When you have Washington DC homes for rent, being a successful investor means finding good tenants who do their best to pay their rent on time. However, what does it mean to be a good property owner? This kind of rental investor knows that providing a certain level of customer service builds lasting relationships with their renters. The advantages of this approach are many—and not limited solely to having an easier time collecting rent!
When we talk about appreciating your renters and improving your relationship with them, what exactly does that mean? How can you curate and maintain lasting relationships with your renters? What are these "hidden" benefits we just barely touched on above?
Let's take a closer look into why it's important to show your renters the kind of appreciation that keeps them coming back to your rental property as their long-term home! The following are are several reasons that we encourage property owners to create lasting tenant relationships.
A word of caution: This blog post does not act as a substitute for legal counsel. When in doubt, consult with your trusted attorney or Renters Warehouse DC/NOVA for real-time assistance concerning your Washington DC homes for rent!
Why You Should Strive to Create Lasting Tenant Relationships
1. They'll Stay Longer
Happy tenants stay longer than unhappy tenants—so if you want to keep yours, learn how to create a relationship with them that lasts for years to come. That way, you'll be able to collect rental payments steadily for years. You'll also avoid the hassle of finding new tenants, which isn't always easy. In addition, you'll spend less time and effort preparing the unit for new tenants—which also happens to save you some considerable turnover expense.
2. They'll Pay Their Rent
If your tenants aren't happy, they're less likely to pay rent. It's a simple fact that ensuring you have satisfied renters means they're more likely to prioritize their rental payments! Finding good tenants can be a process, which is why it's important to go the extra mile to make sure any excellent renters you have found want to stay in your rental for as long as possible. You don't have to do much to reward good tenants and show you care: a simple fruit basket, gift card, or even hand-written note are small gestures that show a great deal of appreciation! However, we'll go into this in more detail below.
3. They'll Protect Your Property
Happy tenants will do their best to protect your property, whereas unhappy tenants might not. In fact, they might even go out of their way to destroy your property—especially when the time comes for them to move to another apartment. If you haven't done a Google search yet on rental home horror stories, we highly recommend you steer clear!
Happy tenants will keep your property in good condition and leave your rental home in about the same condition they got it in, with minor wear and tear, of course. A small amount of wear and tear is unavoidable in any rental home, but your renters are more likely to care about the upkeep of your Washington DC homes for rent and notify you of any maintenance issues more quickly when they have an excellent working relationship with you.
How to Create Lasting Tenant Relationships
1. Show Appreciation
We talked about this a little before, but showing appreciation to your tenants for remaining in your unit can be as simple as sending out thank you cards. Remembering details like a birthday or the anniversary of their move-in date with a message at renewal is a great way to create a lasting relationship with your renters.
Some rental property owners send out thank you notes right before the tenant's lease is up, but others go the extra mile and send out a thank you note to a tenant for keeping their yard clean or for letting them know about an issue with an upcoming rental payment ahead of time. Whatever you send one for, just make sure you're clear on why you're thanking them.
2. Keep in Touch
Keeping in touch with your tenants about important issues is one way to build a lasting relationship with them. Communicating with them on a regular basis about things that might be going on, such as construction or unit repairs, allows your tenants to plan ahead.
You should also encourage your tenants to keep in touch with you and let you know if they're having any issues or need help setting up a payment plan. Keeping in touch could mean sending a quick text or emailing back and forth. Whatever method you use, make sure to be informative and open with them, and they should have no problem returning the favor.
3. Complete Work Orders on Time
Whenever maintenance issues arise, be sure that you get work orders done in a timely manner. No one likes sitting around waiting for repairs that were supposed to happen hours—or days—ago, so be prompt when it comes to work orders. However, it's crucial to be more than just quick about it!
The repairs you do provide need to be high-quality fixes so that you don't have to keep going back to fix the same problems over and over again. Your tenants wouldn't be too happy about that—and honestly, neither would you. Working with exceptional vendors that provide quality repairs will not only satisfy your renters, but it'll satisfy your pocketbook not to have to go over an issue again.
Shoddy maintenance is one of the top complaints many renters have about their rental experience, so if this is an issue for you especially, working with an exceptional property management partner to help handle your Washington DC homes for rent is a smart call.
Finding Ways to Delight Your Renters Is Easier Than It Seems!
Creating lasting relationships with your renters is important if you want to be able to collect consistent rental income and keep your properties in excellent condition. That's why you need to find ways to let your tenants know how important they are to you, and thank them whenever possible. In the wake of COVID-19, small details lead to big renewals when your renters feel like more than just a rental payment.
Of course, if the human element of rental property ownership is definitely not something you feel like delving into, you can turn to the Professional Landlords at Renters Warehouse to guide you through the process! We can even completely manage it for you from start to finish, ensuring your tenants are satisfied and delighted with their rental experience! However, that's not the only way we serve you.
You can tap into further insights of ours when you download your copy of our FREE Collecting Rent in a Crisis Handbook! This detailed resource will walk you through how to professionally collect rent and preserve the relationships you're developing with your renters.