Vacancies can cost you money in lost rents and in turnover expenses. The best way to ensure profitability is to keep your tenants in your units long-term and avoid recurring vacancies. Some tenants move because of a change in their job, life situation, or circumstances you can’t control as a landlord. Others move because they are no longer happy where they live or feel their needs can be better served elsewhere. So, how do you keep your tenants happy?
Today, I’m going to give you four practical tips that will help keep your tenants happy and increase tenant quality. You might be wondering, “Why is it so important to have happy tenants?” In today’s video, I give a few other reasons that it pays to keep your tenants happy, outside of avoiding a vacancy.
Related: What to Do When Your Tenant Drives Through the Living Room
4 Practical Ways to Increase Tenant Happiness (& Quality)
In the video, I go over a few tips on how to keep tenants happy. Here are the first two:
- Treat them like people. This means just treating them with respect. Treat them how you would want to be treated. Speak to them the way that you would want to be spoken to. This is important because it will remind you that when it comes time to make tough or expensive decisions, you base your decision off of the human factor and not just the bottom line.
- Take care of maintenance, preventative and reactive. Take care of maintenance issues in a timely manner. This doesn’t mean drop everything you’re doing for small issues, but when it comes to major issues, make sure you address the issue quickly. Also, take care of the small things that will need to be taken care of in the future. Make sure your tenants see you and that they notice that you’re looking out for them.
Watch the video for two more tips on creating long-term tenant happiness!
In conclusion, the happier your tenants are, the better quality property you’ll have. I would even say that happier tenants will create a better performing asset and increase your ROI long-term. Take the time to treat all your tenants with respect and find small ways to show you appreciate them. After all, if they’re paying you rent, they’re putting money in your pocket, and for that, you should always be grateful. Please leave a comment below to share some thoughts on tenant happiness!
Hope this helps! Until next time, have a great and profitable week!
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