It’s time to show your tenants some love.
Managing a rental property takes more than just getting tenants to sign a lease. As a landlord, you should put effort into ensuring that tenants feel happy and appreciated. Showing your tenants some love can help reduce turnover, encourage lease renewals, and much more.
Here are eight ways property owners can show their tenants that they care:
#1 Welcome Basket
Who wouldn’t want to step inside their new home and be welcomed by a generous basket of treats? Start your relationship on a good note by putting together a welcome basket for your tenants. This personal touch not only provides a great first impression but also shows your hospitality. Putting together a welcome basket doesn’t have to cost a fortune — you just need to offer items that the tenant will find useful, such as maps, toilet paper, and even a bottle of wine. If your tenant has children, you can prepare a basket of candy.
Long-distance landlords can still give their tenants a warm welcome by sending Hallmark e-Cards, sending a fresh vase of flowers, and many more. If a property management firm is handling the move-in process, you can coordinate with your property manager to make your new tenant’s first day a day to remember.
#2 Renewal Incentives
Perfect tenants are hard to find. So when you find the ideal tenant (AKA the one who always pays on time, cleans the house as if it were theirs, and gets along with other tenants), you need to hold on to them dearly. If great tenants occupy your rental unit, consider offering renewal incentives to encourage them to stay for another year. Renewal incentives can help you prevent tenant turnover and enhance your tenant’s satisfaction.
The best renewal incentive should be one that is mutually beneficial, such as complimentary property cleaning. If the tenant moves out, you’ll still have to schedule property maintenance, anyway — so why not put a bow on it and call it a renewal incentive instead?
#3 Address Concerns Promptly
Landlords should always stay on top of things. Proactive management is essential if you want to keep your tenants happy — especially if you want them to extend their lease. Since maintenance issues are expected in any rental unit, you should be prepared to handle the most severe concerns even in the middle of the night.
Addressing these issues promptly is an excellent way to show your tenants that you genuinely care about their experience. Avoid making up excuses or telling your tenant that your team will “check it in the morning.” If handling maintenance concerns becomes too much to handle, especially if you’re managing multiple rental properties, you should consider hiring a dedicated property manager.
#4 Send a Birthday Card
When tenants check their mailbox, they expect to find utility bills, credit card bills, and rental invoices from their landlord. Make your tenant’s day by surprising them with a thoughtful birthday card. Dropping a handwritten note into your tenant’s mailbox lets them know that they’re more than just a means for you to earn passive income.
The message doesn’t have to be too personalized, but make sure it isn’t entirely store-bought, either! Hand-writing their name with a few words of gratitude can go a long way. It’s the thought that counts.
#5 Make Yourself Available
It’s impossible to be at your tenant’s every beck and call, but there are ways to make yourself as available as possible. Issues are bound to arise, whether it’s a lost key, forgotten Wi-Fi password, or other common rental property repairs, so make sure that you maintain channels of communication where tenants can reach you conveniently. This could be a 24/7 emergency hotline, WhatsApp group, or tenant portal.
Responding to your tenant’s needs is the best way to show your appreciation for them. If the task of meeting all of their requests becomes too difficult, you should consider hiring a professional property management company. That way, you can have more time for other business.
#6 Familiarize Yourself With Their Needs
Today’s tenants will not want to live in a unit that doesn’t have Wi-Fi. When renting out your property, it’s essential to know what features and amenities today’s renters are looking for. Many tenants prefer open floor plans, spacious kitchens, and smart appliances. This is especially true for millennials and Gen-Z renters who consider their lifestyles as the deciding factor. While the property may be yours, you should also consider what its new occupants might need.
Providing everything that your tenant could ask for can encourage them to extend their lease. And you know what that means — less turnover, fewer costs.
#7 Follow Up Their Lease Renewals
Want to make your tenants feel that you like having them around? Consider asking your tenant if they would be interested in extending their stay at least 90 days before their current lease expires. Expressing your interest in them gives them time to think about their plans. This also gives you a headstart on finding a replacement tenant should they decide to move.
There are several ways to encourage your tenant to renew their lease, such as waiving rent for a whole month or offering maintenance upgrades. Ask your tenant what might improve their stay at your rental property. Be open to negotiations — you might find that giving in to a tenant’s requests may be less costly than leasing with a new (and possibly bad) tenant.
#8 Make Tenants Involved
It’s your property, but your tenants won’t appreciate it if you treat them like they don’t exist. If you’re planning on conducting property maintenance, such as landscaping or painting, be sure to ask your tenants about their preferences. They might not want electricians to show up during the weekend, or they might not like a brightly colored entryway.
If you’re managing a multi-family property such as an apartment, try conducting a small survey to get your tenants’ inputs. Your tenants are the best persons to ask when it comes to property upgrades since they’re the ones actually living there.
Your tenants are the ones helping your real estate investment grow. Showing your tenants that you appreciate them can encourage them to treat your property with respect and stay for another year. Through simple gestures like sending them a birthday card to offering excellent customer service, you’ll have happy tenants all year long.
Want to give your tenants the best experience? Consider working with Luxury Property Care. We have seasoned property managers who can be there for your renters 24/7, 365 days a year.
Contact us at (561) 944-2992 to learn more. We offer an obligation-free property assessment.