12/11/2024
Finding good tenants is a sort of science. Keeping them happy is an art. It is true in every kind of rental business and especially when it comes to residential property.
When people look for a unit to rent, they pay attention to three main facets. First, whether the area, initial condition, facilities, and amenities comply with their needs and lifestyle. Second, whether the rent is fair for the unit. Third, whether they can afford to rent this dwelling place.
However, when people start living there, established relationships between them and their landlord are of great importance. As you may understand, you can't establish good relationships if you deny their fair requests, try to escape your responsibilities, or behave harshly with them. On the contrary, when you do your best, you make them happy.
If you doubt whether you really need to keep your tenants happy, let's clarify your benefits. Leasing your property is a source of your income. Thus, with no tenants, you will have no income. Hence, your aim is to have them renting your unit as long as possible. This way, you will have a steady income and earn good money in the long run.
Of course, you cannot make them rent your flat or villa. However, you can create pleasant conditions. That is to say, you can make them happy and, thus, win their loyalty. Hence, they are very likely to renew your tenancy contract. Really, why leave such a friendly and caring landlord?
Definitely, keeping your property well maintained is the first step to make your tenants happy. In other words, you shall arrange all facilities to cover basic human needs and ensure comfortable accommodation.
To sum up, your primary tasks as a landlord are to maintain your rental property the way it ensures:
Moreover, if you rent out a furnished unit, you shall keep the furniture, kitchen and bathroom facilities well maintained as well. That is to say, its repairs or replacements are your landlord responsibilities, provided there is no tenant's fault in its failure.
Therefore, arrange a quick response to any emergency or malfunction concerning plumbing, electrical, and cooling facilities and be proactive to avoid it.
Good tenants are a treasure. So, take care of and always behave rationally with them. To clarify, there are two facets here at least.
The first one concerns the increase in the rental you charge. That is to say, think twice before raising the rent and consider the rental cap you are going to apply. Perhaps, the new rates would be too high for your tenants and they would have to seek a new unit for rent. This way you would lose them and have to find new ones. However, it would have time to find another occupier. Besides, could you be sure he would be as good as the one you have now?
The second reason links to the good old proverb. It is a good horse that never stumbles. To rephrase, even a good tenant sometimes makes mistakes. For example, he had some problems or worries and forgot to pay your rental at a given date. Just once in his tenancy period. Then, kindly remind him about his responsibilities rather than make a big deal out of it. Definitely, eviction will not serve your good in this case.
Incentives and discounts are two powerful marketing tools that increase the happiness and loyalty of any client. Therefore, use them both in your rental business. For example, it could be a one-month grace period you grant to your tenants as a sign of your appreciation for their renewing the contract. Another good example here is offering discounts for tenancy contracts of two years and longer.
Another idea related to your ability to increase your tenants' happiness and loyalty is to set up a reward system. For example, you can give them a certain amount of award points at certain conditions and turn it to some incentives at the end of their tenancy. The conditions could be as follows:
All this increases the chance they would do their best concerning their tenancy behavior while being happy with the additional benefits they can get.
We put this rule as the last, though it is of great importance as well. Keep in mind: today's world is the world of easy access to information. Therefore, do not try to fool your tenants by fixing the rental at a higher-than-appropriate rate, increasing your rental during the validity of the existing tenancy contract, trying to evict them illegally, etc. In short, this way you may lose existing and prospective tenants and your goodwill.
At BSO, establish good tenancy relationships that result in long duration of tenancy contracts, high contract renewal rate, and excellent rental yield for every real estate asset we manage. Thus, sign a property management contract with us and enjoy all these benefits!
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