As a landlord, the happiness of your renters translates into fewer vacancies.
Investing in real estate means that tenants are your customers. It signifies meeting their needs so you, as the landlord can be successful in the rental industry. If you provide excellent service, your tenants will reward you with loyalty.
Any business owner will be overjoyed to have a loyal set of customers. They’re able to chart a financial projection, build the business, and invest in additional assets.
When you can predict a steady flow of income, it is easier to plan for the future. Here are a couple of ways to satisfy your tenants and earn their loyalty in Colorado.
Create a good lease agreement.
When you have created a sound and well-structured lease agreement, it reduces the chances of having conflicts in the long run. Stating the parameters of behavior expectations and responsibility guidelines clarifies each party’s roles and boundaries. A lease agreement is the cornerstone of a professional relationship between a tenant and a landlord.
Develop a professional distance and a businesslike attitude towards your tenants. Be friendly but don’t go beyond boundaries to show respect and honor their privacy.
This signifies as close to zero gossiping about tenants to other tenants as possible. It also means notifying them beforehand when you want to conduct inspections. Be courteous and you will earn the same respect from them.
When your tenants contact you, be reachable. You should respond in a timely manner, preferably within 12-24 hours. Being responsive makes your tenants feel cared for and looked after, and also makes you stand out as that much more professional.
Conduct repairs ASAP.
Damaged items or broken appliances can be inconvenient to tenants. As a landlord, it’s one of your major responsibilities to provide a comfortable home for your tenant. Everything must be in good working condition. If repairs are needed, carry out the tasks swiftly. This manner of efficiency will be an important factor if they decide to stay long-term.
From time to time, update the appearance of your property.
Keeping your rental units attractive not only enhances the marketability of the place but also makes your tenants proud to live there. If they see that you care about the condition of your property to make it more habitable, they’ll want to stay longer.
Deal with disruptive tenants right away.
Address concerns about disruptive tenants promptly. Listen to the issues and find the best possible solution. You want to avoid the situation where a great tenant leaves as a result of a tenant who creates a nuisance. Be clear on your expectations to avoid the case from repeating itself.
Guard your renter’s privacy.
Establish a schedule for property inspections in your lease agreement. This notifies the tenant and prepares them to be available for the routine checkup. Showing up without notice can be disrespectful and disrupts the daily plans of your tenants. Limit it to bi-annual inspections if possible.
Ease up on rent increase.
When the market performs better, it’s easy to rationalize that rent prices need to be increased as well. However, this can lead to tenants looking elsewhere to rent.
A strategic tenant retention tool is to maintain the price but negotiate for a longer-term rental. Find ways to reward your tenants and create other income opportunities without necessarily increasing the rent. This creates loyalty in the long run.
Create incentives to fill vacancies.
You can ask for assistance in searching for potential tenants for your other vacant units. They may know someone within their circle who’s looking to rent. Offer incentives to tenants who can endorse new renters to your property in the form of rental discounts or cash. Having their friends rent in the same place might also create a close-knit community ensuring their longer stay.
Provide tokens of appreciation.
If you have good tenants, find ways to show your appreciation. You can send baked goods or pastries after they renew their leases. Send a Christmas card letting them know you value their loyalty. You can hand out a gift certificate or fruit basket to acknowledge their patronage. This fosters goodwill and lets them know they are recognized and appreciated as tenants.
Consider allowing pets.
Some tenants struggle to find a welcoming rental property for their pets.
Allowing your tenants to keep a pet ensures you have a larger pool of quality tenants to choose from. They may also find it hard to leave since it’s difficult to find pet-friendly properties.
Interview tenants about what they need.
Conduct a survey to determine your tenants’ needs. Just like other businesses keep tabs on their customers’ wants and find ways to meet and satisfy them, so should a landlord. Study your existing tenants’ lifestyles and search for ways to meet their demands. Check for upgrades and features they need to minimize tenant turnovers that can be very costly.
Provide supplies and essential equipment.
A ladder, shovel, or bucket can be used in the garden or garage. If you provide these tools and equipment, it will help the tenant when they are tending to their gardens or washing their cars. They’ll appreciate that they were provided these essential things.
Implement safety measures.
Replace locks with electronic keypads. Install alarms and CCTVs. Add additional lighting in dim corners outside.
Tenants will appreciate these safety measures. It signifies that you care about their safety by investing in gadgets or added safety controls.
Modern life is busy and if you find methods that will save your tenants’ time, they’ll appreciate it. You can have alternative rental payment channels. You can offer a laundry delivery, or have professional cleaning services. Tenants will always look for conveniences and it’s a big factor that influences their length of stay.
Keeping your Denver tenants happy and making things easy for them is a win-win situation for both parties. They’ll save on moving costs and avoid adjustment periods if they move to a new unit. For the landlord, he’ll have a steady income stream and the opportunity to maximize his profits in the rental property business.