6 Top Tips for Happy Tenants
The longer a property is vacant, the more money it can cost you as a property owner—but how do you keep your tenants happy, especially now during the COVID pandemic, and why should you? Our top real estate brokers offer effective tips to keep your property occupied.
The Importance of Keeping Tenants Happy
The happier your tenants are, the more likely they’ll be to stay for the long term. The longer your property can stay occupied, the more reliable your income will be. A happy tenant will be eager to tell everyone about their experience, but so will an unhappy one. That can do a lot of damage to your reputation and, ultimately, your bottom line.
So, what can you do to ensure your tenants stay happy at your property?
1. Handle Maintenance Issues ASAP
The last thing any tenant wants is to stop their business due to a maintenance issue. Of course, some downtime will be necessary for repairs, but delaying them longer won’t get the issue fixed, and it won’t do anything to make your tenants any happier. It also won’t benefit your real estate investment strategy.
2. Offer Tenants Rent Breaks
With COVID-19 in full swing, many tenants have found themselves unable to pay rent. There are options to help tenants remain at your property without additional financial strain. You can:
- Offer rent reductions during the crisis.
- Allow smaller payments for the short term, with a long-term repayment plan.
- Renew leases without an increase.
To cover your own financial obligations, it may be feasible to use your own reserves until the situation improves.
3. Keep Amenities Modern
Knowing how to buy real estate includes being able to recognize aging amenities. These can make it harder for tenants to use and keep clean. They can also give visitors a bad impression. You can remedy this by always ensuring amenities are functional and up-to-date.
4. Professionalism and Friendliness Will Make a Difference
Just as you want your tenants to be respectful and reliable, it’s important to remember that they want the same thing from you. The more professional and friendly you are with tenants, the more at ease they will feel about coming to you with problems.
5. Enforcement of COVID-19 Safety Policies
By enforcing safety policies in your property, you are communicating your concern about and commitment to the well-being of all tenants, which they will appreciate. However, you will also be showing them that you are prepared to take additional measures to ensure your policies are adhered to.
6. Good Rapport
The quality of the relationships you build with tenants will have a direct effect on their happiness. Don’t hesitate to take the time to establish and build personal connections.
There are many benefits to ensuring tenant happiness. TB-RE real estate brokers help investors maximize property value, and help to ensure that tenants are protected. To learn more about our real estate brokerage, call (312) 473-1764.