Communication is key to running a successful rental business. So, in order for your partnership with a tenant to flourish, both parties must be happy with each other.
Additionally, when it comes to managing an investment property, re-renting the unit is among the costliest and time-intensive responsibilities of landlords. But you can decrease the probability of residents leaving, by simply improving how you engage with them, combined with some minor property upgrades.
At Keyrenter Premier we believe keeping renters happy is a great way to keep your property in good condition and payments consistent. Here are a few tips to improve that relationship:
Be a Responsible Landlord
Your tenants will be more likely to stay if you are welcoming and accommodating. Even though this is true in all aspects of life, it is especially important when you are requiring people to cheerfully pay you each month.
Make it simple for the renter to contact you and respond quickly. Keep your lines of communication open to avoid miscommunications and improve the overall tenant-landlord relationship. Being pleasant and courteous can go a long way toward making tenants feel at ease in their apartments.
As a result, your renters are more inclined to appreciate you and your property as a cooperative approach sets the example for how you would like to be treated in return.
Recognize Your Tenants Needs
Are prospective tenants looking for open floor plans, fast internet, or a beautiful outdoor space?
Acknowledging your facilities and services and what you can do to improve them is critical if you intend to satisfy customer requirements more effectively.
Subtle improvements to a house can make a big impact. This can include making it more visually appealing, and eye-catching. Without a question, your renters will appreciate simple improvements.
Anything you do to help your tenants to feel more ‘at home’ will encourage them to extend their lease. Some of the most highly rated amenities based on the average tenant of rental homes include:
- Bike racks
- Modern security systems
- New appliances
- Central air conditioning
- Hardwood floors
- Extra storage spaces
- Fast Wi-Fi connection
- Stainless steel appliances
If you’re trying to attract prospective tenants or compel existing ones to stay, such changes could be an essential and lucrative investment.
Resolve Maintenance Issues
Knowing your tenant is happy is critical, especially if you anticipate asking them to extend the tenancy agreement. So, show them that you truly care for your premises and conduct regular inspections.
Unaddressed repair submissions constitute one of the most aggravating aspects associated with being an occupant. You want to show that you care about providing them with a comfortable living environment – so keep it maintained.
When a tenant approaches you about a potential property issue, you should handle the repair as quickly as possible. In general, landlords should:
- Request a formal document outlining the problem from the tenant.
- Make arrangements with a contractor for property maintenance.
- Provide the tenant with an update on the progress of the servicing.
- After the repair is completed, solicit feedback from the tenants.
If you keep up with scheduled maintenance and address problems as soon as they arise, you’ll spend fewer hours on repair work and cleaning afterward when the unit requires a replacement. When you are prepping the rental for new tenants you will also want to carry out an end-of-tenancy cleaning.
By regularly evaluating the state of the unit, you can keep apprised of maintenance problems that must be addressed and prevent minor maintenance activities from becoming major challenges.
Maintain Objectivity
All property owners ought to be conscious of and adhere to local and national housing laws. As a result, irrespective of their nationality, religious practice, sexual orientation, or physical condition, you must handle all your tenants equitably.
Being on time, addressing customer complaints, and not overbilling for rent are all part of this. While you are allowed to charge any amount you want, if you raise the rental rates disproportionately for certain protected classes of people, you risk facing discrimination lawsuits.
Offer Incentives
Rewarding your loyal tenants is always a good idea. Lease renewals ensure that you will earn a consistent income for many years to come. You can express your gratitude by doing the following:
- Provide a discount to tenants who pay their rent on time for a set period of time: Early payments can give you resources to use for property improvements or debt repayment.
- Following a recent lease renewal, offer a free month of rent: You can encourage tenant retention by providing a rent-free first month. Instead of spending it on advertising costs, converting this into tenant encouragement makes it harder to turn down.
- Reimburse a month’s rent: Rather than providing a rent-free month in advance, a reimbursement can be given. You may give the tenant a one-month rent refund at the conclusion of the tenancy.
You can also include tenant-friendly lease provisions, such as allowing pets or performing renovations.
Hire A Property Management Company
It goes without saying that it is best to begin by selecting high-quality renters in the first place. Do your homework and look into a renter’s background, eviction history, and employment and income information. By selecting the right renter from the start, you will strive to make them happy and hope that they will renew their lease on a regular basis.
A good long-term strategy is to work with a property management company. Working with a reputable property management company relieves you of the mental pressure of tenant management among a variety of other tasks.
Bottom Line
Communicating with your tenants is a great way to safeguard your investment. Keyrenter Premier is the best option for property owners looking for the maximum yield with the minimum stress possible. We provide our clients and their tenants with efficiency and dedication. Reach out to us today to discuss your needs.