Tag Archives: happy tenants

New User Questions

Keep Your Tenants Satisfied

Tenant File Blog - Two GirlsShame on you, that is not what this means! As a landlord, you want happy tenants, right? Here are some suggestions on how to do that:

  • Stay up with new technology

One of the best ways to impress your tenants, is to show them that you care about their convenience. To do that, check out the new technologies that are available. Some of those technologies include intelligent door locks that can be programmed and operated from a smart phone. This can also increase security and enable you to change lock combinations easier and faster. Other things that can be controlled by smart phones are thermostats, security systems, and irrigation systems.

  • Build a community

Encourage your tenants to engage with one another. You’ll find that building a tenant community will foster better communication between your tenants and your role as a landlord. For example,  sponsor a pool party in the summer, or holiday events during the winter. Send a communication out to all tenants, and hold a ‘Tenants Night Out’ just for them to get to know each other better. That will help create a family atmosphere where everyone will look out for everyone else.

  • Add amenities

Think outside of the box when thinking about amenities that you can offer to your tenants. What about a bike sharing service for your apartment building? Talk to local yoga studios about offering classes in your exercise room once a week. Add motion controlled lighting and walkway lighting for your your rental.  You can think of more creative ideas to keep your tenants pleasantly surprised.

  • Treat them with respect

This seems obvious, but one of the most common complaints from tenants is that they are treated like second-class citizens by their landlord. We know you are under a lot of pressure – owner demands, late contractors, late rent, bills due … but remember to always deal with your tenants in a calm and respectful manner.

  • Follow through

When a tenants requests anything, first let them know that you received the request, either by text or email. Give them an estimated date, take action promptly, and after it is over, contact the tenant to see if they are happy with the result. This will build trust that will go a very long way.

We hope these suggestions have been helpful to you as a landlord. Keeping your tenants satisfied will result in a long term partnership that will benefit you financially and as a person.

New User Questions

Use Tenant Incentives to Create a Win-Win Rental Situation

Happy Tenants

 

 

 

Besides covering the basic lease conditions and provisions, you can also turn your lease into a valuable marketing tool for your business while at the same time providing extra satisfaction for your tenants. By using tenant incentives, you can develop tenant loyalty that will result in longer relationships, on-time payments, better care for your property, assistance with marketing, and possibly an eventual sale to your tenant.

Award special benefits to your tenants the longer they stay.

At each tenant lease anniversary, provide a financial or other type of award, provided they are on time with all of their rent payments. This will encourage them to stay with you longer. For example, you can write into your lease that after the first year, upon renewal of the lease, they will receive a special gift, such as a free carpet cleaning or an interior paint job. While this enhances your property, it will improve tenant satisfaction as well. On the second year, you could offer to plant some new trees or to improve the landscaping in some way. You tenants will know that you care about the property, and this may encourage them to take better care of your property as well. Every year, reward your tenant with something new, and you will develop a long lasting good relationship with your renter.

Provide incentives for your tenants to recommend you to other prospective tenants.

Many landlords do not use the free marketing tools right at their disposal. If you have a satisfied tenant, that tenant can become a valuable asset for your marketing plans. Add a clause to your lease that provides a bonus to your tenant if he or she recommends someone that signs a lease on another rental property. The incentive could be in the form of an added appliance, Internet or networking upgrade, ceiling fan, interior painting, or whatever you feel is worth the savings in marketing costs. Be sure to talk to your renters each time they pay rent and find out what their needs are. By providing the right incentives, eventually you will have a team of renters helping you to rent your property.

Provide an incentive for your tenants to eventually own the house they currently rent, provided they remain in good standing as a tenant.

Provide a small ‘credit’ towards the home purchase each time rent is paid on time. This set amount will be logged into your Tenants’ account (on paper only) and will be used as a lump sum credit only if the Tenant buys the house later. You should write into the lease that the credit can only be used after a set number of years. This will help retain the Tenant, and also provide an incentive for the Tenants to use the accrued credit after the time period has been reached. You can also stipulate that if the rent is ever late, then the accrued ‘credit’ will revert to zero, and will begin to accumulate on the next on-time payment.

Encourage your tenants to make upgrades to your property if they have the skills.

Be sure to write in your lease that repair and improvement requests are in writing. At the time of the lease signing, ask if the tenant has any professional skills, such a painting, plumbing, landscaping. (You do want a use a professional to insure that the job is done properly and that the worked is insured). If that is the case, you can trade for repairs or improvements. Commonly, you will be able to reduce the rent for improvements or provide other incentives, such as mentioned above. Other jobs such as yard work, posting flyers, minor painting, or installing hanging plants can be done for home purchase credits (see above) or by you providing the materials for the job. Most tenants will be willing to do some work to improve the appearance of their rental if you will provide the raw materials.

By including these items in your lease agreement, the tenant will understand that you care about their rental property and these suggestions can provide opportunities for both you and your tenants to save money. Build these incentives into your residential lease agreement to set the tone for a long profitable relationship with your tenant.