Property management is an investment that can yield significant returns. But, it takes time, patience, effort, and money to retain quality residents. Having a revolving door of tenants can take up a lot of your time and be a headache to deal with. That is why when you rent your house, condo, or apartment you should consider these tips to keep your residents happy.
Make it a home
When you hand over the keys to new tenants, make sure the place has been thoroughly cleaned, and there are no traces of previous tenants. Renters want to make their new place their home, and they want a clean palette to work with.
Educate your renters from the start
It would be difficult for your renters to follow the rules if they do not know what they are. Once they consider moving in, give them a run-down through the lease, an email, flyer, or verbally about your expectations so that everyone starts on the right foot. Include things like pet policies, parking, noise restrictions, trash day, etc., so they know what they are signing up for. Telling tenants along the way when they make a misstep creates a shaky relationship.
Send a welcome letter
Everyone likes to feel welcomed, especially first-time renters and people who are new to the area. Make them aware that you are happy to have them in your building and remind them of your contact info should any problems come up. If they are new to the Winnipeg area, it would be helpful to give them suggestions for local bars, restaurants, grocery stores, gyms, movie theatres, parks, hiking trails, etc.
Give them a housewarming gift
It does not have to be extravagant, but something small can go a long way. Think flowers, wine, property swag like cups, sunglasses, koozies, etc. as an added touch to make them feel even more welcomed.
Do not get too friendly
While a warm welcome can be helpful, being too overbearing can make people feel uncomfortable. Once you have confirmed with them that they are satisfied with your property, keep your distance. There is no need to check up on your tenants regularly as it creates unnecessary pressure on them and may make tenants feel like they are being watched.
Community events are an excellent way for residents to get to know one another and help you get positive online exposure. For example, if you host a Thanksgiving party, residents will likely post pictures and talk about it on social media. This generates free marketing for you and your community.
Stay on top of maintenance
When a tenant comes to you about a faulty or broken system, respond as soon as possible. If you cannot get to it right away, let them know so that they are aware you will look after it.
Ask for feedback
The best way to improve as a landlord is to ask your tenants for insight. You can email them a survey or give out response cards. It will make your residents feel appreciated knowing that you are trying to better their community.
Send season’s greetings
In a digital world, everyone loves to get snail mail once in a while. Give your residents a mini bag of candy to wish them a Happy Halloween or put a Happy Holidays card in their mailboxes to put a smile on their faces.
Lastly, be reasonable and lenient with your tenants whenever possible. Accidents happen even to the most responsible people.
If you want to attract the best tenants in Winnipeg to your rental properties, consider enlisting in the help of Progressive Real Estate. Our team has redeveloped dozens of properties in the Winnipeg area and helped owners turn a higher profit.