Happy Tenants Means More Retention

So What Can You Do to Keep Them Happy?

      Being a landlord is like a juggling act. Not only are you trying to keep your tenants happy, but it is a business, so you are still trying to make money as well. Whether you manage residential properties – from a few flats to an apartment community – or are into commercial real estate and oversee retail or office spaces, there are a few key points in helping keep your tenants happy so you have less turnover and vacancy rates.

Educate

As a property manager, it is your responsibility to make sure that you educate your tenants with rules and/or regulations. Make sure that you spend enough time with them either prior to signing the lease or at signing going over important details they need to know such as: what they are responsible for vs. what the property manager is responsible for; if you are managing an apartment community, make sure they know when quiet hours are, how many guests they are allowed to have over, parking rules, and so forth; and who or how the best way to get ahold of management is if there is an emergency. Consider giving them this all on paper and requiring the tenant to sign it so that it is clear everything has been covered for both parties.

Customize the Lease

It is easy to find a basic lease document online and it is a good starting point. If you are leasing a commercial space, more than likely you will have your lawyer or the help of a broker to write up the lease. For apartments, if you own more than one complex, make sure that each lease is customized for that complex. Put in as much detail as possible to avoid confusion or possible problems between you and your tenants.

Be Reachable

A pipe might burst, an alarm might go off, or the building could be damaged. There are numerous problems or issues that might arise when you own a property. The best thing you can do to keep your tenants happy is to make sure you are reachable. Leave them a business card or a chart on who they should call if something happens. If you own multiple properties, look into an after-hours service that will email you when a tenant calls in past normal business hours and will all you if a tenant reports an emergency. Keeping that line of communication open and having prompt response time to tenants will show that you not only care about the property, but you care about the people too.

What tips or advice do you have that seem to keep your tenants happy and turnover rate low? Share your thoughts in the comment section below!