How to Create Happy Tenants

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Owning rental properties is one of the best ways to create recurring monthly cash flow to supplement your primary income and build wealth. However, it can also be time-consuming and stressful if you don’t have the proper systems in place. And when tenants are unhappy, it can make your life quite miserable.

Thankfully, there are several things you can do to create happy tenants who enjoy calling your property their home. Here are several of those tips:

1. Be Transparent

While there’s definitely such a thing as having some separation between yourself and your tenants, you never want to be shady or intentionally hide information that they deserve to know. Transparency is always the best policy.

Transparency starts when the lease agreement is signed. Talk through each important aspect of the lease and answer any questions they might have. If you have certain expectations regarding the security deposit, pets, or parking, tell them. The last thing you want to do is surprise them in 60 days with something that was buried in the lease.

2. Respect Their Privacy

Just because the property is yours, doesn’t mean you have the right to access it anytime you want. Landlords have a right of entry, but it is contrasted against the tenant’s right to privacy and quiet enjoyment. Landlords can’t enter the property without a valid reason and may not go through a tenant’s belongings without permission. However, there are a couple of exceptions and extenuating circumstances.

“If there is an emergency that poses a risk of injuries or property damage, the landlord can enter the unit without advance notice or permission,” Justia explains. “For example, they can act immediately in response to evidence of a fire, a flood, or a crime like domestic violence. Generally, they will leave a note afterward to explain the entry if the tenant was not present. The landlord also can enter without notice if the tenant appears to have abandoned the property.”

If you’re ever wondering whether or not you should enter the property, the answer is probably no. Except in serious situations like the ones mentioned above, your right to entry is typically trumped by the tenant’s right to privacy.

3. Make Repairs Quickly

Keep your tenants happy by quickly and joyfully responding to repair requests. Whether it’s something small (and annoying) like a smoke detector that needs its battery replaced, or something more serious like a broken AC unit, a quick response will keep your tenants happy.

Don’t have the capacity to handle repairs quickly? Hire a property management company to field all repair requests and schedule licensed professionals to fix the problems. This takes a huge responsibility off your plate, while still ensuring tenants are covered.

4. Reward On-Time Payments

Landlords often get a bad rap for handing out penalties, fines, and fees when tenants don’t live up to their end of the bargain. It’s fine to penalize late-payers, but you should also reward those who pay on time. Positive incentives go a long way in keeping your best tenants happy.

For example, you might offer a $50 discount on rent for paying prior to the first of the month. This gives people a pretty good reason to pay on time and offsets any angst regarding late payment penalties.

5. Be Firm But Fair

This is especially important if you own a multi-family property in 32822, such as an apartment building. You don’t want to get in a situation where you pick and choose when you assess late payment penalties or how quickly you respond to one tenant’s repair request versus another. Try to be firm, consistent, and fair across the board.

Keep Your Tenants Happy!

Making your tenants happy isn’t necessarily about making them feel good – though that’s certainly nice. An investment in the happiness of your tenants and valuable service for landlords is really an investment in your business. Happy tenants are:

• More likely to pay on time
• Less likely to trash your property
• More likely to extend their lease
• More likely to refer other tenants
• Less likely to complain about small things

When you make your tenants happy, they become the kind of people you want living in your property. Follow the tips highlighted above and use common sense. If it feels like something that will frustrate your tenants, it probably is. Always do the right thing and respect your tenants.