It’s easy to focus on the cost of rent and the features of your rental property when trying to appeal to tenants. They are both extremely important in attracting qualified tenants and keeping your vacancies down over time. But what keeps tenants around long-term has less to do with granite countertops or new appliances and more to do with how they feel living in the property.
Here are five things your tenants really want from you, and they’re not as difficult or expensive to provide as you may think.
A Home They’re Proud Of
Isn’t this what all of us want? Your tenants want a home they’re happy to invite family and friends over to or to raise children in. You can provide this by keeping your rental updated and in good condition. No one wants to live in a dump, and if you don’t take pride in your property, it’ll be hard to find tenants who do, too.
Consider allowing some small changes for renters who really want to make the property feel like home. Your lease agreement can outline how requests for updates like wall paint, flooring, and other changes will be handled. If your tenants want to make the property more “their own” (within limits) that’s a good sign they’ll want to stay long-term.
Safety and Security
As a landlord, it’s your responsibility to provide a safe, secure property. This means locks, doors, and windows all need to work. It also means you have to deal with tenants who bring crime and problems to the neighborhood. That starts with screening your tenants to find the best ones.
You can provide added security for your tenants with an in-home security system. Many tenants will pay a higher rent for that kind of peace of mind.
For Everything to Work
Nothing ruins your day like something breaking down in your home. As a homeowner, you know what kind of hassle this is. Now imagine it from your tenant’s perspective. Not only has something broken, but they don’t have the freedom to fix it the way they want or as fast as they want. Yes, this is the reality of renting, but people want their home to function properly.
You can’t prevent things from breaking down, but you can respond quickly. If the fix is major, like a new roof or air conditioner, keep your tenants in the loop on what’s going on. When you don’t communicate, they may assume you’re not doing anything about the problems.
To Feel Respected
Don’t we all want to feel respected by the people around us? This means being listened to, being taken seriously, and receiving information we need. Your tenants are no different. When they have a concern, hear them out. If you can fix it, let them know, and if you can’t, let them know that, too.
Treat people with respect, and they will respond in kind. Return their phone calls, give them the information they need, and be professional at all times.
Convenience
It’s the 21st century and we all have mini-computers in our pockets. We’ve all grown used to things being more convenient. We don’t want to wait for news, information, or anything else -- so we check our phone. Your tenants want convenience, too, but if you’re still renting properties like it’s 1999, that’s a problem.
Online payment options, easy forms of communication like texting, and even some amenities that make life easier for tenants -- these are all highly coveted by many renters. These conveniences don’t just make their lives easier. They help you, too.
It’s easy to focus on the cost of rent, major upgrades, and all the details of renting a property -- and they’re very important details. But your tenants want and need more than that from you. If you’re looking for long-term tenants and lower vacancy rates, remember the golden rule. Treat people the way you’d like to be treated, and help them have the safety and security that you’d want to have, too.
If it sounds a little overwhelming or you need help, work with a property management team who knows how to balance the needs of your rental business with the needs of your tenants. At ERA American Real Estate, we not only help you manage your properties, we help you find and retain great tenants. Contact us today!
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