As any rental owner will tell you, do whatever you can to keep a great tenant. You’ll often hear about the problems a bad tenant can cause, like thousands in eviction fees. But finding a good tenant will do more than just avoid those problems; they can actually help increase your property’s value.
Screening down applicants to find a reliable tenant is only the first step though. After you’ve found someone who will keep your property in good shape, you’ll need to thank them if you want them to stay long-term.
As an owner, you won’t find a better ROI than thanking your tenant. Keep reading to find out how.
Deliver a Welcome Basket
Move-in day can be pretty stressful. There’s a lot of physical work and mental strain from trying to stay organized. Receiving a welcome basket helps offset those negative feelings.
It also does wonders for the relationship with your tenant. Imagine stepping into your new home and seeing a welcome basket — what a wonderful first impression!
Keeping a strong relationship with your tenants is one of many ways to protect and grow your property’s value. Keeping this relationship is what property management companies specialize in.
Building a tenant welcome package doesn’t have to be complicated. The first step is to know a bit of the tenant’s background, which any property management team would take care of during the screening process.
Depending on your tenant’s background, your welcome basket might include some or all of the following:
- A handwritten welcome note
- Local gift cards
- Snacks and drinks
- A houseplant
- A small bouquet of flowers
- Box of treats & toys for pets
As you can see from the items above, a welcome basket doesn’t have to be expensive. A classic example of “it’s the thought that counts.”
A welcome basket is a small gift that can go a long way towards protecting your investment property.
Offer Renewal Incentives
Gaining a new customer can cost five times more than retaining an existing customer. It’s not quite as extreme for tenants, but the numbers aren’t far off.
Terrific tenants are tough to find. So when you find a perfect tenant (one who pays on time, keeps the house clean, and is a good neighbor), it’s worth the effort to keep them.
Like an employer wanting to keep a great employee, you can offer contract renewal incentives. Good renewal incentives should benefit both parties. For you, you prevent tenant turnover and maintain the property’s income steady. For your tenant, they feel valued and rewarded for their efforts.
Unlike the welcome basket, renewal incentives can be more on the expensive side. They don’t have to be, but the alternative of finding another great tenant will almost always be the most expensive option.
The best renewal incentive is an appliance upgrade. A new washer/dryer combo, a refrigerator, or even a flooring upgrade. Not only does it upgrade your tenant’s life, but it’s also a great way to increase your rental property’s value.
Write a Birthday Card
On most days of the year, the mailbox for a tenant is the opposite of a present. They open it only to find ads, utility bills, credit card bills, and rent notices.
You can make a big impact by surprising your tenant with a thoughtful birthday card. A handwritten note lets the tenant know that you see them as more than just a means to earn passive income.
There’s no need to write a whole letter, but don’t just drop a store bought card either. A short handwritten note of gratitude on the card is enough to help tenants feel seen.
Help Take Care of the Rental
Help your tenants look after the rental property by offering them a free carpet cleaning or landscaping service. This gesture is a great way to say thanks and help them feel welcome and more at home.
As a bonus, this also shows them that you care about the condition of the rental, which will motivate them to look after it better themselves.
Quickly Handle Repairs
If your tenants are doing their best to care for the rental property, so should you. Tenants should never have to wait a long time for a repair to be attended to. Acting quickly when a problem arises keeps tenants happy and willing to renew their lease.
As we covered in this article, staying on top of repairs saves money in the long run.
Showing once again that taking care of the tenant is a mutually beneficial action.
A step beyond what we covered in the last section. Even when tenants reach out with something other than an emergency, they want a quick response. At the bare minimum, a good landlord should try to respond promptly. Addressing questions and concerns in a timely manner helps show you care and strengthens the tenant-landlord relationship.
There might be times when you intentionally may not be available. Giving your tenants a heads-up and an alternative point of contact goes a long way in building trust.
Keeping communication levels high will ensure your tenants feel taken care of and valued.
Service as a Thank You
By taking the time to recognize and show appreciation for your tenants, you build a relationship that helps you to continue to build on your business. Happy tenants stick around, which means a steady income from your rental properties.
Do you want to give your tenants the best experience and make sure you have the highest quality renters stick around?
Reach out to Suncoast Leasing & Management.