Finding new tenants is frequently one of the largest expenses that property managers face. Aside from the loss of rental income that occurs during the time that a property remains vacant, property managers also must deal with the expense of screening new tenants and placing advertisements.
When landlords find good tenants, they will want to find ways to keep them happy so that they will want to stay. Following are a few ways that landlords can keep their tenants satisfied.
Be Proactive with Property Maintenance
Landlords should always attempt to respond to tenants’ maintenance requests as soon as possible. Tenants can become frustrated when they believe that their maintenance requests are being ignored. Quickly responding to these requests will keep your tenants happy. You can simply send an email or text to your tenants saying that you received their request and will look for a solution. If you anticipate that the issue will take additional time to be resolved, your tenant should be informed right away. In addition to addressing maintenance requests, you should develop a preventive maintenance program to keep track of periodic tasks such as trimming trees and checking smoke detectors.
Moreover, you should aim to keep your property in good condition. Undertaking non-requested upgrades to bathroom fixtures and lighting fixtures will help to improve your tenants’ satisfaction.
It’s no secret that Americans love their pets. In the past, it was difficult to find rentals that allowed pets, but that has changed in recent years. According to a survey conducted by the American Pet Products Association, almost 70 percent of US households own a pet. As a result, landlords could be leaving quite a bit of money on the table by refusing to allow pets.
Permitting pets in your rental property is a personal and business decision that shouldn’t be taken lightly, as there are associated pros and cons. Allowing pets in your rental comes with additional cleaning and maintenance considerations, and many landlords would rather not deal with the hassle.
However, if you’re interested in retaining or expanding your pool of tenants, you might want to consider changing your stance on pets. A solid pet policy must be articulated in your lease documents, which typically involves stipulations like a pet deposit, as well as weight and breed restrictions. Once you allow pets, you may want to complete improvements that will make your property more pet-friendly while also protecting yourself. Replacing carpeted areas with laminate flooring and having designated outdoor pet spaces will make your property more enjoyable for pet-owning tenants while maintaining balance for tenants who do not have pets. If other landlords in your community do not allow pets, then your current tenants may think twice about leaving if they believe it will be difficult to find a pet-friendly rental.
Provide Technology-Driven Amenities
Since millennials comprise a significant portion of renters, it’s no surprise that tech-friendly amenities are particularly popular right now. Some landlords have caught onto the trend and are offering features such as Wi-Fi and USB outlets to retain and attract more applicants. Since millennials tend to own multiple devices, many are looking for rentals that can easily accommodate their technology needs.
A study by the property management company Entrata indicated that approximately 40 million renters prefer smart home technology over traditional amenities. Some of the most important tech features include doorbell cameras, keyless entry, and smart thermostats. Many of these tech upgrades are inexpensive and easy to install, so landlords should see a significant return on investment should they decide to implement these simple changes.
Offer Renewal Incentives
If your tenants’ lease is almost up, may want to consider providing them with incentives to renew. For instance, you could consider offering your tenants a week of free rent, cash bonuses, electronic gifts, or an appliance upgrade. Small incentives can go a long way toward encouraging your tenants to stay.
Another way that landlords can keep their tenants happy is to provide upgrades such as hardwood flooring, central air conditioning, and stainless-steel appliances. Other desirable upgrades could include updated cabinets and window treatments. In addition, you could consider providing new carpet. The features can prove to be a draw for both long-term and prospective renters.
Landlords who commit the time and effort to keeping their tenants happy will find that they will be more likely to stay for the long term.