One of the not-so-secret ways to successful property management is learning how to keep your tenants happy. The happier they are about living within your property, the longer they will stay. Unsatisfied tenants will move out, and that will leave you without any source of income and ongoing maintenance expenses to pay. Moreover, finding replacement tenants is a costly and tedious process. You need to spend on advertisements, hold viewings, and conduct screening processes.
If you do not want to go over all these steps again, you need to become the best landlord you can be. Doing so will ensure you have a consistent stream of income. Luckily, we have some useful tips that can help you keep your tenants longer.
Tip 1: Be Prompt When Addressing Maintenance Issues
Nothing is more annoying than reporting urgent property issues and not getting any feedback from the property manager. Always put yourself in your tenants’ shoes and treat them the way you want to be treated. If there are crucial concerns raised to you, make sure that you reply promptly and manage their expectations well.
The way you handle their concerns tells so much about your character. Tenants will want to live for a long time in a place owned by someone they can rely on.
Tip 2: Be a Friend to Your Tenants
There is a fine line between being a landlord and a friend, but being a genuine person to your tenant will reap good rewards in the long run. Maintaining open and honest communication with them will help you establish good relationships. Starting your relationship like this will help prevent misunderstandings in the future. It will also help make your tenant feel more comfortable with you. The more comfortable they are, the easier it will be for you to follow up on their payments or ask them to extend their leases.
Most importantly, make sure that you are respectful and courteous towards them. That little act can go a long way.
Tip 3: Be Proactive in Providing What They Want
Being a landlord is like providing customer service. To make your tenants stay longer, you need to satisfy them with your service. The best way to guarantee this is to provide them with what they need or want. Do the research and find out what tenants today prefer in condominiums or townhouses. If your property has features like an internet connection, an outdoor space, parking, or security services, highlight them in your property advertisements.
If your tenants feel at home in your property, they will see it as an excellent reason to stay for long.
Tip 4: Let Them Know in Advance When It’s Time for Lease Renewals
Whenever a tenant’s contract is about to expire, let them know about it at least three months in advance. Take it as an opportunity to ask if they are considering renewing their lease. Doing so will be beneficial for you and your tenant. If they plan not to renew their contract, you will have enough time to advertise and find a replacement. Since you already have a good relationship and communication, this will also be easier for you.
As a property manager, your primary focus should be keeping your tenants. By knowing their sweet spots, you will become a more profitable landlord. Put these four tips into practice, and you will eliminate the turnover expenses and maintain a secured income source.
More Property provides professional property management services for condominiums, townhouses, and apartments. Give us a call today if you need a helping hand. We’re more than happy to oblige.