Getting your property ready, advertising, showing the property, and screening tenants are labor-intensive tasks involved in owning a rental property. Once you’ve found a tenant, retention becomes an important aspect of your business. To attain that, you should know how to keep renters happy. Here are seven tips on how to do that.
How to Keep Renters Happy
1. Know What Tenants Want
It is important to know what tenants look for in a rental property so you can cater to their needs. For many tenants, quality of life is a big factor. There are ways to promote this atmosphere. In doing so, you’ll encourage your tenants to stay longer.
For example, strategic upgrades such as stainless steel appliances and central air conditioning are features that can make a house feel like home. Additionally, you may want to consider renovations in the kitchen and bathroom. Even simple upgrades like an upgraded cabinet or a new kitchen backsplash can make a big impact.
2. Have a Clear Agreement
Nothing sets the stage for a hassle-free landlord-tenant relationship like a clear rental agreement. Besides the monthly rent and utilities, the agreement should spell out who’s responsible for what. For example, if the property you are renting includes a yard, be clear about who will maintain it.
3. Address All Questions and Problems Quickly
Let your tenants know that they are important to you by taking care of any needed repairs immediately. When possible, reply to tenants’ calls or emails on the same day. That doesn’t mean you’ll be able to provide a solution right away.
But a quick call, text or email to say you have received their message and will get back to them as soon as possible can do a lot to ease their worries. That way, they won’t think that you’re ignoring them.
4. Stay on Top of Maintenance
Nothing is more frustrating for a tenant than having unaddressed maintenance requests (e.g., no one wants to deal with a clogged sink). Being proactive with maintenance helps keep your tenants happy and shows that you want to provide them a nice place to live.
Regularly inspecting the unit’s condition will help you stay on top of maintenance issues that need to be addressed and can help keep smaller maintenance tasks from turning into costly repairs.
5. Show Respect
Show respect to your tenants when it comes to visits, inspections, or other instances you may need to gain access to the property. When you do, make sure to give proper notice to show that you respect both their time and privacy.
6. Consider Allowing Pets
It is a common concern that pets can cause damage to property. Many landlords don’t like the idea of replacing carpets at the end of the tenancy. But look at it this way. If other landlords in the area are issuing a blanket ban on pets, your tenant might think twice about leaving if they know it will be hard to find another pet-friendly rental.
7. Give Small Tokens of Appreciation
Let your renters know that you appreciate them. Giving a Christmas card with a personal note or a gift certificate is a gesture that can go a long way toward promoting tenant loyalty.
Knowing how to keep renters happy is good for your business. Take the time to treat your tenants with respect and find ways to show you appreciate them. After all, by paying rent, they are putting money in your pocket. Plus, it is so much easier to keep existing tenants than it is to look for new ones.
Do you own a rental property? Reach out to PMI of Greater Boston today to learn more about property management.