Considering that there are more renters now than there have been at any time since 1965, it’s clear that the renting lifestyle is here to stay. If you're a property investor, this means that the happiness of your renters can have a direct impact on your bottom line.
So, how can you make sure your renters are among your list of 'satisfied customers?' Here are the reasons why it’s important to keep renters happy and some techniques for turning the occasional frown upside-down from your experts in Plano property management!
Happy Renters Stay Longer!
At the end of the day, people are more likely to pay for services that bring them contentment or ease their fears. Unfortunately, Americans, in general, are in the midst of a happiness lull. But as a property investor, this is not an obstacle but an opportunity! When you decide to enter the rental business from the perspective of being a great rental owner, you may be able to put a smile on the face of an otherwise unhappy renter. In this way, you’d become a source of something integral to the human experience: joy. If their experience in your unit makes them happy, they are more likely to stay longer—and pay longer.
Delighted Residents Are More Likely to Pay on Time
A happy renter may also help you maintain a steady stream of income. Every interaction, even it involves money, is a chance to communicate how a person feels. As the experts in Plano property management, we know this is particularly true when it comes to paying rent.
Even if your resident doesn’t express how they feel about their renting experience, they may use rent payments to make a statement. If they’re happy, paying rent is a chance to show you their satisfaction. On the other hand, if they’re dissatisfied, they may refuse to pay rent to drive the point home.
A renter in good spirits may give you more timely payments as well; they may pay their rent faster as an expression of their satisfaction—as a way to say 'Thank you.'
Resident Satisfaction Helps Keep Your Property Safe
When your renter is delighted, they are more likely to treat your property with respect. Like paying the rent, taking good care of your property can be a way to express their appreciation for the various things you do for them.
In addition to helping maintain the condition of your property, a content resident may be more likely to promote a safe environment in and around your property. As their contentment leads to feeling a sense of 'home,' they may be more likely to keep on the lookout for vandals, thieves, or negligent neighbors who may otherwise harm your investment.
Strengthen Your Relationships by Showing Appreciation
It never hurts to express thanks! When you go out of your way to show appreciation to your renters for their patronage, it underscores that they’re important and not just someone who pays you rent. Here are some ways you can express gratitude to your residents:
- Give them small, random tokens of appreciation. There’s no need to limit gifts to holidays! An unexpected gift may have an even more positive impact.
- Thank them for their support after a trying time. Whether it’s a rough summer, a period of lockdown, or a difficult storm, saying thanks for how they conducted themselves with your rental during a trying time shows gratitude.
Keep in Touch to Keep the Relationship Strong
Communication is the foundation of any productive relationship. To keep your renters smiling, try polishing up your communication by doing the following:
- Prioritize listening: Try to spend more time absorbing what’s on their minds instead of expressing what’s on yours. Increase the frequency of communication: you don’t have to wait until you need to send a message to reach out. Even small notes asking about how they’re doing or updating them on the status of projects can improve the relationship.
- Make it personal: Take a little extra time to begin emails with each renter’s name. This may involve spending an extra half an hour on what would have been a 'group' email if you lack software options for personalization, but the effort is worth it. Also, remember to follow up with them regarding specific issues they have faced. Your personalized concern may make them feel more comfortable.
Fulfill Work Orders in a Timely Fashion
When you have to make a repair or replace something, you don’t want to keep kicking the can down the road! When you fulfill work orders that affect your renter's lives, you’re telling them their concerns are worthy of your immediate attention. This is a crucial component of successful Plano property management. In this way, you can honor their well-being and make them feel more important. Plus, terrible maintenance is one of the top complaints renters have about a rental. Addressing these concerns promptly boosts the likelihood your renters will renew!
Work With a Professional Partner
Whether you have to show appreciation, maintain strong communication, or fulfill work orders, using a professional property manager can make the job easier. Each of your efforts to keep your renters happy requires time and energy. You may not have enough of either to give them what they need, and this is where the right property management company can come to the rescue. An effective property manager has experience and a strong understanding of what renters look for in a rental.
Your relationship with your residents may sprout with a good property, but you can nourish it with effective communication, expressing gratitude, and finishing work orders on time. A property management company can help take care of all this on your behalf, which can bolster your rental relationships—and profits.
To help maintain your rapport with renters during difficult times, you also need to know how to collect rent with grace! Check out our Collecting Rent in a Crisis Handbook to get started!