Tips For Keeping Your Tenants Happy In 2021
Are you planning on investing in a rental property in 2021? If so, this is one of the best ways to generate monthly cash flow while building wealth.
As a landlord, one of your top goals should be to keep your tenants happy because tenants who are disgruntled ultimately cause problems and this can affect your business.
In this article we will share with you several tips you can use for keeping your tenants happy in 2021.
1. ADDRESS MAINTENANCE CONCERNS QUICKLY
Keeping your tenant happy is crucial, especially if you’re going to ask the tenant to extend their lease. By being proactive with property maintenance and routinely performing property inspections, your tenant may be more likely to agree to your proposal.
Few things are more frustrating for a tenant than having unaddressed maintenance requests. You want to show them that you want to give them a nice place to live. This can be a big deciding factor when your tenant is considering a lease renewal. Incentives like carpet cleaning or deep cleaning by a professional cleaning service can be very attractive to long-term tenants and may make them feel appreciated, without breaking the bank.
Additionally, keeping up with maintenance and addressing issues quickly will help you spend less time on repairs when you do have to turn over the unit. Regularly inspecting the unit’s condition will help you stay on top of maintenance items that need to be addressed (that the tenant may not have noticed) and can help keep smaller maintenance tasks from turning into larger issues.
2. BE A GOOD LANDLORD
Never underestimate the importance of the human factor when it comes to tenants. Your renters may be more likely to want to stay if you’re a friendly, and cooperative person. Obviously, that goes for all of life, but even more so when you want people to happily pay you every month.
Be timely with your responses and make it easy for the tenant to contact you. Maintain open communication to help reduce misunderstandings and create a better overall tenant-landlord relationship. Being courteous and respectful goes a long way to make a tenant feel comfortable in the unit.
For example, if you have to make repairs on the unit, consider having workers come while your tenants are at work so that you don’t disturb their peace and quiet. After all, the more a place feels like home, the longer a good tenant is likely to stay. A cooperative attitude also sets the expectation of how you want to be treated in return, which makes it more likely that your tenants will respect you and your property.
3. KNOW WHAT AMENITIES TENANTS WANT
High-speed internet. Open floor plans. A beautiful outdoor space. It’s important to know what factors today’s tenants are looking for in a rental property, so you can try to better meet market demand.
For many tenants, especially younger generations like Gen-Z and Millennials, lifestyle quality is a major factor in whether they decide to stay or go. You may own the property, but the tenant should be able to consider it their home. There are ways you in which can help promote a more tailored atmosphere, and in doing so, it may encourage your tenants to stay longer.
Consider offering features that tenants care about most may help you attract better long-term tenants and serve as an incentive for them to renew their lease. For example, if your rental property is located near a university, then your average tenant may be looking for amenities like secure bike racks or quite study rooms. In addition, there are other strategic upgrades like stainless steel appliances, hardwood flooring, and central air conditioning that can make a house feel like home. These upgrades can potentially be good investments if you want to attract new tenants or encourage current tenants to stay longer.
4. BE PROACTIVE WITH LEASE RENEWALS
It’s important to let your tenant know well in advanced that you’re interested in renewing their lease with them.
- Consider reaching out to your tenant 90 days before the lease expires to ask if they would be interested in renewing.
- This early notice may help encourage them to start thinking about their plans early so they can give you more notice.
- If the tenant decides to move, then at least you can get a jump on advertising your rental before they’ve officially moved out. If you get someone lined up, then you might not lose a month of rent.
There are other ways to encourage your current tenant to stay longer. You may consider to forgo a rent increase (or keep it lower-than-usual) for the upcoming year if they renew. If they seem hesitant, ask them what it would take to get them to stay. This is another reason to have a good landlord-tenant relationship. The better you communicate with a tenant, the more likely they are to open up and tell you what incentives are most meaningful to them.
They may request some home maintenance upgrades or a break on rent. See if you can negotiate a deal that makes sense for both of you. You may find that fulfilling a tenant’s request may turn out to be less of an expense for you than turning over the unit and a taking a risk on a new tenant.
5. ENCOURAGE A LONGER LEASE
Consider asking the tenant to sign a longer-term lease at a reduced rate. If they renew every six months, then extend the lease to a year. If they renew yearly, then consider extending the lease to two years at a reduced rate. While this method could mean you lose out on the profit from rent increases, it could be worth it to keep a reliable, rent-paying tenant. Make sure you calculate the differences in your rental revenue, so you know what option is financially best for you.
6. TREAT TENANTS FAIRLY
No tenant wants to feel targeted by their landlord, which is why all landlords must be familiar with and practice local and federal housing laws. So, no matter the race, religion, sexual orientation or physical ability of your tenant, you must be consistent in how you treat the people who rent from you. This also means being responsive, addressing r concerns, and avoiding charging too much for rent. Sure, you can charge whatever you want, but if you end up raising it too high on specific, protected groups of people, you could be setting yourself up for discrimination litigation.
7. ENFORCE RULES WITHOUT GOING OVERBOARD
Whether they relate to safety, pet security deposits, waterbeds, or clogged toilets, before the lease is signed, you need to put your property rules in writing. It pays to go a step further and indicate the consequences of failing to follow these rules. This helps your renter understand their responsibilities and your expectations.
Contact Miami Property Management
For more property management tips, or to speak with us about the services that we can offer you, contact us today by calling (305) 428-3904 or click here to connect with us online.
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