Increasing your tenants' satisfaction can sometimes be quick and easy.
There are many things you can do to add extra value to your tenants. Here are five tips to increase their satisfaction.
1) Modernizing Amenities
Modernizing your amenities is one of the more expensive ways to increase your tenants' satisfaction, but it provides the most value both short and long term to your property. Upgrading a stove to stainless steel, or installing a newer and larger fridge are two ways to modernize. Adding appliances like a washer and dryer combo provide immense value to tenants, as it cuts down on them having to leave to wash their clothes, but also will increase the value of your unit immediately.
2) Maintaining Your Property's Condition
Keeping your property clean and well maintained is important for making tenants feel proud of where they live. If everything is overgrown, the lawn is unmaintained, and there's random garbage lying around it will turn people off. Taking a couple hours out of every month for outdoor maintenance will add value and increase tenant satisfaction.
3) Proper Communication
Having good two-way communication with tenants is important in building and maintaining a solid relationship with them. Having a good relationship with a tenant will help them be satisfied with their living arrangement. It also will lead them to being more open and honest with you about any suggestions or criticisms they may have, and will ensure they aren't afraid to approach you about maintenance that may be necessary.
4) Timely Maintenance and Repairs
Staying on top of maintenance is the responsibility of the landlord. Making sure that maintenance is prioritized will show your tenants that you care about the unit they are living in, while also ensuring that any damage is mitigated before it gets worse. Keeping up on maintenance and repairs is not easy right now, but there are many ways you can ensure you're properly managing maintenance amidst COVID-19.
5) Reasonable Rent Increases
Increasing the cost of rent can be tricky, as you don't want to overcharge your tenants, but you also want to remain competitive within the market. Increasing the rent based on the rate of inflation (1.5-3%), is one of the easiest ways to keep your tenants happy, while still making sure your prices are consistent with the rental market in your region. It is also important to be aware of any restrictions on rent increases in your province.
These few tips will help your tenants feel satisfied with their living arrangements, while providing them with incentive to continue renting from you in the future.