Rental properties can be an excellent investment for anyone who wants to buy real estate. You get to produce active income and even sell, if you want, in the future. But one challenge every rental property owner and manager can relate is finding ways to improve tenant satisfaction. If you can’t keep your tenants happy, you can’t expect them to stay. You may find new ones when an old tenant chooses to leave, but the cycle will remain the same.
Boost tenant satisfaction by making sure that you don’t make the following mistakes:
Skimping on your maintenance and repairs
One good way to turn off your tenants is by putting off necessary maintenance and repairs. If you don’t maintain your rental property, it will deteriorate faster. What used to be a series of minor issues can turn to major problems that can cost you more in the future. This will also drag down the value of your real estate, making you lose more instead of making earnings.
Sometimes you may need costly repairs and a major building overhaul with a Portland building commissioning company. But you should be able to find potential issues right before they start affecting your business. Also, never put up your maintenance and repairs. Choose only competent contractors. Keep in mind that what you need is quality materials and service.
Failure to communicate well with your tenants
Poor communication can lead to misunderstandings and arguments. It can destroy your relationship with your tenants and even put your business at risk. So make sure to keep an open line of communication with your tenants. Give them your best contact details and take advantage of your current technology. Always welcome their comments and feedback on social media. Encourage them to reach out to you so that you can tend to their concerns asap.
Accepting just about anyone to be your tenant
Screening your tenants is a crucial step in keeping your current tenants happy. Make sure that the new ones can be trusted and are not a safety risk to your loyal tenants. Running a credit check is also a good idea, as you can use this to gauge how good they are in handling their financial responsibilities. If they fail to pass a credit check, you can choose to refuse them or ask for a bigger down payment to lower your risk.
Neglecting the safety of the premises
The security of your rental property is an asset that you should never take lightly. Failure to secure the area can lead to an increased crime rate and the loss of your tenants’ trust. If you want them to remain loyal, you’ll have to think of ways to properly secure the property. Another reason to improve your property’s security is that you can attract new tenants, ward off the bad guys, and have the right to increase your rental fees.
Managing a rental property is never easy. Aside from maintaining the value and integrity of your property, you’re also expected to meet your tenants’ needs to keep them happy. If you need more inspiration for improving tenant satisfaction, you can always go back and use this list as your guide.