Keeping a responsible, happy renter is essential as a landlord. If you lose a consistent, trust-worthy renter, you'll need to attract a new tenant, which can be a time-consuming process. Plus, having vacancies can cost a lot of money in turnover expenses and lost rent. To maintain your real estate's profitability, it's essential to avoid vacancies and keep your tenants in your units for a longer period.
While some tenant moves can't be avoided, such as a life situation, change in job, or circumstances you can't control, many move away because they don't feel like their needs are being served or are no longer happy with where they live. If you want to ensure your current renters will be willing to re-sign your lease, implement these four things to keep your renters happy.
1. Avoid Surprises
If you want to maintain a long-lasting renter relationship, it's essential to make sure that everyone is on the same page. A rental agreement is standard and should be provided to your renters that explain what the responsibilities are of your tenants and yourself. Other policies that should be outlined in your rental agreement might include a pet policy, smoking policy, maintenance of outdoor spaces, and so on. After the rental agreement is signed, make sure to follow through with your side of the deal.
2. Get Personal
When people feel a personal connection to those around them, they will want to stick around. Don't treat your renters like a number or a paycheck. Instead, take time to get to know who your renters are, the names of your tenants, children, and pets.
Set a reminder on your calendar to send over a birthday card to let your renters know that you care. If you have incredible tenants who keep your place looking great and are never late on rent, send over a thank you note. The little things make a massive difference in your renter's happiness.
3. Be Responsive
Things will happen with your rental. Appliances may break, the air conditioning could stop working, or pesky little bugs may start to appear. Whatever the situation is, make sure you're responsive to your renter.
Provide your tenants with multiple ways to contact you, such as an e-mail, cell phone, or work phone number. Texting is an easy option to communicate with your tenant. If there is an emergency, make sure that you respond as quickly as possible and if you say that you're going to fix the problem, do it sooner than later.
4. Be Respectful
Renters will make your home feel like their own. They'll add personal decorations or touches to the house and maintain it according to their lifestyle preferences. Make sure to show some consideration when you need to come in for inspections, visits, or any other reason. Let them know at least 24 hours in advance if you're going to need to visit the property out of respect for their privacy and time.
While there is no magical formula to keeping every renter happy, these suggestions are a great way to start. The idea is to be respectful, transparent, and human with your renter to create a mutually beneficial relationship, increasing the chance they will renew their lease. If you're interested in knowing more ways to manage your property and keep your renters happy, contact PMI Hudson for your property management needs.