Today, more and more landlords are struggling to reduce tenant turnover and remain competitively priced. In fact, many landlords looking to boost tenant loyalty have begun investing in costly apps that connect tenants with nearby amenities and services.
To gain an edge over the competition, landlords must provide an exceptional experience for tenants. By approaching rentals as a hospitality business, landlords can keep occupancy high and their properties in demand while remaining competitively priced. If you’re interested in cost-effective ways to grow your business, here’s how to provide great customer service to tenants while reducing turnover and raising rent.
The best landlords have high communication rates and are able to effectively solve tenant’s issues. To boost your communication skills as a landlord, set a schedule of times you’re available during the week and ensure that your tenants have a way to contact you.
You should also respond quickly to prospective tenants who send requests for a unit showing, because those tenants will move on to a different unit if you don’t reply. If a prospective tenant fills out a rental application for your property, aim to process the application and send a response as soon as possible.
To show future tenants that you’re reliable and responsive, don’t hesitate to ask former and current tenants to review your property on Google Maps. Because 82 percent of Americans seek out reviews before making a purchase, prospective tenants will be more inclined to sign a lease with you after reading positive reviews. Ultimately, accruing five-star reviews will help you lower your vacancy rate and promote the growth of your rental business.
Approach repairs proactively
As a landlord, it’s your legal responsibility to satisfy basic habitability requirements, such as weatherproofing and supplying heat and electricity. Although it can be tempting to ignore repairs that don’t put habitability at risk, it’s important to take a proactive approach toward repairs and fix them as soon as they arise.
Making repairs to your rental properties as soon as possible can help eliminate potential tenant problems and will ensure that your tenants have a safe and functional place to live. Major problems, including plumbing and heat, should be repaired within 24 hours. Before entering a rented unit to make repairs, make sure to provide adequate notice to the tenant.
If your current units are lackluster, consider making cost-effective updates or repairs to attract more tenants. A basic paint job or installing fresh window coverings can help freshen the look of any rental unit. On the other hand, more costly updates, like in-unit washers and dryers, will drive in more business and allow you to raise the price of rent with ease.
Cleanliness is key
Maintaining the cleanliness your rental premises can have a big impact on tenant loyalty. You can provide exceptional communication and make repairs as soon as they arise, but if a tenant sees a cockroach in the building, you can expect them to complain or leave a bad review.
Keeping your empty units and your rental premises spotless will attract prospective tenants while keeping current tenants satisfied. Community areas such as laundry rooms or outdoor pools shouldn’t become a dumping ground for tenants’ trash.
To maintain cleanliness, consider hiring a reputable cleaning service or trusted property manager and inspect their work regularly. In addition, create and enforce rules regarding the use of community spaces.
Treating rentals as a hospitality business can help promote the growth of your business while boosting tenant loyalty. All in all, communicating effectively, proactively approaching repairs, and maintaining the cleanliness of your properties will make a significant difference in tenant turnover.