Tenants come and go, but good ones can be hard to find. Tenant turnover costs more than you think, which is why it is always good to invest time and effort in ways that will give your tenants enough reason to continue their relationship with you for a long time.
Here are a few ways to keep your tenants happy and satisfied with your service.
1. A clear lease agreement
The key to any good relationship is mutual respect and understanding. Your relationship with your tenants is not any different. A clear and comprehensive lease agreement, detailing rules and responsibilities of each party is essential in helping create a harmonious relationship between you and your tenants.
2. Welcome gifts
Make your tenants feel at home with a thoughtful housewarming gift upon moving in. When they feel welcome and comfortable in their new home, the more they will be inclined to stay and renew their lease in the future.
3. Regular inspections
Routine inspections work not only to keep owners updated on the state of their properties, but also saves your tenants from expensive repairs. Most of the time tenants are unaware of issues that require immediate attention. By holding routine inspections, you can take note of any irregularities that could cause serious damage over time. Regular check-ins also gives you the chance to talk to tenants about any concerns that might cause them not to renew the lease, so you can act on it quickly.
4. Follow-through on concerns
Property management is all about customer service. Your ability to follow-through on requests your tenant has made is often the deciding factor in them renewing a lease. Answer concerns as soon as you can and when you don't have the complete information right away, make sure to set the soonest date or time you could get back to them. Same goes for maintenance requests. Remember, a neglected tenant is not a happy tenant.
5. Send special occasion cards
While your relationship with your tenant is a professional one, they are also more than just a number on your ledger. A personalised message or quick email greeting them a happy birthday or wishing them a merry Christmas is a thoughtful way to make your tenants feel special, and is a great way to add that human touch in your service.
6. Thank them for their business
Your job as a property manager certainly has its highs and lows but all of it wouldn't be possible without your tenants. While you probably thank them on regular correspondences, expressing your gratitude on business and career milestones, like your agency's anniversary for example, will show how their continued trust in you meant that they are part of your success as well.
7. Give them the tools
Keep tenants informed and armed with tools they need that'll help them with the maintenance, upkeep and responsibilities that comes with their leased property. One helpful tool is a dedicated tenant platform that they can access online to view relevant information on their property, schedule maintenance requests and where they can also communicate with you.
8. Offer renewal incentives
Renewal incentives are a great way to strengthen your relationship with your tenant. While it might mean you or your agency will have to shell out money for gifts, it is a good investment as compared with costs you will incur due to tenant turnover. Aside from discounts or gifts, consider practical alternatives such as updating interiors or upgrading appliances that will stay with the property for a long time.