To have long-term tenants, it is important to know how to keep your tenants content. Happy and content tenants are easier to manage. We are not just talking about offering quality amenities and services. While it might be key, it is not the only concern for a tenant, especially one who will occupy the space for a long period of time.
As you already know, having a vacant unit is inconvenient, time-consuming, and a loss of income. One has to market the property, screen applications, schedule viewings and prepare comprehensive lease documents. During that period, you also lose out on income that the particular space would have earned. It, therefore, goes without saying that having happy tenants is an advantage to your property as it will greatly reduce the number of vacancies in your property.
While there are factors that attract a tenant to a given property at first, how the tenant is handled and managed over time matters, not only just the condition of the property. It is also impossible to control all factors. However, that is no excuse not to give your all.
In this article, Pinnacle Property Management presents to you several ways in which you can ensure that your tenants are happy with their stay. For more help with your property management needs, give us a call today!
Tips for Keeping Tenants Happy
Ensuring your tenants are happy is a crucial responsibility of any landlord. Not only can it secure stable income for you over time, but it can also help you avoid costly legal issues, or other problems, like property damage. Here are our top tips for keeping your tenants happy:
Prioritize repairs and maintenance.
Maintenance is an important factor in any property. Ensure that your building is well-maintained and that all common areas are clean and well-functioning at all times. Make sure that the service providers such as cleaners keep time and do their job as required. Having a well-maintained property will also greatly reduce the costs incurred on repairs.
Have regular inspections of the property in order to monitor the state of the property and be in a position to address an issue before it becomes a problem. Prolonged maintenance issues make tenants frustrated and annoyed that could make them unwilling to renew their leases.
It would also be nice to always plan ahead of such situations. Be sure to have some money put aside that would cater to property repair and maintenance. This will help reduce the time it takes to respond to an issue. It would also be helpful to have a technician that you can trust and rely on to work on the problems that arise on your property. Good management involves addressing maintenance issues fast, which helps save more in the long run.
However well a building is maintained, it is somewhat inevitable that some facilities and utilities may break down abruptly. Always ensure that the communication channels are open and that you are able to act fast to handle all requests. In addition, have a trusted and qualified technician to do the repairs.
Provide open channels of communication with the tenants
It is also important to ensure that a tenant can reach you whenever they need assistance. Create a channel where tenants can speak to someone regarding the property. Having an absentee landlord or manager makes the tenancy stressful especially if there is a matter that requires your attention.
Tenants are more willing to stay in a property that has a fast response to their issues rather than those that do not. Once you receive a request or complaint from one of your tenants, it is important that you attend to the issue as fast as possible. You can provide multiple channels of communication such as an email address, a social media group (WhatsApp for example), and a telephone number.
You can also provide easy payment options for tenants. Incorporating online means of payment has several advantages to both the landlord and the tenants. It is fast, safe, and reliable to both parties. This will greatly decrease the amount of time it takes for a tenant to make their rent payment as they can have it done from anywhere.
Comply with applicable laws
Property is one of the most regulated sectors of the economy. Federal, State, and county laws touch on and advise on almost every aspect of the leasing/ tenancy. Compliance with the provisions therein will help you stay on the good side of the law and also provide necessary utilities and amenities.
Request the services of an experienced and reputable property management company when it comes to compliance with California State Laws. Pinnacle Property Management has over 30 years of experience operating in the South Bay area. Our advice can prove crucial to the management of your rental property.
Understand the needs of your tenants
Each property has a unique set of tenants, and it is the duty of the management to identify such needs to understand how to best serve them. There are certain tenants that will greatly appreciate fitness centers, others open floor plans, and some high-speed internet among many others.
Identify the needs of your tenants or what they might find interesting. For example, if most of your tenants are university students, you can have quiet study rooms that they can use to study. You can also have a convenience store where they can purchase a few of the essential commodities. The convenience store can also work as an additional income to the property owner.
Prioritize the safety of your tenants
Security is one of the key issues in any type of property and more so a residential property. If tenants do not feel safe in a particular property they will most definitely leave. To protect your tenants, you can have various security measures and equipment put in place. These include CCTV cameras, security doors, the addition of burglar-proof, solid doors.
Treat your tenants with respect
Always remember that your tenants are your business partners. They can help drive your rental investment to success. Therefore, ensure that you always treat your tenants with respect and be professional at all times.
Tenants appreciate when they feel valued and appreciated are will be willing to be long-term tenants in such a property. By having good services, tenants will more likely tell other people about your property helping market it to others.
The Bottom Line
From the information provided, a suitable tenancy environment is important to the success of your property investment. However, this success can only be assured through intentional effort.
Pinnacle Property Management is the leading management company in the South Bay Area. We have a large portfolio, managing property of all types. Contact us today to find out how we can help you with all of your property management needs!