FACT: Empty rental units do not make money -they cost money in lost revenue and new-tenant renovation/improvement costs. In addition, they can eat up big chunks of a landlord’s time. Long-term tenants are the key to increasing revenue and profitability. Period.
But how to achieve tenant longevity is the question. Some of the reasons tenants leave are beyond a landlord’s control, such as a change in employment or a new life situation. But tenants also leave because they are not happy or satisfied with the living arrangement or feel their housing needs would be better served somewhere else.
Happy tenants renew their lease and have positive things to say about their landlord and his/her property(ies). Unhappy tenants move out and tend to share their laundry list of dissatisfactions with anyone and everyone. You see where this is going, right? Happy tenants boost profitability and the landlord’s reputation while dissatisfied renters dash profits and poke holes in the property owner’s good standing in the community.
Can landlords impact their renters’ level of satisfaction? Absolutely! Attention to these four strategies can indeed influence tenants, nudging them from short-term to long-term status.
1. Be transparent
A straightforward approach is the only way to manage tenant/property owner affairs. Tenants want honesty and transparency coupled with clear expectations. Life is challenging enough without having to decipher vague policies and carve time out of hectic schedules to resolve misunderstandings.
2. Nurture the tenant/landlord relationship.
A combination of friendly professionalism and a focus on the tenant as an individual/family will foster a trusting relationship. We are not suggesting a “best buds” scenario as that comes with its unique challenges. However, if a property owner is impersonal or dismissive, lacks a caring attitude, or is difficult to deal with in general, even the best-suited property may not convince a tenant to stay.
People are drawn to relationships in which they feel valued. Associations that produce a genuine, warm vibe make life easier while consistently problematic relationships become one more undesirable complication.
3. Be attentive and respond quickly
Allowing calls to go to voicemail or brushing text messages aside can be tempting during a busy day or week. But an “I’ll get back to them later” approach will not bode well with tenants challenged by a broken appliance, a malfunctioning heating or cooling system, or a leaking toilet. While one more problem may be the last thing your day needs, it’s your responsibility to take the call -and then promptly check into the situation further, scheduling a technician to make the necessary repairs or purchasing a replacement.
4. Respect renter’s privacy
Nurturing a relationship with tenants does not mean popping in for coffee or an afternoon chat. While the need to check on various things will arise occasionally, it is not acceptable or appropriate to visit unexpectedly or too often. Tenants expect and deserve to live in peace without worrying about frequent, unnecessary visits from the landlord.
Happy tenants make a landlord’s job easier, fostering a win-win situation for all involved.
About Rentals America
Rentals America provides full-service property management for residential rental properties. Our team is completely dedicated to property management and we’re here to help landlords navigate the rental market.
