Tenant loyalty can be essential to the success of your property management. Keeping tenants for longer periods makes filling properties less of a hassle and makes your work more efficient and more profitable.
Use this step-by-step one-month plan and you’ll have happier tenants for years.
For the first week, all you need to do is focus on feedback from your tenants. If you need a way to get this information, consider creating a survey that can be either a paper handout or online platform. You can also talk to tenants one-on-one. The goal is to understand what you are doing well and how you could improve the tenant’s living experience.
A great way to get feedback is to create an online survey. Below are tools to help you create and manage your survey:
Week two is pretty busy, so be ready for some important steps. Before you start, be sure to review the information from Week 1, as it will guide your work in Week 2.
Review your leasing documentation to make sure all expectations for both you and the tenant are clearly recorded.
Tenants need a quick and easy way to contact you. You shouldn’t setup arbitrary times when tenants can and cannot contact you. Open communication is necessary to avoid complaints and unhappy tenants. Give your tenants the ability to easily communicate with you when the need arrives. If necessary, consider working with an answering service.
If your surveys discovered the need for repairs, have these taken care of or schedule repair services immediately.
If your rental facility has a staff, train them on the importance of service and friendliness. Let management know that small, infrequent discretions, such as late payments, should be taken with ease, especially if notice was provided.
Showing sincere, dedicated respect to your tenants will let them know that you are honest about keeping their business. Greet your tenants with a friendly smile and a genuine “hello’” every time you interact with your tenants, and instill these values in your staff.
Happier tenants appreciate a landlord and property manager who treats them with respect and honors their privacy. Use week two to establish these principles into your operations.
Week 3 is all about making the house, building, or property more attractive to current and future tenants.
The furnishings in your building say a lot about how much you care. Check any common-area furnishings and appliances and make changes if needed. While you should look for value in products, don’t purchase the cheapest option, as it may be more economical to buy sturdy, reliable appliances, and furniture.
Renovations can drastically improve your facility and increase the pride tenants take in their home. While large remodeling projects might not be required, your property could likely use some fresh paint, new landscaping, new carpets or hardwood, or even new common-area artwork.
You’ve made it to Week 4, so you’re ready to establish long-lasting tenant loyalty. With these steps, your tenants will appreciate you for years.
A small gift can make a big difference. Some chocolates, tea, or a special bag of coffee shows your appreciation. Create a planned schedule for giving small gifts so this important step doesn’t fall through the cracks of your busy agenda. Also, don’t forget to show your appreciation for staff!
Here are some resources to give you some ideas for your appreciation program.
Tenants usually start thinking of renewal a month or two before their lease is up. Offer incentives for them to stay, such as a locked-in rate, new furnishings, or six-months of payments on their cable bill. If you get creative, you can surely think of some excellent incentives.
Not sure what to offer your tenants? Here are some ideas for you.
You made it!
The month is over and you now have a full list of loyal, happier tenants. You’ll not only have your properties filled, you’ll spend less time looking for new renters!