Having long-term tenants means you spend less on vacancy, marketing and repairs. The key is to keep your tenants happy to benefit your business. Here are a few simple things to implement now to improve the tenant experience and work towards longer term renters.
Accept Rent Online
With the rise of peer-to-peer money exchanging apps, online bill pay and the prevalence of credit cards, many people can’t recall the last time they wrote a check unless it was for rent. Online payments are often more reliable (they can generally be set up as recurring payments) but they are also more secure and convenient for tenants.
Use an Online Portal
Online requests are convenient for tenants and they also help to protect you. Using an online system creates a paper trail to protect you from tenants who claim a repair wasn’t completed.
Often times there is information the whole community needs to know. In this instance, it’s time to switch to email communication instead of posting notes on doors. Tenants will then have a digital record of the communication to reference and there’s no change of paper being blown away.
While far from a requirement, if you have higher end properties and are looking to maintain tenants, consider installing programmable or smart thermostats. These thermostats can help tenants to reduce their energy use and stay comfortable. This type of small gift can go a long way in pleasing a tenant.
While not specific to technology, it’s incredibly important to be upfront in your communication with tenants, specifically regarding renewal. You don’t want to make good tenants hunt you down to renew their lease. Instead, by keeping organized records, you should reach out to them about 2 months before their lease expires to see if they are planning to stay. This also gives you more notice so you can start finding a replacement if needed.
If implementing new technology feels overwhelming or if you are struggling to stay organized, hire a property manager today. We’ll handle all the headaches for you.