As a landlord, your aim is to always keep your renters happy. By achieving this, you’ll be able to naturally conserve your energy and resources in rental management.
When you maintain the happiness of your renters, it means that the areas of property management you've been continually implementing and improving on are paying off. Knowing what exactly it is about your property that inspires this joy will also allow you to continue those practices moving forward in the rental business.
Here are areas you can focus on and remain consistent with to drive up the happiness levels of your renters:
1. Prepare a clear leasing agreement
The lease is the document that cements your agreement with the tenant. Having a clear lease that details all policies and responsibilities will eliminate unnecessary conflicts. For example, if your rental property has a pool, you need to decide who is in charge of its maintenance. Otherwise, this issue can create a more tense landlord-tenant relationship.
The lease acts as a guide for you and the renter. It allows you to check the procedure, duties and rights you both have. When the lease is specific and detailed, it leads to a harmonious relationship. Thus, keeping the renters happy since they already know what to expect.
2. Carry a professional attitude
How many times are we turned off by rudeness? Given that your tenant is your client, they deserve to be treated with respect and courtesy. Even if you own the rental property, avoid entering the property without sending notice. Be cordial and dress appropriately when facing your tenants.
It makes people happy when they’re treated in a professional manner. If there are complaints, you can address them without getting into a shouting match. Be patient, flexible and approachable.
3. Be responsive at all costs
As the landlord, you are expected to be the caretaker of the rental property. Even if you’re juggling several tasks in your hands, you’re expected to listen and respond. When tenants call for repair requests or follow-ups, answer their calls within an appropriate time (preferably within 12-24 hours). They expect this from you and it’s only reasonable.
As customers, we choose businesses who are able to respond quickly to our inquiries or issues. In the same way, your renters will also appreciate your quick response making them happy. Always keep your tenants in your priority list.
4. Honor your tenants’ privacy
Be it personal or business, privacy is everybody’s right. In property management, this is part of the “implied covenant of quiet enjoyment.” A tenant must be able to enjoy living in the rental space without constant disturbance. You can show you respect a tenant’s privacy by providing notice before entering the unit.
When privacy is observed, tenants are bound to be happy. There are no surprise visits and sudden inspections. Personal mail is unopened, and they don’t feel spied upon while living in your rental property.
It’s also good to mind the boundaries and check if your behavior has crossed to overfriendliness. Some tenants are not comfortable when you visit them too often.
5. Conduct renovation projects from time to time
Even if the familiarity of the rental space sends a cozy vibe to the renter, it’s still pleasant to experience improvements. You can make a tenant happy by embarking on timely renovations. It doesn’t need to cost an arm and leg. A fresh coat of paint and a new appliance when the old one is already shabby from wear and tear makes a huge difference.
Some property managers even provide free air filters quarterly to tenants. This practice of providing improvements assures tenants that you’re keeping up with the maintenance of the property. It indirectly tells them that you care about the livability conditions of their rental space, making them happy.
6. Design incentives in your rental business
Incentives are highly motivating and can drive actions to certain outcomes. As a landlord, you can create win-win situations by using incentives. For example, if a tenant is able to provide a good referral, then you can give a rent discount or percentage off the first month’s rent. A good referral saves you both time and marketing efforts.
Other ways you can provide incentives is during lease renewal. You can offer a reduced rent rate or free rental for the first month. Even if there’s income loss or shortage on your part, this is temporary. A vacant unit can take a long time to fill and represent maintenance costs for you.
7. Avoid unresolved conflicts
When you have a multi-family property where several tenants live, conflicts can occur. The same way that your tenant can have a disagreement with a neighbor. As a landlord, it’s your duty to de-escalate the tension and act as a mediator. By focusing on keeping a peaceful environment, you'll make the renters happy.
When issues remain, they're bound to repeat over and over. If you have good tenants, this can be the reason they’ll move out. You want to retain quality tenants, so it’s best to deal with the issues and treat them as urgent.
8. Find out what kind of amenities your target renters want
Different tenants have different ideas about what amenities they desire. Study your target market. For example, if your target demographics are students, then having a study desk is essential as well as enough storage space for books and an area to park their bikes. Families, on the other hand, with two working parents, would want to have a parking lot or garage for two or more vehicles.
By taking the time to look at the needs and priorities of your tenants, you’re able to provide the amenities they want. This ensures they’re happy enough to stay loyal.
Bottom Line
Keeping renters happy can be simple. Just focus on the small details that matter and consistently put in the effort to have your property be the perfect rental. Overtime, success will come your way and will be expressed through your renters' happiness.
If you have less time to perform what’s needed in your rental property, you can also delegate the responsibilities of property management to a professional team. This way, you still reach your desired financial goals without the worries.