Greetings Everyone,
Today I have a special treat for you.
I am bringing to you the first guest post for my blog First Rental Property.
The post comes courtesy of Scott Ficek. Scott is a Realtor and Investor for Re/Max Advantage Plus.
Scott is a fellow real estate blogger and came across my blog on the Everything Home Blog Carnival.
You can check out Scott’s new blog. He specializes in Maple Grove Homes.
And now, here is the post. Thanks again Scott for your contribution!
7 Tips to Keeping Your Tenants Happy by Scott Ficek
As frustrating as tenants can be at times, as landlords, we all need to remember that they are essentially our customers. They are paying us money for the use of our product (property). While I believe that you should never be a push over when it comes to rent payments and lease violations, there are some simple items that you can do to keep your tenant’s happy. And happy tenants will typically treat your property better, pay their rent on time, and stay longer (which decreases your turnover expenses).
Here are 7 ideas that I try to keep in mind when I am managing my properties:
Number One
This is the number one rule….Be courteous and respectful to all your tenants all the time. The tenants will reciprocate. Then when you need to be firm, the tenants will listen and they will know you are serious.
Number Two
Answer your phone when your tenant calls or at least return their calls promptly. Many landlords make the mistake of being annoyed by the calls. This is the job/responsibility you have chosen. I would rather take the call and find out about the leaking drain than to ignore the calls and then have a huge repair bill when the floor and ceiling are damaged by water.
When you get a repair request, fix it promptly and properly. Nothing can lead to tenant unhappiness more than a problem that is not repaired. Even a loose door knob can be frustrating eventually. Remember that if the tenants think you don’t care about the building, they won’t care about the building.
Number Three
Stop by and check on your property occasionally. Make sure to say hi to the tenants and chat with them. This lets the tenants know that you are a person too. It is harder for the tenants to not pay the rent or destroy your house when they like and respect you.
Number Four
If the tenants renew their lease, get into the property each year and do all the repairs that not only the tenants ask about, but check all the systems in the house and make repairs as needed. These small fixes will be noticed, plus when the property does turnover, you will have less work to do.
Number Five
Everyone forgets to mail a bill once in a while. If the tenants have always paid on time in the past, cut them a break and waive the late fee this one time. Even credit card companies do it for their good clients.
Number Six
Depending upon the type of rental, I have even seen landlords give the tenants presents like hams or turkeys for Thanksgiving. It may cost you $20-30 per tenant, but you are probably the only landlord that may ever do it.
Number Seven
Keeping your tenants happy is not just for their benefit. Happy tenants will stay longer, pay their rent on time, and keep your investment (property) in better condition.
Great list!! The tenant is your customer as a landlord and that is something that can be easy to forget when they are interrupting your anniversary dinner … but it is the business you’ve chosen if you’re a landlord!!
And to add to #7 happy tenants also refer other good tenants your way!!
Hi Julie!
Thanks for stopping by!
I really liked Scott’s point about not ignoring the calls. It is such a good point, as I have found that being proactive with your tenants is so important.
BTW, I met someone last week that graduated from Schulich in 2002 from the MBA class. I asked him if he knew you. He did not though! 🙂
Onwards and Upwards!
Neil.
I especially like the point about how your tenants will follow your lead about how to treat the property. If you leave repairs for long periods of time, tenants assume you don’t care. Get on the repairs as fast as possible – nothing annoys a tenant more than having to nag a landlord. Eventually they’ll stop and you’ll find your property covered in water or on fire.
Hey Mark,
Good point!
As a landlord, it is great to differentiate yourself with your tenants by acting quickly to solve any problems that they may have. As you know, this helps to build trust, and also helps to forge a better working relationship.
Thanks for your comment.
Neil.
Great list. I also find that the small things really make a difference. For example, I mailed out Holiday/Christmas cards last December with a brief note.
A few of my tenants noticed and called in to say thank you to my property manager.
If you really want to go further, you can think about sending them a Birthday card or 1 year rental anniversary gift – thanking them for being a loyal/great tenant for a whole year – shows customer appreciation.
Ajay Sritharan
Real Experts Inc
http://www.realexpertsinc.com
ajay@realexpertsinc.com
Ajay,
The 1 year rental anniversary gift is a great idea!
People love receiving cards and hand written notes. This activity definitely sets you apart from the rest of the crowd!