All rental property owners should strive to provide their tenants with a comfortable living experience. As many seasoned landlords can confirm, regarding tenant satisfaction as a secondary concern will do you no favors. In addition to resulting in low renter retention, this approach to property management can cause serious damage to your professional reputation and potentially even land you in legal trouble. New rental property owners looking for effective ways to keep tenants satisfied would do well to consider the following tips.
Keep Tenants Abreast of Large-Scale Renovations
Since large-scale property renovations stand to inconvenience tenants in a number of ways, it’s in your best interest to keep them abreast of any upcoming projects. For example, if you’ll be making major changes to any common areas or parking lots, letting renters know about this well in advance will enable them to plan accordingly and diminish their annoyance levels once the work is underway.
Additionally, to ensure that such renovations are carried out smoothly and efficiently, make sure to obtain the proper licenses and permits far ahead of time. This process can be particularly hassle-free in municipalities that utilize convenient government software systems.
Process Maintenance Requests in an Expedient Manner
Staying on top of property maintenance is among the core tenets of a successful rental property owner. Conversely, property owners who regard maintenance as an afterthought are practically guaranteed to draw the ire of renters and possibly even land themselves in legal trouble. With this in mind, make a point of processing and addressing all maintenance requests in an expedient fashion.
Depending on the type of maintenance issue a tenant is experiencing, the overall livability of their unit may be compromised. Furthermore, the sooner maintenance issues are taken care of, the less likely they are to balloon into major problems. Even issues that are seemingly inconsequential can become much larger and costlier if they’re ignored.
To help ensure that maintenance issues are dealt with effectively and efficiently, make sure to hire a knowledgeable, experienced maintenance staff. If the property in question encompasses dozens – or hundreds – of units, full-time maintenance personnel are absolutely essential.
Promptly Address Noise Complaints
Noise complaints are among the most common issues many property owners deal with. While some people don’t care whether the noise levels emanating from their units disturb their neighbors, other noise polluters are completely unaware that they’re inconveniencing others. However, regardless of the types of offenders, you’re dealing with, it’s important to get on top of noise complaints posthaste. Additionally, take care to approach the situation in a calm, understanding manner, as adopting a combative tone right off the bat is unlikely to produce the desired results.
Be Mindful of Rent Increases
While investing in a rental property is to generate income, you should avoid getting carried away regarding rent increases. There are various justifiable reasons for landlords raising the rent, with rising utility costs and property taxes being among the most common. However, if you’re raising rents on tenants simply because you think you can get more out of them, you will run into problems. For one thing, many tenants are likely to vacate instead of accepting exorbitant unjustified rent increases, leaving you with empty units that won’t make you any money. Secondly, depending on the timing of rent increases and the amount by which you’re raising rent, you may be in violation of price gouging laws.
So, if you find yourself in the position of having to raise the rent, make sure to notify your tenants well in advance. Furthermore, revealing the reasons behind rent increases can help soften the blow and let tenants know that they aren’t being taken advantage of.
Far too many property owners are content with doing the bare minimum for their tenants. These individuals ignore maintenance requests, questions and concerns until such time as they turn into emergencies and view tenants as nothing more than a source of passive income. Unsurprisingly, property owners who adopt this approach often find themselves dealing with negative online feedback, low renter retention rates and various other undesirable consequences. To keep tenants happy and bolstering your professional reputation, put the advice outlined above to good use.
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