5 ways to Show Your Best Tenants The Appreciation They Deserve

Keeping tenants happy can help them want to renew their lease for another year.

Once you've gotten tenants 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. Successful landlords and property management companies  know this and often do a few simple things for their tenants, and in turn, enjoys a happy tenant that wants to renew their lease when it ends.

Be approachable and interested

A great way for you to show renters you appreciate their business while also gauge their plans for renting 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 perhaps learn why they want to leave and see if there are ways to address their concerns with a view of trying to keep them as your tenant.

Make Improvements

You should not only be making necessary repairs to a property, such as fixing plumbing, but also offering to improve your tenant'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? At Davies Property Management we suggest you go the extra mile and offer to make these improvements for tenants 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.

Be Accessible

Though it's impossible to be everywhere at once and appease all tenants' needs simultaneously, it's highly advised that you make yourself as accessible as possible. Issues are bound to arise for tenants – a lost key is a common one – so be sure that you or your property management company can be readily available to tenants as often as possible. 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 tenants and display how much you care, is to give them back their security deposit. We suggest that you only do this for long term tenants who you have established a relationship for at least 5 years or more. You can give them back the deposit all at once or in installments. Regardless of which way you give it back to them, 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.

Offer Tips

By offering some helpful advice to tenants, 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.