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A lot of property management has to do with problem solving, and making sure you can deal with issues while having the least amount of impact on your bottom line. However, every so often you run into a perfect tenant that does not cause you any problems.
A good tenant who pays their rent on time, does not cause any damage, and respects your property is worth their weight in gold. Tenants like this are a property manager's dream, so once you get a hold of one you need to do everything you can to keep them around.
This is where tenant appreciation can help since tenants are more likely to stick around if you show them appreciation from time to time. Keeping your all-star tenants happy can pay off in a number of different ways other than them staying around, they may be able to refer other great tenants to you as well.
Building a network of solid tenants can have a huge impact on your profitability and bottom line, since many unaccounted for expenses with property management can be attributed to problem tenants. Good tenants are also more likely to leave you positive reviews, which can help attract even more great tenants to you as well as grow your business as a whole. So although showing tenant appreciation may have a bit of an upfront cost, the payoff will be well worth the initial time and capital investment.
One way you can go above and beyond and make your tenants feel appreciated is to keep track of their birthdays or any other dates of significance. When the day comes, you can leave a simple card for them and give your best wishes. This will really impress your tenants and they are more than likely to be very appreciative of this gesture. While this works best for smaller buildings, it is a great option to make tenants feel appreciated.
Having incentives in place for your tenants to strive for not only makes them better tenants, but also makes them feel valued. Setting up incentives for referring solid tenants, renewing a lease, and other things of that nature will give your tenants a sense of appreciation whenever they do something that helps you out. They will also know that you notice and appreciate their actions.
Although this works best for property managers with large portfolios of tenants, it is a very effective method of tenant appreciation. Holding an event like a barbeque is a great way to bring everyone together and show your appreciation. If you manage condo buildings or buildings with many tenants, this also allows the tenants to get to know their neighbours and mingle amongst each other.
Leaving a gift for your tenant to see when they move in will immediately put you in their good graces. Small gifts like these really help to make the tenant feel welcome and appreciated and go a long way. If they are moving into a large building, consider giving them a short list of their neighbours. This will help them get to know people and settle in better as well.
Although it may not make much sense to give someone who you may never see again a gift as they walk out the door, it can go a long way. If a tenant feels appreciated right as they are leaving they may feel compelled to refer you to some of their friends. These friends are likely to be good tenants as well, which helps you to gain a network of strong tenants to work with when trying to fill a property.
A big part of making tenants feel appreciated is listening to them when they bring up issues with their unit or the building. Many property managers tend to try and downplay or ignore tenant requests for unit improvements, making the tenant feel unappreciated.
You don’t have to meet every single request they have (some may not be feasible) but listening to what they say and considering their requests lets tenants know they have a voice. Also, if a tenant requests something like an appliance upgrade, consider their happiness as a tenant as well as the cost of replacing the appliance. Oftentimes little things like upgrading items for your tenant go a long way.
When a tenant comes to you with a problem or request to fix something, make sure you jump into action and get it dealt with quickly, or at least let them know of your timeline. If you ignore their request or take your time to get it handled, not only could it turn into a more expensive issue, but your tenant will not feel appreciated or feel like they are a priority for you.
A big part of someone feeling appreciated is them feeling like they are a priority, and if you put off their requests to get work done around the property, they will be upset. Instead, make sure to respond to them quickly and let them know you are on it. If you run into any problems that slow down the process of fixing something for them, be sure to let them know so that they are fully aware of the situation and don't think you just stopped working on it or never got around to it.
At the end of the day property managers want to be successful, which means they are always looking at their bottom line. If you put these methods to work on your tenants, they will love you and want to stick around once their lease runs out.
They are also likely to leave positive reviews and refer their friends to you when they can. All of this has a huge impact on your profitability as a property manager and will make your life much easier as well. Tenants who feel appreciated are happy tenants, and happy tenants means less headaches for you and more money in your pocket.
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