As a landlord in Fort Collins, Colorado, one of your main objectives is tenant retention. The best way to achieve this is to cultivate happiness in your renters.
So how do we ensure that the tenants will prolong their tenancy?
The following are some ways that you, as a landlord could practice doing to keep your tenants loyal and happy. The benefits of exercising them are endless. You will earn peace of mind mentally and financially.
1. Respect your tenant’s privacy.
You might take for granted the fact that you own the rental unit. However, this doesn’t give you permission to come and go inside your tenant’s unit whenever you please. Ensure to give space, it’s a matter of honoring your tenants' privacy. When conducting seasonal inspections, make sure your tenant is given ample notice.
2. Pay attention to your tenant and respond promptly.
Tenants naturally want a landlord that is in tune with their requests. It can be frustrating to reach out to a landlord and not be given feedback. If possible, try to respond to your tenants within 12-24 hours.
3. Attend to repairs and maintenance.
Although it’s part of your duty as a landlord to keep your rental property habitable and safe, it’s always good practice to keep up with the unit's maintenance needs.
Tenants will appreciate a well-kept unit and it reinforces their decision to renew their leases. It’s frustrating on the part of a tenant to deal with a leaking roof, for example. So, always be attentive and make your tenants’ lives easier by being proactive when it comes to repairs and maintenance.
4. Provide security to your tenants.
Tenants value safety at all costs. If you bolster your security system with alarms and CCTVs, it makes them feel more confident knowing they are safe.
If your property has safety features, it scores high on the list of best property rentals. Using advanced gadgets/technology to your advantage safeguards your property from unwanted intruders.
5. Avoid constant rent increases.
If you have long-term tenants, appreciate their loyalty. You want to avoid raising the rent too often. They might find cheaper alternatives and you’ll have to go through the whole process again of marketing and screening tenants.
It can be tempting to increase the rent price because of market demand but tenant loyalty always trumps short-term gains. Reward your tenants by opting to have a small increase in your rental fee or provide discounts. It’s better to have a long-term steady income in the property rental business.
6. Build a strong and clear lease agreement.
In your lease, outline the terms and conditions in a fair and detailed manner.
This will help avoid conflicts down the road.
Tenants also want clear guidelines to have an idea of what to do and expect in certain situations. If their responsibilities are meticulously written down then they are more likely to perform their duties. A sound and well-crafted lease agreement will help solve a large percentage of communication misunderstandings.
7. Act in a professional manner.
As a landlord, you want to balance being approachable and not crossing the line of being over-friendly. If you’re too strict and rigid, it can create too much distance and can make tenants wary of you. If you’re too chatty and close, it blurs the lines of professionalism and respect could be affected.
Always have a firm boundary but remain open to your tenants’ requests. Cultivate respect and treat all of your tenants equally and fairly. Avoid sharing gossip and protect each and everyone's privacy.
8. Be open to allowing pets.
There are a countless number of benefits to allowing pets in your rental property.
Permitting pets not only increases the emotional well being of your tenant, but it can also be a determining factor in staying long-term. Further, you can increase your financial income through pet deposits.
9. Make your tenants feel appreciated.
Show appreciation to your long-term tenants. It can be as small as gifting baked pastries during the holidays. You can send discounted coupon cards or even a Christmas card to let them know you appreciate their trust and loyalty. It builds your rapport and cements a peaceful relationship with your tenants.
Another way to make them feel appreciated is to be flexible with their wants. For instance, if they wish to repaint the property, allowing them to do so and customize their space will make them feel more appreciated.
10. Resolve chaotic situations immediately.
Do you have a problematic tenant that creates a constant nuisance?
Try to take resolve chaotic situations as swiftly as possible.
The last thing you want is your long-term tenants moving to other properties because of a situation you're experiencing with another tenant.
The Bottom Line
In conclusion, keeping your renters happy requires balancing their needs with yours. You want to earn a higher income but not at the cost of losing your tenants. It’s easy to be driven by market demand when setting your rental prices. However, make it reasonable and price fairly. Competition can be tough and a stable stream of income generated by loyal tenants will always be preferable.
Mind your responsibilities as a landlord and you will be rewarded in the long run. Focusing on constantly putting effort into property maintenance will make your unit more attractive to both prospective and current tenants.
If tenants in Fort Collins, Colorado can see that you prioritize their safety, comfort, and happiness, they will be more likely to choose to rent long-term.
If you have any questions regarding the information mentioned above, contact us at Onsite Property Management today!