Keeping tenants happy is a big part of your success as a landlord and real estate investor. Learn our 8 tips for tenant satisfaction.
One major aspect of a landlord’s success is building positive relationships with tenants. While you can’t always please every renter, there are certain steps you can take to help keep tenants happy. To ensure long-term satisfaction, landlords must make the effort to create a living experience where tenants feel safe, comfortable, and valued.
Here’s why renter satisfaction is important for real estate investors and tips to keep your tenants happy.
High tenant satisfaction is a win-win situation. For tenants, it means a better living situation and trust in their landlords. For landlords, it means less turnover — which results in more stable income and reduced turnover and vacancy costs.
Happy tenants will help boost your reputation as a landlord within the rental market. When satisfied, they’re more likely to help spread the word about their positive rental experiences to potential future renters.
Fostering trust and respect will also deter tenants from doing anything that might harm that relationship. Satisfied tenants are more likely to pay their rent on time, adhere to lease terms, and keep the property in good condition.
Some small actions can make a big impact in renter satisfaction. Consider implementing the following strategies to keep your tenants happy.
Effective communication is key to keeping tenants happy. Make sure tenants have a way to contact you quickly in an emergency, or to report issues that need to be addressed at the property. Being responsive to tenant needs and listening to their feedback helps landlords demonstrate their accountability to renters. If there are any changes or repairs that will inconvenience tenants, give them as much advance notice as possible.
Regularly check in with tenants to show them you care about their needs and make sure they’re happy. Going above and beyond the minimum expectations helps establish goodwill and trust so your tenants will feel more comfortable communicating their concerns to you. If you are friendly and cooperative, tenants will recognize it and reciprocate the same behaviors. Consider giving them a move-in gift with a personal welcome note and do what you can to make them feel welcome and appreciated. Small tokens of appreciation can encourage loyalty and show your tenants that you value them.
Few things are more aggravating for a tenant than having their complaints ignored. Demonstrate that you take their concerns and comments seriously by addressing them promptly — within 24 hours when possible. Maintaining open communication not only strengthens the tenant-landlord relationship but also reduces misunderstandings.
Property maintenance is a shared responsibility between landlords and tenants — but ultimately, it’s up to the landlord to ensure their investments are kept in good shape. Staying on top of rental property maintenance and repairs, such as lawn care, HVAC servicing, and plumbing issues will make a unit much more desirable for tenants. Conducting routine maintenance will also prevent more expensive repairs from popping up later. Proactive maintenance efforts will not only keep tenants happy and safe, but keep your property value high as well.
Raising rent too much will lead to your valued tenants looking for alternative rentals. While it can be tempting to raise rent prices, make sure your rental rates are competitive and remain in line with inflation and local market prices. Reasonable rates support long-term financial success for landlords, greatly reduce tenant turnover, and help attract the right renters.
Property management software tools help improve tenant satisfaction because they streamline processes that your renters depend on — saving you time as well as ensuring their needs are always met. You can automate many processes around property management, including enabling tenants to pay rent online with rent collection software. There are also technology tools to manage services and amenities, visitors, parking, and maintenance and cleaning requests.
After-hour emergencies are part of the responsibility of rental property ownership. Make sure there is always a property manager or other contact available to tend to emergencies that occur outside of business hours. Establish emergency guidelines for your tenants and provide a phone number, email address, or text messaging service for tenants to reach property team management.
Unless your tenant reported a problem at the rental unit, there is no reason to drop by unannounced. In fact, unannounced visits or entries by landlords are prohibited in some states. Although it is a landlord’s right to inspect a property, it’s best to do so in a way that respects the tenants’ privacy. Landlords should provide written, advance notice prior to a property visit, all while respecting lease terms and protecting tenants’ personal information at all times.
Managing rental properties takes significant time and effort for independent landlords. Azibo can help you save time and stay organized with tools for rent collection, tracking income and expenses, saving on landlord insurance, and more. That means you’ll have more time to focus on what matters most — keeping your tenants happy.
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This article and the Azibo Blog in general is intended for informational and educational purposes only. It is not investment, tax, financial planning, legal, or real estate advice. Please consult your own experts for advice in these areas. Azibo provides information believed to be accurate, but Azibo makes no representations or warranties about the accuracy or completeness of the information contained on this article or blog.