Renters often wish their landlords would make different choices, but what are those choices? Applying these 15 points to your property will make it worthwhile for your current renters to stay and draw new individuals to your location:
1) Promote communication and warmth among your residents. Individuals of like manner tend to gravitate to similar locations. Use this to your advantage. If they enjoy one another’s company, they are more likely to desire to stay near each other. Ensure that children have a safe place to play together.
2) Make paying rent simple. Provide options for payment. Some renters will prefer to pay online, while others will need more traditional options.
3) Offer incentives for paying rent ahead or on time for a designated amount of time. Consider a small annual percentage off rent or a gift certificate to a local business as a reward.
4) Add personality and fun to your accommodations. Landlords of small locations can offer small gifts appropriate to fun holidays. Larger locations can offer group meals or parties on a seasonal basis.
5) Keep residents informed. This can be via a newsletter, personal communication, or any other manner that fits your location. This is often at the top of a renter’s frustration. Knowing that the parking lot will be blocked for required fire markings can make all the difference.
6) Make staying on your property affordable. Seal windows and door frames to keep bills low (if the property includes utilities, renters may not care so much – but you will).
7) Understand that combined billing may be cause for frustration for those who do not use much water, electricity, or gas. If a small family of two is living in the same structure as a family of eight and the water bill is combined for the whole structure, the family of two may not be happy with their share of the bill.
8) Help your renters find and use deals that apply to their direct needs. Work with nearby businesses that may be willing to offer a group deal for skiing, ice-skating, or car repair.
9) Seek out local interests. If you live in an area that has a high percentage of cyclists, consider secure bike racks, or even a room designed for bike repair, complete with a pump and year round locking bike storage. Be creative and have fun with this one. Adding a unique touch to your property may be your best selling point.
10) Be flexible but fair regarding payments. The occasional late check should not send you over the edge. You may still choose to issue a late fee, but try to work something out does not set them into a downward cycle for the next month.
11) Appliances should match the prices of the rent. Higher end locations should have decent working features. Lower end accommodations might be able to get away with lower quality appliances. Everything it the facility should work efficiently and consistently. If you cannot afford to replace an item, remove it.
12) Be available. Allow renters to easily find you in the event of an emergency or other needs.
13) Ensure that issues are solved quickly and properly. Do not make renters wait to have their waterline or heater repaired. Check regularly to ensure maximum safety in all matters.
14) Be approachable. Allow renters to share their concerns about the property. You are the owner, but it is still their home.
15) Respect privacy and schedules. Inform residents when you may need to enter the property.
Use these tips to help your property shine!
