Vacancies can cost you money in lost rent and turnover expenses. The best way to ensure profitability is to keep your residents in your units long-term and avoid recurring vacancies. This is especially true as rental markets are starting to cool, and marketing becomes more important. Some tenants move because of a change in their job, life situation, or circumstances you cannot control as a fee manager. Others move because they are no longer happy where they live or feel their needs can be better served elsewhere. So, how do you keep your tenants happy?
Today, we are going to give you four practical tips that will help keep your residents happy and increase tenant quality. You might be wondering, “Why is it so important to have happy tenants?”
1. Treat them like people.
Renewals begin when the lease is signed! This means treating them with respect. Treat them how you would want to be treated. Speak to them the way that you would want to be addressed. This is important because it will remind you that when it comes time to make tough or expensive decisions, you’ll base your decisions off of the human factor and not just the bottom line. Residents renew with people they like.
2. Take care of maintenance, preventative and reactive.
Take care of maintenance issues promptly. Also, take care of the little things that will need to be taken care of in the future. Make sure your residents see you and that they notice that you are looking out for them.
3. Cater to folks that love their pets.
Pets are apart of the family. Keep dog walks picked up and ready for pet-loving residents to use and enjoy. Most animal lovers are not unhappy with the additional commensurate fees to be accessed based on your particular market.
4. Resident Appreciation.
Honest thank-you's and givebacks can mean so much. Residents that know you really care about them feel appreciated and renew. Even raffle giveaways for paying rent on time or at random holidays or event go a long way. Some also buy Thanksgiving turkeys ($15 each) depending on budget!
In conclusion, the happier your residents are, the better operations will be at your property. We would even say that happier tenants will create a better performing asset and increase your ROI long-term. Take the time to treat all your residents with respect and find small ways to show you appreciate them. After all, if they are paying you rent, they are putting money in your pocket, and for that, you should always be grateful. Please leave a comment below to share some thoughts on tenant happiness!
Hope this helps! Until next time, have a great and profitable month as we look forward to an exiting rental season!
Go with the Multi-Family Pros at National DoorStep Pickup 844-APT-TRASH | 844-278-8727