When you’re a rental property owner, you can easily get caught up in focusing on all of your “bad” tenants. But what about the tenants who are actually doing things right? Don’t they deserve your attention, too?
The good news is that, for every subpar tenant you may come across in your career as a landlord, you’ll have the privilege of working with many more good tenants out there.
Because tenant retention is an incredibly important part of managing your apartment investments, it’s critical that you motivate your good tenants to stick with you. But how?
Here’s a rundown on a few apartment resident appreciation ideas.
Respond to Your Tenants Quickly
The reality is that tenants are most impressed with responsiveness, as they seldom experience it. So, be sure to respond quickly when a tenant emails or calls with a property-related issue. Don’t follow in the footsteps of other landlords by brushing your tenants off or telling them that they must wait until unknown future times to have their problems addressed. The faster you respond to tenants, the more appreciated they will feel.
Also, if you ever plan to go out of town, be sure to let your tenants know. In this way, they won’t think they’re being ignored if you can’t respond to messages in a timely fashion. Be sure to also give your tenants a phone number they can call in the event they experience emergencies. Of course, if you would like to take a more passive role and ensure tenants are still listened to, you can always hire a real estate property management company that will care for your occupants and your property.
Take Care of Your Property
One of the most worthwhile apartment resident appreciation ideas is to make it easy for your tenants to keep up your property. For example, you can offer them complimentary carpet cleaning services or even landscaping services.
Offering these is an excellent way to thank your residents for being good tenants. You’ll make them feel more welcome and at home. At the same time, you’ll show your tenants that you truly care about your property’s condition, and this will encourage them to take care of it as well. It’s a win-win situation for you both.
Respect Your Tenants’ Privacy
If you’re looking for winning apartment resident appreciation ideas, you can’t go wrong with this one.
So, what exactly does it mean to respect your tenants’ privacy? It means giving your tenants plenty of notice prior to arriving at their rentals—unless there’s an emergency, of course. Most areas’ laws actually require you to provide adequate notice to tenants when you have to access their rentals for repairs, routine maintenance, or property checks. Still, you can take things a step further by taking their schedules into consideration so that you enter their rentals at the most convenient times for them.
As a general rule of thumb, tenants hate being promised things and then watching their landlords go back on their word. This is why being honest is one of the most essential apartment resident appreciation ideas.
For example, if you tell your tenants that you’re planning to install new outdoor porches for them, be sure to follow through. In the same way, don’t say you’re going to install hardwood flooring if you’re not certain you’ll do it. This will only give your residents false hope. If they end up disappointed, you may very well lose a good tenant.
When it comes to apartment resident appreciation ideas, showing fairness is another critical one to employ. This is particularly the case at properties featuring multiple units, as word usually travels quickly in these environments.
Showing fairness includes enforcing your lease terms fairly. For example, don’t let one resident slide when it comes to paying his rent on time, while you expect everyone else to pay their rents on time.
Give Gifts or Host Resident Events for Apartments
Some of the best apartment resident appreciation ideas also include giving gifts or hosting special events for your tenants.
For example, you can give your tenants coffee shop gifts cards or gift baskets during the holidays. Even scrumptious gourmet treats can make excellent gifts for tenants.
Another gift that your tenants may especially like is a discount on the next month’s rent. Just a certain dollar amount off, for example, can go a long way in making your residents feel appreciated.
In addition, feel free to host resident events for apartments. These events may include summer barbecues, holiday events, and even coffee carts in the morning. Such events add value to your tenants’ living experiences at your property.
Be Reasonable with Rent Increases
Rent hikes are sometimes inevitable, even if they may not necessarily be popular. In light of this, one of the wisest apartment resident appreciation ideas to implement is to exercise caution before sending out rent-increase notices.
For example, as a general rule of thumb, raising the rent around Christmas is not a good idea. After all, that’s when most tenants are cash strapped. Instead, try to raise your rent after New Year’s Day, as your rent hike will likely be received more positively then.
Another option is to keep your rent prices low if you have good tenants. This will encourage these good tenants to stay with you. Of course, you can’t keep your rental prices the same forever, so when you do decide to increase your rent amounts, do it in small increments versus a large increase at one time.
Keep Your Tenant Retention Rate High with Practical Resident Appreciation
One of the best things you can do to keep your bottom line strong as a landlord is to keep your tenants happy from day one. And fortunately, the above apartment resident appreciation ideas, including hosting resident events for apartments, are a great step in the right direction.
Managing an income-generating property, however, can be quite complicated, involving several other responsibilities. Fortunately, you don’t have to worry about navigating these responsibilities on your own.
Get in touch with me, Joe Fairless, today to find out more about how you can take care of your tenants, take care of your property, and thus take care of your bottom line in the months and years ahead.