Having a proper tenant screening process in place can help you pick the best tenants, but even then, the job of keeping them happy has just begun.
As a landlord, you should make effort to keep your tenants satisfied because a satisfied tenant is a long-term tenant. This means you will be happy in return because you will have a satisfied tenant willing to stay and pay for a more extended period.
Retaining tenants saves you money that would have been lost due to tenant turnover and ensures a more consistent income on your property investment.
Wondering how to do so? Here are a few tips offered by the property experts at Limestone Country Properties.
1. Make Contracts Legally Binding
Property owners must never allow their honesty to be called into question. Make sure of this by using a detailed and well-written lease agreement. Tenants assess the sincerity of landlords based on their willingness to put agreements in writing and sign them.
If the tenant is aware that they have legal recourse, they will be less distrustful and cooperative.
2. Lead by Example
Most landlords will inform tenants about how they want their property to be handled. However, how you maintain the property before the tenant arrives sets the tone for managing it.
For example, if you hand over a well-maintained unit, the tenant will follow that standard of maintenance. Similarly, handing over a property that has not been well maintained will set a shallow standard for the tenant to follow.
3. Be Flexible in Response to Requests
Even if you own the property, tenants will want to call it home. After all, this is where they lay their heads every night. This means that they will want to personalize the space to their liking. Minor modifications to a unit, such as drilling holes to hang paintings or installing a new appliance, should be permitted.
You could also consider allowing your tenants to repaint the unit's walls. This makes the tenant feel more at ease. Tenants who feel at ease in their surroundings tend to stay longer, which benefits you in the long run.
Something else you can do is allow your tenant to keep a pet. Renting to pet owners is a great way to keep tenants happy..
4. Respond to Tenant’s Calls and Emails
Tenants will expect a response if they call within the time you specified you could be reached. Failure to obtain one jeopardizes the relationship. Responding to tenant calls/emails is about being courteous first and resolving their issue.
If you're unavailable, you should respond as soon as possible. You always want your tenants to respond to your messages on time, so reciprocating is important. Do not keep a tenant in the dark for an extended period.
An easy way to make sure that you're always responding to your tenant in a timely fashion is to hire a property manager. Property managers will respond to your tenants' inquiries and needs, freeing up more of your time.
5. Are You a Good Landlord?
When it comes to tenants do not underestimate the importance of the human factor. If you're a friendly and cooperative landlord, your renters are more likely to want to stay. This carries on to every aspect of life but it’s essential when you want people to pay you on a monthly basis.
Be timely with your responses, make it simple for the tenant to contact you. Maintain open lines of communication to help reduce misunderstandings and improve the overall tenant-landlord relationship. Being respectful goes a long way toward making a tenant feel at ease in the unit.
6. Know What Amenities and Property Features Tenants Want
It's critical to understand the characteristics that today's tenants seek in a rental property so that you can better meet market demand. The bare minimum expectation from tenants is to provide them with a safe and habitable unit. On top of this, other amenities are helpful in keeping your tenants happy.
Some of the more common amenities that are preferred by tenants include: high-speed internet access, granite countertops, open floor plans, and a lovely outdoor space.
For many tenants, especially younger generations, the quality of their lifestyle is a significant factor in deciding whether or not to stay. You can do some things to help promote a more tailored atmosphere, which may encourage your tenants to stay longer.
7. Encourage a Longer Lease
Consider requesting that the tenant sign a longer-term lease. Signing a longer lease should make them eligible for certain perks. E.g. a lower rate. Consider lease extension for two years at a discounted rate if they renew yearly.
Does it seem like a loss of profit from rent? Take a minute and consider the flip-side. If the property were empty, you would be incurring marketing fees, utility costs, and much more.
8. Tenants Should Be Treated Equally
No tenant would love to feel like they are being marked by the landlord which is why it is crucial to be familiar with and follow local and federal housing laws.
So, regardless of your tenant's sexual orientation, race, religion, or physical ability, you must be consistent with how you treat those who rent from you. This includes being responsive, addressing customer concerns, and not charging too much for rent.
9. Prompt Address of Maintenance Concerns
It's critical to keep your tenant happy, especially if you're going to ask them to extend their lease. Your tenant may likely agree to your proposal if you're proactive with property maintenance and routinely perform property inspections.
Few things are more aggravating to a tenant than unresolved maintenance requests. You want to demonstrate that you care about providing them with a comfortable living environment.
When your tenant considers a lease renewal, this can be a significant deciding factor. Carpet cleaning by a professional cleaning service can appeal to long-term tenants and make them feel valued without breaking the bank.
In conclusion, we would argue that more satisfied tenants will result in a better-performing asset and a higher long-term ROI. Take the time to treat all of your tenants with dignity and find small ways to show them how much you appreciate them.
Limestone Country Properties understands that communication is the key to a good relationship between an owner and a tenant. Setting clear expectations is essential for keeping everyone on the same page.
Our mission is to cultivate long-term relationships that provide stability for renters and owners. Our property management services can meet all of your rental property needs.