One of the best ways to achieve success in any business is to make sure that your customers are happy and satisfied with your services/products. Property management is like a contact sport; building and maintaining a good relationship with your customers is essential. In property management, your business is “closer to home” than most businesses, and as a result, the importance of having happy end clients/tenants is amplified.
Many reasons can account for why a tenant may decide to leave a building. It is the responsibility of a property owner to preventively keep them satisfied and ensure they stay for as long as possible. Tenant retention is more cost-effective than having vacant units; there’s no telling how much time, money, and effort you’d spend to continually fill vacancies.
More so, dealing with all the associated turnover costs can be financially draining and burdensome. Additionally, happy tenants increase positive word of mouth; they will tell their family, friends, and co-workers and post positive reviews online. It is important to prioritize excellent relationships with your tenants; it is not just good business sense; it is business savvy.
The following are tips on how to create a great and lasting relationship with tenants:
How To Deal With Maintenance Issues
Excellent Customer Service
Customer service is the
holy grail of any business, once you have it feels like you have the secrets to success in business.
For any business to succeed, good customer service is indispensable. As a property owner you need to be responsive, polite
and attentive when tenants have inquiries. This is an easy and reliable way to build an excellent relationship with your tenants.
Resolve Tenant complaints in a timely manner.
Tenants appreciate quick and speedy responses to their challenges or complaints. If a tenant has a challenge or complaint, It will be nice of you to address it promptly or at the very least keep them apprised of when you will handle or address it. There’s a likelihood for tenants to be frustrated when their complaints are not resolved or responded to in a timely manner. Ultimately, this makes their attitude towards the situation increasingly aggressive as they wait to hear from you.
Amenities
There’s no doubt that tenants will be drawn to a rental unit/apartment that has amenities. Amenities are viewed as key benefits by many tenants. Before the move-in process, make sure your tenants are well aware of all the benefits of living in the building, from a good strategic location to upcoming neighborhood plans for new restaurants and recreational spots.
Fair and Reasonable Prices
Most renters are well informed on housing rates within their location of choice. It will be unwise for you to treat them as novices or make an assumption that they may not be aware of current and competing housing rates. People like to be treated reasonably, and prospective renters soon become informed on the going rental rates in the area. A smart way to leapfrog your competition is to give your renters value with a rental price that is slightly below market value, this will equally increase tenant retention. In the case where you want to increase rental rates, be courteous enough to give your tenants the respect of an explanation regarding the reasons for the increased rates.
Respect Their Privacy
Respecting the privacy of your tenants goes a long way in building a good relationship with them. Different reasons could prompt you to access a tenant’s unit. If you need to visit, give them an advance notice and make sure they are fully aware of the specific time you will need access. Doing your best to reduce the frequency of these visits, once or twice a year can be a reasonable thing to do.
Improve the visual appeal of your property
A good way to improve the visual appeal of your rental property is through cosmetic improvements. This increases the value of your property and shows that you care. Furthermore, it makes the tenants have a sense of ownership, it helps them have pride in where they live and shows your attention to detail. For longer-term tenants, you can offer offer a fresh coat of paint or a professional carpet cleaning every few years.
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