How to Keep Tenants Happy
Being in the rental property business means working to create a symbiotic relationship. Your tenants benefit from renting your property, and you experience the benefits of being a landlord. It’s essential for both parties to be satisfied for the relationship to thrive.
Treating your tenants with thoughtfulness and respect will lead to happy tenants. When tenants are happy, they’re more likely to stick around long term, which will result in a more consistent rental income stream, with fewer vacancies.
One of your primary objectives as a landlord is to generate solid returns. For this reason, making sure your renters are happy can help you achieve your financial goals. This is a positive cycle that creates a solid long-term landlord-tenant relationship.
HERE ARE TIPS FOR ENSURING YOUR TENANTS REMAIN HAPPY
While the importance of making sure your tenants are happy is clear, how should you go about ensuring their satisfaction? It takes a combination of strong impressions, convenient policies, and a conscientious attitude.
CONDUCT YOURSELF IN A PROFESSIONAL MANNER
Because you’re providing a professional service to your tenants, they deserve to be treated in a professional way.
- Offer courtesy: Use a friendly and polite tone when addressing your tenants. Refrain from swearing and mentioning uncomfortable topics. Wear proper clothes when you meet up. It’s best to treat tenants the way you’d like to be treated. There’s no need to be over-friendly or be extremely formal, as long as you’re always polite.
- Practice active listening: When tenants communicate their grievances, avoid losing your temper. Listen with the intention to understand where they’re coming from. Being an active listener will help you pay attention to their needs and provide the best customer service.
- Treat them fairly: Avoid providing special treatment for certain tenants. Be firm with your policies. If you collect late fees, these should be the same for everyone, to avoid resentment.
- Be flexible: Practice open-mindedness when tenants suggest practical tips to serve their interests. When special circumstances occur, be understanding. If some tenants have particular requests that are easy to implement, you should allow them
- Avoid gossip: Dealing with different tenants, you might encounter interesting personalities. Avoid engaging and spreading gossip since this can lead to tainted reputations. As a landlord, keep confidential information to yourself.
BE EASILY REACHABLE
A landlord is usually responsible for many tasks on any given day. Arranging repairs, contacting contractors, going over the bookkeeping records, and other tasks usually preoccupy a landlord.
However, being busy is not an excuse to be unresponsive to your tenants. Make sure your tenants can contact you whether through a phone call, text message, or email.
Landlords are generally expected to:
- Return calls within 12-24 hours
- Be present during emergencies or urgent situations
- Be available during office times
OFFER PROMPT RESPONSES
When a tenant contacts you for an inconvenient property problem, you should manage the repair as soon as possible.
Landlords should generally:
- Ask the tenant to furnish a written report detailing the issue.
- Contact a contractor to arrange for property maintenance.
- Update the status of the repair to the tenant.
- Ask for tenant feedback after the repair has been resolved.
RESPECT TENANT PRIVACY
Every tenant has a right to privacy. This means they should be able to attain quiet enjoyment in their rental home.
As a landlord, you can honor a tenant’s privacy by:
- Providing written notice prior to a property inspection: Landlords are only granted entry to the property when conducting repairs, showing the unit to prospective renters, and during emergencies. Providing advance notice will show that you respect the tenant’s sense of ownership as an occupant of the property.
- Acting Transparently: It’s important to honor your tenant’s privacy by avoiding being too nosy. Tenants often pay security deposits to safeguard against future property damages. As a landlord, this should be sufficient protection, unless a violation is blatantly committed in front of you.
- Protecting personal information: Landlords are privy to personal tenant information. When they submit rental applications, tenants are entrusting sensitive documents to you. Show respect towards their privacy by keeping this information confidential.
- Respecting the lease: Leases exist so the conditions and policies for the rental property are clear. Make sure to adhere to the leasing agreement when managing your rental unit. It’s disrespectful to make up new rules subject to your moods and inclinations. Honor the procedures and follow the due process always. It’s important to always gather evidence first before judging a tenant’s actions.
OFFER INCENTIVES FOR LONG-TERM TENANTS
It’s always a good idea to reward your loyal tenants. Lease renewals ensure you’ll earn a steady income for years to come. To show your appreciation, you can:
- Offer a discount when a tenant pays the rent early for a specified period: Early rental payments can provide you with available funds to use in upgrading the rental property or paying off expenses.
- Give a free month of rent after a lease renewal: To help with tenant retention, you can let tenants enjoy a rent-free first month. Instead of paying for marketing expenses, turning this into a reward incentive for a tenant makes it a hard offer to refuse.
- Refund a month of rent: Instead of offering a rent-free month upfront, a refund can be offered. At the end of the tenancy, you can give back the tenant a one-month rent refund.
THE BOTTOM LINE
Keeping your tenants happy does not require rocket science. You just need to practice courtesy, professionalism, and respect for a tenant’s privacy.
By exercising appropriate and considerate behavior, tenants naturally will want to stay in a place where their needs are considered a priority. Being rewarded for their loyalty encourages them to stay longer.
If you need an excellent and trustworthy property manager, please contact Alltrade Property Management at (502) 562-1985 or get on touch on our website.