As a landlord, you are in the business of providing livable spaces to people who need them in exchange for monthly payments. Unfortunately, all too often, the relationship between landlords and tenants becomes antagonistic. Therefore, it’s necessary to ensure your tenants are satisfied with their accommodations. It means treating them fairly, doing good customer service, and expecting fair and proper treatment in return. Here, we want to discuss five tips to retain tenants.
5 Easy Tips to Retain Tenants
There are few inherent human needs more pressing than the need for shelter. It’s something that connects us all, and if not respected, it can make it easy for tenants to feel they are being taken advantage of. The key to keeping good tenants is to show respect for them and to keep up your end of the bargain by providing a fair amount of value for their monthly rent payments.
1. Make Your Tenant’s Life Easier.
It can be easy to take your monthly rental payments for granted and forget some of the needs of your tenants. Perhaps even more serious is that managing several properties makes it hard for you to maintain each of your properties in a timely fashion. One way to streamline the process is to create an online portal for tenants to lodge complaints directly connected to a maintenance team. Then, enable them to make payments online as well, and set up recurring payments if possible. Remember, it’s never so much what you say or do, as it is how you make them feel.
2. Communication is Key.
We all know there are some bad landlords out there. Don’t be that guy. It is your job to provide the value that you advertised the property as having in the first place. The amenities and quality level claimed in your property listing are your job description, as far as the tenant is concerned.
Certainly, you may get behind on some repairs. This is understandable, and most people who work hard for their livings will understand it. A little communication goes a long way. Do your best, and alert tenants to delays. 9 out of 10 times, they will appreciate it.
3. Hear Them Out & Vet Them Fully.
Every life and every home is unique. Each one of your tenants will have unexpected setbacks in their lives and careers. We do not expect you to tolerate delinquent tenants. But understand that even the most fortunate and successful among us will encounter setbacks. Depending on the circumstances, consider giving them a grace period in which to pay their monthly rent. You may remove more severe penalties by adding a small late charge for each day past the deadline. This kind of flexibility will ease their minds when hardship strikes.
Of course, there are bad tenants out there. This is why you should vet them thoroughly. The worst tenants can put you out of business. So, protect yourself in the rental process.
4. Make Yourself Available.
Tenants will sometimes cause damage to the property by accident. This is inevitable. If they feel like you’re going to go ballistic over every little thing, they may leave repairs as a surprise for you after they move out. Instead, be open to the fact that accidents happen. Give them a channel to communicate their needs to you. After all, it’s better to know and respond than not.
5. Reward Them for Being Good Tenants.
Show your appreciation for good tenants. By being good tenets and staying in the unit, they are saving you time and money. Remember, empty units still need maintenance, and making listings costs time and money. So send your best tenants a care package once a year just to say ‘thank you.’ They deserve it, and it’s well worth it over the long haul.
Managing properties is a tough job, as every landlord knows. Organization is critical, as is having your assets and partners lined up correctly. Keeping your capabilities primed and ready and being mindful of these common pitfalls will save you huge amounts of time and money.
Here at Dwellings Property Management in South Florida, our goal is to make buying, selling, renting, and leasing as easy as possible for everyone involved. The human touch is an integral part of that, as it is for property managers as well. So to learn more about the art of dealing with and attracting good tenants, get in touch today. Our team would be happy to share our insights.