Keeping your tenants happy can be difficult, but it’s an important responsibility that comes with being a landlord. Happy tenants will likely to review their lease, which reduces the amount of time and effort you have to put into finding new ones. Additionally, happy tenants are usually less likely to damage your property, making repairs easier for you.
As a landlord, you want to attract quality tenants who will pay rent on time, take care of your property, and stay as long as possible. However, it’s equally as important to find ways to keep your tenants happy, as they may otherwise decide to move out.
Fortunately, you can use several simple strategies to create positive relationships with your tenants and ensure they don't consider moving out anytime soon. Keep reading to learn some tips to help keep your tenants happy!
Be Quick with Home Repairs
One of your first and foremost responsibilities as a landlord is to ensure that repairs are addressed promptly. Not only does fixing problems for your tenants increase their satisfaction with your property, but it also helps keep their rent checks coming in on time.
You must inspect your property regularly to ensure that spot issues quickly. If a repair becomes necessary, make sure you schedule it right away. That way, minor problems are dealt with before turning into costly endeavors.
Maintain a Good Relationship with Tenants
Even though you own a rental property, it's important not to let your ownership mentality seep into your relationships with tenants. It’s easy for lines of communication to fall apart between landlords and tenants if you have more than one rental property to manage all by yourself. So, always try to answer calls and listen to your tenants' problems.
For example, you have a right, and sometimes a duty, to enter their apartments for reasons like maintenance or inspections. In these instances respect their privacy and avoid visits unless necessary. Doing so will create more goodwill between yourself and your tenants.
Provide Amenities Renters are Looking for
Offer amenities like renovated kitchen, extra storage, and other conveniences. You can even consider allowing tenant to have pets. People who feel taken care of are more likely to be happy renters!
If your tenant feels comfortable in the space they’ll be more likely to stay longer. While the property is yours, it will be their home during their tenancy therefore you should try and offer amenities that provide both functionality and comfort.
Be Proactive with Lease Renewal for Existing Tenants
Renters are not just people who live on your property, they’re also paying customers. With that in mind, you should be proactive with lease renewal. Remind them when their lease is up and encourage them to renew. There’s a good chance you could increase your renter-renewal rates if you showed tenants that you care about their happiness.
More often, the renters are waiting for landlords to offer to renew the lease. Plus, if they’re happy where they live now, they won’t have any reason to look elsewhere! So offer them a renewal well before it expires so they don't search for a new rental.
Offer an Extended Lease Agreement
The longer your renters stay, the more consistent your income will be. Landlords should work with tenants to reach an agreement that both parties are comfortable with regarding leasing duration. Offering your tenants a long lease gives them peace of mind and protection.
It also helps both parties know that they will be in a stable agreement for an extended period. Best of all, it gives you a chance to retain good tenants, which means no unnecessary turnover costs.
Exercise Fair Treatment
As a landlord, you have to ensure that you treat all your tenants equally. This isn’t just important when fostering a good landlord-tenant relationship, it’s also required by law.
The Fair Housing Act states that a landlord cannot discriminate against potential tenants based on their race, religion, gender, family status, or disability. Treat all applicants fairly and never make assumptions about them based on their protected classes.
For example, if you have a policy that only allows couples to rent from you, that's discriminatory, and could get you in trouble with fair housing groups and the federal government.
Enforce Lease Rules Fairly
Make sure that you are fair in how you enforce lease rules. While it’s important to keep your rental business running, it’s also important not to over-do-it when asking tenants to follow lease rules.
Ensure that your tenants know what they're getting into before moving in. Your rental agreement should be clear and concise, outlining all of your expectations. Include details like what constitutes a lease violation, when rent is due, and how rent increases are calculated, if applicable.
It may seem excessive at first, but you'll be grateful if something goes wrong down the line and you have a record of exactly how your rental agreement is supposed to work.
Hire a Property Management Company
Hiring a management company can help you keep an eye on your property even when you're not physically there. Your tenants are paying rent to live in your property, so it's vital that they feel comfortable and safe.
Consider outsourcing the management tasks to a property management company if you don't want to worry about maintaining or repairing your rental. They can even handle tenant screening and find qualified candidates for your property. You’ll gain more free time and a peace of mind with a professional team by your side.
Keeping you tenants happen will mean less turnover, more stable income and less stress for you. But to foster a strong relationship with your renters, you need to be responsive to their requests and needs. If this seems overwhelming or you have several properties to manage at once, consider hiring a management company to help.
The professionals at Taylor Street Property Management will gladly help you will all your management needs. Contact us today to learn more about our services!