How to Keep Renters Happy
Running a rental investment is no easy task. As a self-managing landlord, you must ensure that your property is meeting its financial goals, keep the unit in top-notch condition, as well as manage the demands of your tenants.
Out of all these, managing the demands of your tenants is the most time-consuming and difficult to achieve. Renters can be hard customers to deal with. However, your renters are also the most important element of property leasing.
In order to meet your property’s financial goals, you’ll need a good relationship with your tenants. Achieving this will make it easier to manage the property and reap the benefits of renting property. Happy tenants also translate into long-term tenants. Such tenants reduce turnover rates, advertising, and renovation costs, and improve your ROI.
The question remains: “how do you keep your renters happy?” Most happy, long-term tenants are influenced by the landlord in terms of the service provided and how they are treated. As a landlord, it’s your duty to give your tenants the best service while on your property.
Our experienced and reputable team at Leenan Property Management has compiled the following tips to help you maintain the happiness of your tenants!
Tip # 1: Prioritise Maintenance and Repair Complaints
One of the best ways to keep your tenants happy is to promptly attend to their repair and maintenance issues. Even with a new property, issues are bound to come up. A tenant may be unable to operate a certain device, for example. And who do they call? You guessed it!
A complaint should be dealt with in the shortest time possible. You can have a designated technician who is able to attend to the issues. Also, it’s advised that you set aside a portion of the rental income for repair expenses. Having this fund will help reduce the amount of time it takes for an issue to be solved.
Tip #2: Have Open Communication Channels
Running a rental unit involves regular communication between parties. It’s important for you as a landlord to ensure that your tenants are able to reach you whenever there is an issue. Having an absentee landlord makes it extremely difficult to have issues resolved in a rental unit, and this could be a reason for tenants leaving.
You should provide various communication channels. If you run a multi-unit rental property, you should consider the use of a tenant portal . Tenants feel at ease in buildings where there are open channels of communication and they can receive a fast response. This greatly improves the relationship between a landlord and his tenants and can encourage tenants to stay longer.
Tip #3: Respect Tenants’ Privacy
Tenants appreciate when landlords respect their privacy. Even though the property belongs to you as a landlord, you are required to respect their space and not show up unannounced. Hovering over tenants’ spaces or constantly monitoring them can make tenants uncomfortable and they can move out of your property.
While respecting tenants’ privacy is courteous, it’s also required within landlord-tenant law. If you need to enter the rented premises, you should serve your tenants with notice in advance.
The only time a landlord should make an unexpected visit is in case of an emergency or an issue that compromises the safety of other tenants.
Tip #4: Prioritise the Safety of Your Tenants
Security is a crucial aspect considered by tenants. Your property is going to be their new home, and it’s at home that a tenant should feel safest. As such, it’s important for you to keep your property safe for its residents. However good the services and amenities provided may be, if the tenants feel unsafe, they will eventually move out.
Some of the security measures you can set up for your property include investing in security cameras and purchasing and installing solid doors and burglar-proof window locks. This will give your tenants peace of mind as well as the assurance of security.
Tip #5: Be Respectful Towards Your Tenants
Remember that your tenants are also your business partners as they play a huge role in the success of the investment. As such, it’s important to treat your tenants with the utmost respect.
Be respectful when interacting with your tenants and avoid using offensive and vulgar words. Remember to also have boundaries with your tenants to avoid them from taking advantage of your relationship . The relationship should be strictly professional.
Tip #6: Make Your Property Pet-Friendly
Another way you can keep your tenants happy is by making your unit pet-friendly . Rentals that have too many restrictions may put off tenants, and they may opt to move to other properties.
Pets naturally make tenants happier, so by being a pet-friendly unit, you have an easy source of tenant happiness. You can also waive pet fees too as a deal .
Have a set of pet rules and ensure that your tenants understand the requirements and regulations of pet ownership on your property. Tenants with pets will appreciate the flexibility, and they are more likely to become responsible and long-term tenants.
With the tips provided above, you can appreciate the industry knowledge required in the leasing of property in Regina. Landlords need to put in the effort, time, and resources to improve and maintain their real estate investment and keep their tenants happy. However, not all landlords are able to meet the demands of property management without exhaustion setting in.
If you are a Regina landlord looking for a property manager, you can reach out to Leenan Property Management ! We’re a leading service provider in the region dedicated and committed to providing quality services to you and your tenants.