Education and news for smart DIY landlords!
As landlords, we often think about how to run a smooth-sailing business. But do we consider the happiness, needs, and well-being of our tenants?
It's easy for a lot of landlords to view their tenants as a source of income rather than human beings whom they can build a trusting and lasting relationship with. This is what today's post will be about: Being a great landlord so your tenants will be more than happy to stick around!
Maintaining the rental from time to time can be daunting, I know. Yet, it is essential if you want to have long-term, quality renters. Think about it. You may see your property as an investment, but to your renters, it is their home. They come home to it after a long day at work. They build memories in it. Don't just conduct repairs, but also make the necessary upgrades.
Are you catering to millennial tenants? Families? Tenants from different age groups may have unique wants. For example, most millennials want rental properties to accept pets and have high-end fixtures and finishes. Offering features that your tenants want the most will not only attract more of them, but current ones will also likely renew their lease.
The last thing your tenants want is to feel ignored. Your tenants are out of hot water. The roof is leaking. There's a bug infestation. Imagine if you were the one experiencing these situations. Tenants expect you to solve issues that arise as quickly as possible. Make sure to answer your phone and tell them that the problem will be taken cared of in no time.
"Why would I reward tenants who are expected to abide by the terms of the lease??" You may ask yourself this question. Here's the thing: Incentives are a strategical way to entice great renters to stay by offering something extra. Remember that you're running a business. Don't business owners offer discounts and other perks to customers to increase loyalty? Good incentive ideas include rent discount on the first month, freebies (LED light bulbs, wine, food, etc.), free parking, and free WiFi.
These tips may seem like a ton of work, but they're proven to delight your tenants. Remember: Tenant happiness is essential to a good landlord-tenant relationship. It's all about staying on top of maintenance, knowing what they want, being responsive, and enticing them with good stuff. I hope you learned from today's post!
If you’re ready, make Landlord Prep your go-to resource for landlording education. Here, we offer a complete DIY landlording course to get you on the right track. Join our academy today. If you want, you can check out Flavia’s real estate investing webinar first!