One of the secrets to secure long-term residents is to keep tenants happy. That job, though, is sometimes easier said than done. Property managers and landlords have to follow certain tips in order to ensure tenant happiness.
Simple Tips to Keep Tenants Happy
The tenant selection process can be a long and arduous one, but it is worth going through in order to land a high-quality tenant. Once you find an excellent tenant, the natural reaction is to, of course, find ways to make them stay. After all, you want to minimize your vacancy rates and avoid going through the lengthy tenant selection process again.
Resident satisfaction is one of the most important considerations landlords and property managers must take into account. It is the key to keep tenants from leaving. The happier your tenants, the longer they are likely to stay.
However, it is difficult to keep renters happy if you don’t know what steps to follow. Some landlords and property managers have an innate gift for it, while others tend to struggle. Here are some tips you can use to keep tenants happy and improve your resident retention:
1. Exercise Fair Treatment
Property managers and landlords must treat all of their tenants impartially and without prejudice. As such, it is imperative to familiarize yourself with federal, state, and local housing laws.
For instance, the Fair Housing Act states that you can’t deny a tenant housing due to their race, religion, sex, or disability. You must exercise absolute fairness when deciding which requests to pursue and which concerns to address. It also applies to how much you charge in rent. You can’t charge different prices for different groups of people for the same service or unit.
2. Construct a Clear Rental Agreement
An often overlooked tactic to keep good tenants is to create a clear rental agreement. It may seem counterintuitive to draft an agreement with specific terms.
But, when everything is clearly laid out and sorted, your tenants will have an easier time understanding which responsibilities fall on them. In the end, this makes for a better relationship between you and your tenants.
3. Answer Calls and Emails
If you have ever dealt with a company with poor customer service, then you know how tenants feel when you fail to pick up the phone. Tenants want to know that they can rely on someone to answer their concerns. They dislike it when their problems fall on deaf ears. For this reason, it is imperative to make it easy for your tenants to reach you.
Provide them with your work phone number and email as well as the time period in which they can contact you. At the very least, you must return their calls and reply to their emails within 12-24 hours. It is equally important to have a dedicated line or procedure for emergency issues.
4. Address Maintenance and Repair Issues Promptly
Tenants hate it when landlords fail to take action after they bring up a maintenance issue. If you want to keep tenants longer, make sure to address their concerns as soon as possible. Have a contractor on call to perform maintenance work and repairs. This way, you can remedy problems in a timely fashion.
Of course, not every maintenance and repair issue should fall on your shoulders. Your lease agreement should clearly outline both parties’ duties and responsibilities. For instance, if your tenant punches a hole through the wall, they should be the ones to cover the cost of the damages.
5. Avoid Pestering Tenants
Although tenant retention involves getting resident feedback and the occasional check-up, that does not mean you should call incessantly. It is essential to give your tenants some space and respect their privacy.
If you need to enter their property, make sure the reason is valid. Some states have laws regulating a landlord’s right of entry. Make sure you check your state and local laws to protect yourself from liability. Additionally, you must provide your tenants with reasonable notice before entering.
6. Provide Attractive Amenities
Some of the best companies in the world achieve success because they put themselves in their customers’ shoes. Similarly, if you want to keep tenants happy, you must think about their needs and desires.
Consider what amenities your tenants might enjoy and then take steps to provide those amenities within reason. Research your local rental market and tailor your amenities to your target demographic. For instance, many young renters prefer somewhere that offers high-speed internet and flexible pet policies.
7. Throw In Extra Services
Good, long-term tenants are hard to find. So, when a landlord or property manager does chance upon one, they go to great lengths to try to keep them around.
One way to do this is to offer free services every few years. You would be surprised how a fresh coat of paint or free cleaning services can boost resident satisfaction. Doing this lets your tenants know that you care about them.
8. Raise Rents With Caution
You may feel tempted to raise your rental rate as the market trends upwards. However, nothing spooks a tenant faster than increased rent. Of course, that isn’t to say that you can’t raise your rent. But, if you do, make sure to approach it with caution.
Consider raising the rent slightly or in increments every year. Tenants will find it easier to pay an extra $20 per month every year than an extra $250 per month in 5 years. Furthermore, turnover costs can be expensive, so charging below the market rates can save you more money in the long run.
9. Get Troublesome Tenants Under Control
Nobody wants to live in a toxic environment. If you have a multi-family property, it is crucial to deal with difficult tenants promptly and professionally. These kinds of tenants can significantly disrupt the peace in the community. Before long, other good tenants will start to complain and even move out because they can’t stand their neighbors.
10. Be Friendly Yet Professional
When you constantly interact with tenants, it is only normal to form some sort of bond or connection with them. Still, you must not let personal feelings interfere with your work. Always maintain a professional yet amicable tone and behavior when dealing with your tenants.
It is also wise to exercise strict policy enforcement and show no favoritism. Not only will that open you up to liability but it will also give tenants the wrong idea. Giving good tenants a pass can turn them into bad tenants if they decide to abuse your kindness.
11. Give Small Gifts
Offering small gifts to your tenants can make them feel valued, boosting the likeliness of a lease renewal. This can be in the form of a holiday card or gift certificates to local shops and restaurants. You must not go too far with your gifts, though. Keep it simple and meaningful, and stay away from extravagant gifts. After all, it is the gesture and thought that truly counts.
Maintain a Good Balance
Resident retention is one of the hardest challenges property managers and landlords face. Fortunately, a good way to increase your retention rate is to keep tenants happy.
There are many ways to do that, as evidenced by this list. But, it is critical to keep in mind that you must not overdo it by becoming overly accommodating. Maintaining tenant satisfaction can help make them stay longer, but when you start bending over backward trying to please them, it becomes dangerous. As with everything in life, you must strike the right balance.
If you require help managing your rental property, look for the best property management companies using Florida Property Management’s online directory. Our directory also lists HOA management and real estate companies.
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