Today we are discussing 5 ideas for keeping valued tenants happy. A growing real estate portfolio is one of the most effective ways to build personal wealth. But rental properties do depend on one key element: tenants. High turnover rates can disrupt your momentum as you start all over again, searching for renters. A better strategy is to put in a little effort to retain the ones you want. Use some of these ideas for keeping valued tenants happy, and you’ll reap the long-term benefits.
Master the Minimum
We’ll call this the “minimum” because as a property owner, it’s your responsibility to provide your tenants a good home. It’s should be a matter of pride and satisfaction to you, and your reputation is everything. If you don’t have the time or interest in day-to-day landlord duties, you can delegate these to a property manager. But make sure you’re running a tight ship by:
- Responding promptly to repairs.
- Maintaining and upgrading the property.
- Keeping lines of communication open.
Check in Regularly
You can be sure that you’ll hear when your tenants have a problem. But do you check in with them when there’s not a problem? If you make it clear that you’d appreciate feedback, you can keep doing the right things and make improvements. It doesn’t have to be more involved than sending a text or a satisfaction survey every few months. Just make sure your best tenants feel valued.
If your tenants don’t bother responding to check-ins, take the hint. They might prefer their privacy and a hands-off approach. In general, you should set a friendly but professional tone. Don’t probe with questions, but be open to listening. If you need to stop by the unit, give them plenty of notice, and don’t make it a habit.
Take Care of Them
Your tenants shouldn’t have to ask for new carpeting or fresh paint if it’s time. It’s ultimately up to you to provide services like deep cleaning the carpet, freshening the landscaping, and paying attention to curb appeal. At least, it’s up to you if you want them to renew their lease. If you had to find new tenants every year, you’d be doing those things anyway.
Here’s an idea for keeping valued tenants happy: show them that they’re appreciated. Small gestures can go a long way. Send a card or a small gift basket on birthdays. Install new “smart” home technology. Drop off a jar of your mom’s homemade jam at the front door. Give them an incentive to renew their lease with new amenities, appliances, or even a small break on the rent. Healthy tenant relationships mean steady income and stability, so don’t take them for granted.
Here is a great article about Money Habits that could benefit not only you but you’re tenants.