Renting out your property, advertising it, and showing it to prospective residents are among the most time-consuming (and costliest) tasks involved in running a rental property. Reducing turnover is key to profitability. So, how do you keep vacancy levels down? It’s as simple as this: Happy residents renew leases. When you invest in tenant satisfaction, your tenants will love you. Here are three ways to make your tenants love you.
1. Start Out on the Right Foot
As the old saying goes, you never get a second chance to make a great first impression. Here’s how to start your relationship off on a positive note.
Set Expectations: Nothing sours a relationship faster than unmet expectations. When going through a lease with the new tenant, be clear about who is responsible for what. That way there can be no confusion or misunderstandings.
Easy Move-Ins: Once tenants have been approved, you can get them set up in the tenant portal, where they can pay rent, arrange any repairs and reserve an elevator for moving day. And, for their protection and yours, conduct a move-in inspection with your new tenant.
Welcome Them Home: Get them set up with a welcome package that includes your policies and procedures. When the tenant moves in be sure to drop off a small gift, like a coupon for a free pizza or a gift card for a local store.
2. Put in the (Maintenance) Work
One of the common reasons people move is that they are sick of dealing with that leaky faucet or loose door handle.
Think Like an Asset Manager: Responsible property managers treat their portfolio like an asset. When you maintain the property and stay on top of repair and maintenance requests, it can reduce turnover.
Empower 24/7 Repair Requests: One of the most common reasons for tenants leaving a building is repairs and building maintenance being overlooked or ignored. Residents don’t want to have to pick up the phone every time they need to have a squeaky door fixed or an access card replaced, so make it easy to get in touch with a tenant portal.
Follow Up to Ensure Satisfaction: Once the repair is complete, you can’ assume it’s been done to the tenant’s satisfaction. Harness technology for managing repairs and maintenance that allows for automated repair notifications, post-repair follow-ups and repair satisfaction surveys with minimal administrative overheads. By sending out a survey after the repairs have been completed you can also ensure that your residents are happy with the quality of the repairs. This helps you keep tabs on your in-house or third-party contractors.
3. Open, Ongoing Communication
Communication is the foundation of all good relationships. Take your communication up a notch with these tips.
Post-Move-In Check-In: Once your new resident has settled in and been living in your property for 4-6 months, schedule a check-in to make sure everything is going well. Do they have any questions? Are they happy in your community? The timing of this check-in allows you to address any issues and ensure lease renewal.
Resolve Complaints: My neighbours are noisy. There’s a weird smell in the laundry room. What day do I put out my recycling? Tenants have many requests, complaints and queries. You need to respond to these issues on the same day, preferably within an hour. If you use a property management tenant portal to communicate, you can automate a response to a query so that tenants know you received their email or text and are looking into the issue.
Communicate Scheduled and Unscheduled Repairs: Give tenants plenty of advance notice of repairs to elevators, amenities and any other factor that could impact their day. And, while every property manager has had to deal with some sort of emergency repair or maintenance issue, most tenants are understanding as long as you communicate what has happened, how it’s progressing and expected repair times.
How We Help Build Success
At Property Vista, we give property managers the tools to help make more informed decisions and improve their bottom line. Our property management solution has at-a-glance dashboards to help tabs on KPIs and costs. It includes an owner and tenant portal to promote effective communication between the property firm, its residents and the building owners. Check out our pricing and book a demo.