Hopefully, you don’t have commitment issues because long-term relationships are good for business.
We’re talking about your Golden rental business, of course. You want to create and maintain a relationship with your residents that lead to a long-term tenancy. It means stable and consistent rents, a better return on investment, and fewer turnover and vacancy costs.
Here’s how you can be sure you’re making an impression on your tenants that will inspire them to renew their lease agreements year after year.
Understand the Needs of Golden Tenants
What are your tenants looking for?
Obviously, they want a place to live that’s clean, safe, and well-maintained. They want to be excited about coming home. They want to feel like it’s more than a rental unit, but a home.
When you can meet the needs of your tenants, you’ll establish a foundation upon which you can build a mutually respectful and trusting relationship. You’ll also have to remember that while all tenants desire the things we just mentioned, each tenant is unique. You might have one tenant who likes to check in with you from time to time. Other tenants will want to be left alone with their privacy and the private enjoyment of their home. Learn how to read the room; get to know your tenants and their needs and preferences so you can better serve them. These things help:
- Transparent and Responsive Communication
Open lines of communication are the foundation of any solid relationship. Make sure your tenants feel comfortable reaching out to you and are assured of prompt responses to their concerns. Consider using modern communication tools like WhatsApp or a tenant portal for easy access. As Golden property managers, we can provide an online portal where tenants can pay rent, make maintenance requests, and send us easy, quick messages. Good communication is essential when you’re establishing a long-term relationship with your residents.
- Let Your Tenants Take the Lead
As the landlord and rental property owner, you’re the party who should take the lead in establishing relationships, sharing expectations, and holding residents accountable. However, it doesn’t hurt to establish a climate where tenants feel free to take the lead once in a while. You can regularly solicit feedback on how you can improve their living experience. Simple surveys can provide insights into potential improvements and demonstrate that you value their opinion. Tenants will appreciate that this matters to you, and it will help you maintain easy and stress-free interactions.
Make Sure Your Golden Rental Property is a High-Quality Home
Another great way to establish and continually nurture your relationship with tenants is to give them a fantastic place to live. Don’t chase them out of your property at the end of a lease term by ignoring preventative maintenance issues or refusing to improve your property when upgrades and updates are needed. Is your property modern and well-maintained? It should be if you care about those long-term tenant relationships.
It starts with maintenance. You’ll need to have a plan in place for emergency maintenance, routine repairs, and preventative services such as pest control and landscaping. Regular maintenance not only keeps your property in top shape but also signals to tenants that you care about their living conditions. Proactive maintenance can prevent small issues from becoming costly problems, enhancing tenant satisfaction. Schedule inspections when necessary, and make sure you provide your tenants with plenty of notice before you show up at the home.
Think about the vendors you’re sending over to the property as well. Do you know that they’ll treat your tenants with respect and professionalism? This is important. Your vendors and professional partners do reflect on you. Tenants will take note of who you choose to work with and how they impact their rental experience.
Upgrade your property when necessary. Invest in renovations and updates that add value to the tenant’s experience, such as modern appliances, energy-efficient windows, or smart home features. These investments can lead to longer tenancies and justify competitive rent prices. Listen to what your tenants want and need. When it’s time to negotiate the lease renewal, pay attention to any requests your good tenants might make. If they want a new appliance, consider installing it. If they ask for a professional carpet cleaning or new paint in a bedroom, be willing to do it. This will demonstrate that you’re listening and that you value their tenancy and want to keep them in place.
Be Flexible and Fair
This may sound blunt, but don’t be a jerk.
The narrative that landlords and tenants have to be at odds all the time is old and outdated. You can prioritize a good relationship and a good experience. Be a landlord who is kind, compassionate, and flexible. You’ll find this approach benefits you far more than being the type of landlord who is angry, intolerant, and aggressive.
Consider offering flexible leasing terms. The world has changed, and tenants have, too. More and more tenants are working from home. A lot of tenants are fairly nomadic, moving around a lot more than they once did. While we’re talking about long-term relationships, we still have to acknowledge that a lot of residents may be looking for shorter lease terms. Offering flexible lease terms, such as month-to-month options or the ability to renew on more favorable terms, can accommodate tenants’ varying circumstances and encourage longevity. Maybe you want to offer a lease that’s nine months, 12 months, or 18 months. Be willing to think about different options and don’t be afraid to do something different.
You’ll also have to think about rent increases at renewal time. You want to earn as much money as possible, and a rental renewal is a good opportunity to raise your rent while avoiding turnover and vacancy costs. But, don’t raise the rent so much that you chase your tenants right out of your property. Study the market. Ensure any rent increases are reasonable and justified. Providing advance notice and an explanation for increases can help maintain trust and transparency. Most tenants expect the rent to go up at renewal time. But there’s no need to shock them. A good relationship means and open and honest discussion about the state of the market and what you can offer.
People Like a Personal Touch
It’s important to set boundaries. You want a good relationship with your tenants, but you don’t want to be best friends. The idea is to balance a respectful and professional relationship with your need to hold tenants accountable to the lease agreement and their responsibilities.
That doesn’t mean you can’t get personal once in a while. Get to know your tenants by name. Remember small details about them, such as what grade their children are in or what their pets’ names are. If you can acknowledge important dates like birthdays and anniversaries, you’ll show them that they’re more than just a rent check. Personal touches can significantly impact how tenants perceive their relationship with you. Be generous and curious about who they are and what they care about.
Recognize and reward loyalty, too. Provide an incentive at lease renewal time, whether that’s a new appliance, a small gift, or even a thank-you basket of coffee, tea, or treats. Thoughtfulness will go a long way.
Choosing the Right Golden Tenants
The idea, of course, is to make sure you have tenants in place who you want to establish a good relationship with. How can you be sure you’re placing tenants who are open to a positive and professional long-term relationship?
It starts with tenant screening. A thorough screening will ensure that new tenants align with the values and expectations of your property. You have to follow every fair housing law, and we always recommend establishing standard rental criteria that every applicant has to meet before they’re approved. You’re looking for tenants who:
- Can demonstrate a positive rental history.
- Do not have any evictions recently.
- Earn enough income to pay rent on time every month.
- Have credit that doesn’t include red flags or unpaid debts to former landlords.
You can do some pre-screening during the showing period or before you even collect an application. Talk about why they’re moving, what they’re looking for, and what their budget is. Once you’ve approved a tenant, get the communication going right away. When you can provide a move-in experience that reduces stress, you’re off to a good start. Tenants want to know you’ll be supportive and resourceful from Day One.
At Laurel Property Services, we prioritize positive tenant relationships. Working with tenants over several years allows us to serve them better, and it also allows us to help you have a more profitable rental experience. This is important to you and to your investment, and that means it’s important to us.
Let’s talk about long-term relationships. Please contact us at Laurel Property Services. In addition to providing property management in Golden, we also serve Wheatridge, Morrison, Lakewood, Arvada, and Genesee, Colorado.
