Once you've gotten renters to sign lease agreements at your property, you should start putting effort into ensuring they are content living in your units by showing them how much you appreciate their business. The rental industry magazine Multifamily Executive and the American Apartment Owners Association state there are some key ways property owners can do this for their tenants, and in turn, make them want to renew their lease when it ends.
Be approachable and interested
Multifamily Executive states that a great way for you to show renters you appreciate their business while also gauge their plans for leasing in the future is to approach them a few months before their rental contract expires. By doing so, you can kill two birds with one stone. You'll show them how much you care for their loyalty to your property while also determining if they plan to stay or leave. If they plan to leave, you can convince them to remain a tenant by offering some form of a discount on a future lease agreement or another incentive.
According to MFE, you should not only be making necessary repairs to a property, such as fixing broken plumbing, but also offering to improve your renter's units to show them you care. Do the walls in a unit look like they could use a fresh coat of paint? Is there a clicky noise coming from a tenant's fridge? The magazine suggests you go the extra mile and offer to make these improvements for renters at no charge. Doing so should make them realize how hard you're working to make them feel at home and welcome at your property.
Though it's impossible to be everywhere at once and appease all tenants' needs simultaneously, it's highly advised by the magazine that you make yourself as accessible as possible to them. Issues are bound to arise for renters - a lost key is a common one - so be sure that you make yourself available to renters as often as you can. If you feel it's a difficult task to meet all tenant's requests and needs, consider hiring a property management company to take the load off your shoulders and allow you to concern yourself with other business. Regardless, though, meeting their needs is a great way to show them you are appreciative.
Give Back Security Deposit
A great way to gain the respect and trust of your renters and display how much you care, according to MFE, is to give them back their security deposit. You can give them back the deposit all at once or in installments. Regardless of which way you give it back to them, the magazine says they will likely appreciate the gesture, putting you in a positive light. Also, providing them with the money may also remind tenants that if they choose to leave, they'll just have to give a new deposit to a property owner, which in the end may deter them from leaving.
The American Apartment Owners Association states that by offering some helpful advice to renters, you can likely keep them informed and content. A prime example is to provide tenants with ways to keep cool in their units during the hot summer months, such as doing chores later in the day when it cools down as opposed to midday when the sun is scorching. When offering tips, be sure to let tenants know you appreciate their business and remind them you're there to reciprocate by helping them out in whatever way they need.
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