As property managers, we’re all aware of the multitude of issues that frequently arise with unreliable tenants. Late rental payments, disturbing the peace, illegal activity, and a general disregard for the property are all problems that typically arise in the property management industry.
Many times, we’re so focused on dealing with the problems prevalent in the property management industry that we overlook the tenants that always pay on time; the tenants that take good care of their property, the tenants that are considerate of their neighbors. How do we make sure that those tenants are happy? That they feel appreciated? That they know that we want them to remain tenants as long as possible?
Chances are those good tenants are feeling unappreciated right now; which means that they will have no reason to stay at your property if a better opportunity opens elsewhere.
It’s so important to remember that a rental agreement is between two separate parties, and just like any of us, our tenants like to know that they’re appreciated.
Here are just a few ways to show your tenants that they are appreciated:
- Be sure to take their concerns seriously. If your tenant calls to complain about loud music at midnight, or unauthorized vehicles in their parking spot, take prompt action and make sure that you advise them of both the action and the outcome; don’t make them complain more than once about the same issue.
- Fulfill the promises that you make. If you promise a tenant a new dishwasher or new carpeting, be sure to fulfill that promise. Don’t make them ask you about it. Just schedule a time and do it.
- Respond promptly to any and all maintenance requests. If a tenant is responsible and takes good care of the property, they shouldn’t have to wait three months to have their stove repaired.
- Bend the rules – just a little. Should you wave a late fee – due to a mix-up with the post office for a reliable tenant that is never late with their rent? While opinions vary, remember that a good tenant is like a good customer, and it may be appropriate to bend the rules now and then. That’s not discrimination; that’s good business sense.
- Give them a gift. A gift card to a local store at lease renewal time, or a card on their birthday will make a tenant feel appreciated, and build loyalty in the process.
There are many ways to make a good tenant feel appreciated, with tenant stability and timely rent payments the ultimate payoff. What more could a property manager want?