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5 Ways to Keep Your Tenants Happy

Having happy tenants can make your life a lot easier and, potentially, drive higher profits and a healthier ROI. Here's how to start

Friday September 9, 2022 11:37 PM, ummid.com News Network

5 Ways to Keep Your Tenants Happy

As a landlord and rental property owner, your number one goal is profitability. And while you might not think much about how happy your tenants are, perhaps it’s something you should consider more.

Having happy tenants can make your life a lot easier and, potentially, drive higher profits and a healthier ROI. But where do you start?

The Case for Happy Tenants

Happy tenants are worth their weight in gold. Here are a few of the benefits:

• Happy tenants pay on time. Every tenant has a stack of monthly bills, and it’s up to them which bills get prioritized and paid first. If a tenant is unhappy and dissatisfied, why would he give the rent payment priority? (The answer is: he won’t.) But if your tenant is happy to be living in your property, he’s much more likely to move that bill to the top of his stack.

• Happy tenants respect your property. A tenant who is happy with you and your property is going to put in more effort to respect your property and take care of it. This strengthens your financial investment and means fewer issues to deal with.

 

• Happy tenants cause less stress. At the end of the day, a tenant who is happy, pays on time, and takes care of your property causes far less stress for you as a landlord. They turn the idea of “passive” income into a reality.

5 Tips for Happy Tenants

Happy tenants aren’t just jovial – they’re more profitable. So, that begs the question, how do you ensure your tenants are happy and satisfied in your properties? Here are several tips and ideas:

1. Draft a Transparent Lease

The lease shouldn’t be some long, rambling piece of technical literature that tries to give you an upper hand over your tenants. Yes, it should provide some protection against things that could go wrong, but you aren’t trying to trick your renters into signing something. Aim to be as transparent as possible.

 

When your lease is transparent, it causes less confusion and frustration down the road. There are fewer “aha” moments and tenants don’t feel like you’re out to get them when something unexpected happens.

2. Hire a Property Manager

Unless you plan to be available 24/7/365, you should hire a property manager to oversee your rental. This property manager will make tenants happy by picking up the phone, quickly dispatching professionals to address maintenance and repair requests, and ensuring their experience as a tenant is a happy one.

3. Respect Privacy

Just because it’s your property, doesn’t mean you can stop by unannounced or enter the property without asking. Not only is this illegal, but it’s frustrating.

Give your tenants some space and respect their privacy. They’ll be much happier with you.

4. Invest in Property

Think about what it would feel like if you had to live in a terrible property that had fallen into disrepair. It would make you feel like the person who owned the home didn’t care enough to take care of it. As a result, you’d probably feel bitter, frustrated, and alone.

Now think about it from another perspective. What if the property was cared for and well-maintained? What if every time there was a problem, the landlord fixed it right away? And what if the landlord took the time to invest in upgrades and renovations?

When you invest in the property and take care of it, you’re also investing in your relationship with your tenants. Small gestures can go a long way.

5. Go Easy on Rent Increases

Just because you can raise the rent, doesn’t mean you should. There’s what’s “legal” and what’s “smart.” Everyone around you might be raising rent by 5 percent, and state laws may allow for you to do the same, but that doesn’t automatically make it a great idea. Sometimes it’s better to forgo a rent increase to keep your tenants happy and show them that you respect them.

Having a good tenant in your property is worth far more than $100 per month. Keeping your rent low gives you a better chance of retaining tenants by keeping them happy.

Adding it All Up

If you want to keep your tenants happy and enjoy all of the associated benefits that satisfied tenants afford, you must put an emphasis on the softer side of your property management and tenant relations. Begin with the aforementioned tips and constantly be on the lookout for new ways to adapt and evolve.

 

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