Our motto is great spaces plus great people equals lasting returns. The investment property owners we work with bring great spaces to the table and the renters we choose for those spaces are the great people! Keeping renters happy and well cared for is the key to those lasting returns and great ROI.
Long term renters are an incredible asset for rental property owners. They pay the bills on time and they also improve your ROI by reducing the number of property turns you have to manage over the life of the investment. Vacancies and property turns are where a lot of investors lose money in real estate, so you can see why encouraging renters to stay longer is a smart move.
Our exceptional customer service and service guarantees make it easy for great people to enjoy our spaces for a long time. If you're on the fence about working with a property management company, here are some tips for helping create happier renters that stay longer in your great spaces.
1. Employ the Golden Rule!
It seems simple but it can be easy to forget when tensions are high and tempers are running. Treating your renters the way you'd like to be treated is the first step to reducing tensions and keeping your renters happy long term.
- Always remain professional even when you aren't treated professionally.
- Care! Ask them how they're doing, whether the home is meeting their expectations.
- Remember that tons can come across as harsh through text so be mindful of that.
Taking time to make your renters feel respected will pay off in the long run when they renew year after year.
2. Let Furry Family Members Live in Your Properties
Pets are family for so many renters! Letting those family members stay in your property will improve your ROI. Renters with pets are willing to pay pet deposits, which add up, so they'll want to stay once they find a home that is willing to accept their full family, furry members included. It can also be a little harder for renters to find places that will accept their pets, so when they do they're more likely to apply and move in faster.
- Use pet screening to ensure the pets you allow are not a risk.
- Always require a pet deposit to cover damages.
- Be sure your lease covers all the bases so your renters have guidelines.
3. Maintenance, Maintenance, Maintenance!
The number one reason renters will move after only a year is having issues with maintenance. Renters rent for a multitude of reasons, one of which being they don't want to have to budget for large expenses and home maintenance. They also might not have the time or expertise to perform the little things around the property that they'll call you for. Understanding this and getting repair and maintenance work handled in a timely manner will make renters proud to call your property home.
- Respond to maintenance requests right away, even if they're minor. Letting your renters know that they've been heard will help them be patient waiting for repairs.
- Check with your renter after a repair to ensure everything went smoothly and the issue is resolved.
4. 'Thank You' Goes a Long Way!
When was the last time you thanked your renter for their business? You probably receive a holiday card every year from a car dealership you bought a car from six years ago. Taking that same approach to your renters can create goodwill! The occasional thank you card can go a long way! Some investment owners will go a step further and will do things like give their renters a holiday turkey or other small perks throughout the year, but a simple thank you when speaking with your renters is usually good enough to create that goodwill.
5. Start the Relationship Right
You can get off on the right foot from the start if you provide a clean and move-in ready property to your renters. No one wants to move in to find burned-out lightbulbs, a dirty fridge, a toilet that won't stop running. Paying close attention to how well the property is prepped during the make-ready period will set you up for success.
Happy renters take better care of the properties they live in, are more likely to prioritize the rent when finances are tight, and stay longer increasing the ROI on your property.
If you're not the best with managing renter relationships RentSimple is here to help! We can be a buffer between you and your renter and we know how to make it easy for renters to renew year after year because they are pleased with the level of service they get from RentSimple.
Contact us to learn about how our services can help you earn lasting returns with your investment property!