Happy renters mean happy property owners. This is the heart and soul of successful property management. Managing relationships with them leads to better retention, less headaches, profitability, and the success of your client’s investment. It goes without saying, “Happy tenants mean happy owners,” and here are some suggestions for creating these important, mutually beneficial relationships with your tenants:
Professionalism Leads to Happy Renters
It starts with professionalism in the office. The first impression you have on your prospects can make or break a long-term, equally satisfying relationship. From your professional appearance to the way you answer the phone, your customer is making mental notes on how you interact with people, including your prospects, current tenants- and how you treat your coworkers.
Renter Satisfaction Starts with the Lease
I’m interested! “Where do I sign?” Your next step in ensuring happy renters is the lease agreement. This is your opportunity to set the tone for all future interactions regarding hot button issues in the renter/landlord relationship. Having a clear, understandable lease is key to a successful relationship and a satisfied renter. Not only will the lease include legally binding business details that affect all parties, it sets the tone for successful mitigation of any issues that may arise in the future.
A Well-managed Building Affects Renter Satisfaction
According to a survey conducted by CBRE, tenants ranked building management as having the highest value when ranking their rental experience. More important to the renter than gyms, business centers and other building amenities, how your tenants perceive the way their building is being managed was graded as the most important.
Happy Renters Notice Your Professionalism
Time management, organization skills, follow through, and having a positive attitude are all personality traits that successful property managers must emulate in order to successfully manage a building. Additionally, successful property managers use robust engagement strategies to manage relationships.
Happy Renters Look to You for Your Industry Knowledge
Knowing your industry is not only helpful to real-estate investors. Renters look to their landlords for quick answers to their concerns and being knowledgeable builds your credibility when dealing with issues that arise between parties. It’s also important to be knowledgeable about each specific property you manage in order to answer any questions potential renters may ask.
Recruitment Efforts Impact Renter Satisfaction
You should have a mechanism in place for recruiting good tenants. There are benefits galore by having long-term, stable (happy) tenants. You know, the ones who pay rent on time and don’t trash the property or create nuisances in the neighborhood. Recruitment efforts can save property managers and property owners money and headaches down the road.
Remember, happy renters means happy property managers. Having satisfied renters has its benefits. While this endeavor will be ongoing, you’ll continue to face personal challenges from residents with grievances, stay the course. Some days you will surely want to pull your hair out. Focus on what you can do to make positive impacts on your management style. You’ll know your tenants are satisfied when vacancy rates are low, tenants renew their leases, and clients and prospects approach you for their property management needs.