first of the month.
- Free modifications with lease renewal. Offer to upgrade residents' units to get them to extend their leases. For instance, you may provide complimentary carpet cleaning, new appliances, or room painting.
You can also additionally include lease provisions that would make your tenants happy, such as allowing pets in the unit.
Closing Thoughts: Partner with a Reliable Property Management Company
Keeping renters happy is crucial for low tenant turnover. But choosing a great tenant from the beginning is also helpful.
When searching for a new tenant, research their past, history of evictions, and information regarding their employment and income. By choosing the ideal tenant from the beginning, you can make sure they are content and increase the likelihood that they will regularly renew their lease.
While it is impossible to completely minimize tenant turnover, there are several practical ways to reduce it while also making financial savings. If you use these strategies to maintain tenants' happiness from the moment they move in, you'll be well on your way to attaining your highest retention.
If you need help with keeping your tenants happy and retaining long-term tenants, Paramount Management and Realty can help!
We are a qualified property management firm ready to discuss your needs. Get in touch with us today!