Being a landlord comes with a lot of responsibilities. Not only do you have to find and screen tenants, but you also have to make sure they’re happy in their new homes. Various surveys showed that happy tenants are more likely to stay longer and take better care of your property. They are also about 33% less likely to default on rent, saving you a lot of money and headache in the long run.
So, how can you make sure your tenants are happy? Here are a few ways:
1. Be responsive to maintenance requests.
No one likes living in a home that isn’t well-maintained. When tenants move into your property, explain the process for submitting maintenance requests. Let them know that you’re committed to keeping the property in good condition and that you’ll respond to their requests as quickly as possible. Promptly addressing tenants’ concerns will go a long way toward keeping them satisfied.
When maintaining your property, you should always work with a professional to avoid problems and legal issues. Property laws for rental buildings are very specific, so it’s essential to have someone on your team who knows what they’re doing. For example, if you must build a fence, you’ll need to consider the type of fence, the local zoning laws, and whether or not you need a permit. Professionals like fencing contractor companies can help you with all of these details.
2. Be fair with rent prices.
Of course, you want to get the most money possible for your rental property, but be reasonable with your rent prices. You’ll discourage potential tenants from even looking at your property if you charge too much. Research online to see what other landlords in your area are charging for similar properties. You can also ask your real estate agent for advice.
Avoid increasing rent prices too much year over year, as this can also discourage tenants from renewing their lease. If you must increase the rent, give tenants plenty of notice so they can budget for the change. Justify the price increase by explaining the improvements to the property, such as painting the walls or installing new appliances.
3. Offer incentives for referrals.
Word of mouth is a powerful marketing tool, so it’s in your best interest to encourage tenants to refer their friends and family to your rental business. You can offer referral bonuses, such as a discounted rent rate or a waived security deposit. This will show your tenants that you appreciate their business and are willing to reward them for helping you grow your rental empire.
Some landlords also offer rent discounts for tenants who pay their rent on time or take good care of the property. This is a great way to show your tenants that you value their responsibility and efforts to keep the property in good condition.
But you should remember that referrals should be given to good tenants only. You don’t want to end up with a bunch of bad apples because your current tenants were trying to get a discount on their rent.
4. Have flexible lease terms.
Most leases are for 12 months, but that doesn’t mean you have to stick to that timeline rigidly. If a tenant wants to move out early or extend their lease, be open to negotiation. Showing flexibility will show tenants that you’re willing to work with them, which can greatly improve satisfaction levels. Tenants will appreciate the flexibility and may even be more likely to renew their lease if they know they can change the terms down the road.
Regarding lease terms, it’s also important to be clear and concise. Many landlords use generic lease agreements that don’t consider their specific property. This can lead to misunderstandings and disagreements down the road. If you’re unsure how to tailor your lease agreement, consider working with a lawyer or using a lease template specific to your state and property type.
5. Get involved in the community.
Your rental properties may be located in vibrant, up-and-coming neighborhoods with many things going on nearby. If that’s the case, get involved! Attend block parties, sponsor local events, or simply put up flyers letting tenants know about all the great things happening in the area. Getting involved in the community will make your rental business feel like more than just a place to live—it will help turn it into a home.
Try to find out your tenants’ interests and cater to them. For example, if you have many families in your rentals, you may want to consider hosting a family-friendly event at the property. This will show tenants that you care about their interests and that you’re invested in making their rental experience great.
Satisfied tenants are key to having a successful rental business—that’s why it’s important to do everything you can to keep them happy. By being responsive to maintenance requests, offering referral bonuses, having flexible lease terms, and getting involved in the community, you can create an enjoyable living experience for your tenants and improve tenant satisfaction levels at your rental business.