As a landlord or property manager, you already know the value of good tenants. Those who pay their rent on time, take great care of your rental property, and keep the lines of communication open and pleasant. Tenants like these are hard to find, so when you do come across them, it’s essential to make an effort to keep them. This way, you’ll maintain a steady rental income and avoid the stress and expenses that come with marketing a vacant rental unit. Without further ado, here are six great ways to retain quality tenants.
1. Stay on top of maintenance tasks
Being proactive about property maintenance is one of the easiest ways to keep quality tenants around. Keep up with regular property inspections and make quick fixes to your rental unit before they become larger issues. Doing this leaves a good impression with your tenant and shows them that you’re committed to providing a nice home for them to live in. Being a landlord that is proactive about routine maintenance also helps your tenants avoid the frustration of living in a home that’s falling apart – and this could be a major deciding factor when it’s time to renew their lease.
2. Adopt fair housing practices
Everyone loves a good deal – this includes your tenants. It’s no surprise that tenants who feel like they’re being cheated are more likely to look for a new residence. To avoid this situation, we suggest you adopt fair housing practices. For example, when setting rent, offer a reasonable price that is comparable to similar properties within the area, or current rental rates within the market.
3. Get familiar
Creating good rapport is another great way to keep good tenants around. As a landlord or property manager, being friendly and establishing open lines of communication between yourself and your tenants is a good business practice. Send your tenants a welcome basket when they move in and be easy to contact in case they need assistance with anything regarding their new home. These little gestures go a long way when building trust and goodwill.
4. Allow some personalization
The difference between a house and a home is how comfortable tenants feel in the space. When tenants come home to their art hung up, or their favourite colour painted on the walls, it helps them feel like the rental unit is truly theirs. To retain your tenants, we suggest you allow some level of personalization. This will increase their attachment to the home, resulting in an increased likelihood of them renewing their tenancy.
5. Offer renewal incentives
If you’ve got a great tenant whose lease is coming up for renewal, offering a renewal incentive might be the perfect way to influence their decision. You could offer monetary incentives like a rent discount over a period of time, or you offer property upgrades like new appliances, paint, landscaping etc. Most tenants will be appreciative and swayed by your efforts to keep their business.
6. Know what tenants want
As a property manager, knowing what tenants want is an essential part of your job. Not only will a home that caters to renters’ wants help you perform well in the rental market, it will also help you retain quality tenants. Check-out our blog to help you figure out what renters are looking for in a newly renovated home.
Tenant retention is the name of the game for all property managers. With these six tips, keeping your tenants happy and in your rental property will be easier than ever.
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There’s no doubt that property managers have a lot on their plate. From dealing with contractors to marketing rental units and working hard to keep tenants happy, most property managers have a lot of work to do on a daily basis. Luckily, in this day of modern technology, there are tons of tools at your fingertips to help you stay organized, streamline tasks and manage your workload. To help you stay on top of your game this new year, we’ve shortlisted five of the best technological tools every property manager should be using.
Appfolio Property Manager is a commonly used tool in the real estate industry. This cloud-based technology is an excellent choice for property managers who want to monitor their rental units – anywhere, at any time. The Appfolio’s property management software offers an all-in-one solution for accounting, marketing, leasing and management functionality for everything from single family to commercial rental units. Using Appfolio, property managers can do everything from posting vacancy ads on hundreds of listing sites to screening tenants and collecting rent online.
Another favourite amongst property managers, Buildium’s software lets property managers tackle business operation, accounting and leasing tasks from a single platform. Buildium also helps you manage your growth as a property manager. You can easily find, win and onboard rental properties in your area into your portfolio. That’s not all – the Buildium Property Management software allows property managers to create their own custom sites – this way you can have an online platform to host all your available listings.
Your success as a property manager is highly dependent on the quality of your tenants. That’s why the BeenVerified app is a must for every new property manager. With this app, you can conduct thorough background and credit checks, get access to public records and any other essential information that will influence your tenant selection. The BeenVerified app is user-friendly, and a perfect option for anyone who is just getting into the property management game.
Widely considered the best CRM tool, Salesforce helps property managers manage and better their relationships with tenants. Salesforce Essentials allows you to streamline communication with your tenants and respond to their queries and concerns in a timely manner. This CRM tool also makes automating document and form filing, and data retrieval a piece of cake. Another selling point for Salesforce Essentials is that it’s also available as a mobile app – making it the perfect choice for property managers on the go.
Figuring out rent payments can be a pain for both landlords and tenants alike. But, with the help of apps like Rentmoola, sorting out monthly payments is easier than ever. Rentmoola is a simple, easy and secure rent collection solution that lets tenants pay their rent in a method that’s most efficient for them and their property managers. This could be via credit, debit, auto payments and more. Rentmoola also provides real-time reporting tools to help you keep track of rental income.
Property management doesn’t have to be an overwhelming job. With these amazing technologies in your toolkit, you’ll be able to get a handle on your workload in no-time!
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