A successful rental property business means having happy tenants. Since you likely spend a lot of time (and money) making sure you bring in high quality tenants for your property, it’s important to make sure you are taking the right steps to make them stay. This can be easier said than done, however.
Here are six ways to find that balance between upholding your role as a property owner and making sure tenants stay happy.
In this article:
#1 Keep Your Door Open
Let tenants know you have an open door policy by setting specific office hours during which they are welcome to come in and talk with you about any concerns or problems they are facing. Tenants will appreciate your openness and know they can trust you.
And don’t forget to stress that these are the hours you are available; after hours requests are only meant for emergencies. Be firm about this, but also be kind if a tenant forgets and tries to phone you after hours.
#2 Be Upfront About Rules
Even if you think a tenant won’t be happy with a policy or rule, don’t try to hide anything from them. Be honest and open about policies from the beginning to continue developing that trust.
#3 Be Quick With Repairs
Responding to maintenance requests quickly can go a long way in how tenants feel about a property. After all, the quality of your property reflects the type of tenants you will attract, so good tenants will want to live somewhere they can be proud of. Waiting for repairs can be extremely frustrating, so make sure your repair response is the best. If you work with a property management company, they can help with this process too.
#4 Answer Within 24 Hours
When a tenant emails or calls with a question, answer as soon as possible. Make a policy of answering communication within 24 hours of receiving it. Just like responding quickly to maintenance requests, quick communication will make a big different when retaining tenants.
If you are planning to be out of office for a specific amount of time, let tenants know and tell them when you’ll be available again to answer.
#5 Send Rent Reminders
Set up automated messages to remind tenants when their rent is coming. This will be a friendly reminder for them and can reduce the amount of late notices you have to send.
#6 Be Prepared for the Worst
It’s important to stay prepared for the unexpected, even if things seem to be going great with your tenants. If you plan ahead to handle bad situations, you’ll be ready if they do happen and the tenant involved will appreciate the effort and time you put into anticipating them.
A little extra preparation and communication can really work wonders on the happiness of your tenants, and it’s a great way to reduce headaches from bad experiences.