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How to Keep your Renters Happy and Satisfied

home-frontFilling up a rental vacancy in Littleton, Arapahoe County is inconvenient to say the least. Not only does it take a lot of time, it also leads you to losing out on being paid during the months when you have no renters. Needless to say, looking for renters is something you’d be better off not doing.
On the flip side, how do you make a tenant stay in your Littleton rental property once you get a good one?  While there are many factors you cannot control, such as the renter moving to another city altogether, there are still many things that you can do in order to keep your tenant happy, satisfied, and wanting to renew the agreement every time.

Before we get to that though, let’s find out why renters stay.

 

WHEN DO RENTERS STAY?

Renters often choose stay in a single rental property for a wide variety of reasons; from not being able to afford a property of their own in their preferred neighborhood, to waiting for a while to get married and settled down (of the most common reasons – believe it or not), to even preferring the flexibility that comes with renting.

Now, one good thing in this regard is this: if the current tenant has been staying at your property for over a year (at least), chances are that they would like to continue living there for a while longer at least. In fact, according to the results of a comprehensive study that was conducted on renters, about 40% of renters who had been living in their current home for over a year had no plans to vacate their property in the following three years (at least). Furthermore, over 50% (i.e. half) of these were absolutely happy and satisfied with their current rental residence (choice of neighborhood and price-of-rent included), and about 1/3rd of them did not want to move because they did not want to go through the stress that comes with moving.

 

SO WHAT ABOUT THE REST?

As mentioned earlier, approximately half of all renters were found to be happy with their current residence. How about the rest of the renters?
According to the same study (mentioned above), about 50% of long term renters are currently unhappy with their current residences. In fact, over a staggering 55% of long-term renters who intend to move in the next 3 years will, in fact, be moving to a different rental. Which, to be honest, is bad news for landlords.

The bright side, however, is that as a landlord in Littleton, CO, you can actually prevent this from happening. After all, if your tenant is a nice, reliable person you would definitely want them to keep renting your property for as long as they can.

Which brings us to the question, “How can you keep your renters happy and satisfied as a landlord?”
The following are five important tips that you can use to keep your great tenant satisfied and happy

5 Key Strategies for Landlords

 

#1: Try to be as available and as responsive as possible

house-keysFirst impression is the last impression. Establish a good relation with your tenant. First, by making a concise lease agreement that clearly portrays all of your expectations. Then, by reviewing it personally and answering any possible questions the tenant may have. Furthermore, respond to your tenants concerns as early as you can and let your tenants know how they can contact you (in case they ever need to). Also, notify them of the times when you are not available.

Additionally, you must show your tenant that you do care both about your rental property, as well as, its occupants. You can do this by making regular friendly checks and asking them if everything is in order. Believe it or not, many tenants feel intimidated and fail to convey small problems to landlords for fear of disturbing them. If not taken care of in its early stages these problems may turn bigger and require more money and/or resources.

#2: Make your tenants feel welcomed

Help your tenant in getting acquainted with their new neighborhood of Littleton. This will help them relate better to their new surroundings and helps put down their roots, which will act as an incentive for them to remain in your rental property for the long run.
To get started, you can give your new tenant a welcome package consisting of useful local information like nearby places of interest, such as, parks, groceries, libraries, community centers, post offices, and libraries. Also include take-out menus and links to the local blog. These little things go a long way to help your Littleton renter ease into the new environment.

#3: Solve your tenant’s problems

ladderWhile the best policy is to not let issues arise in the first place, in the event that they do arise, make sure that you fulfill your duties as a landlord. Remember, what may seem trivial for you may be of utmost importance to the other. For instance, a jammed window or a non-functioning appliance in your rental property may just be yet another addition to your to-do-list, but it is a great source of annoyance or increased frustration for the tenant if it is not taken care of promptly. On the flip side, if you solve the problem as quickly as possible, make no complaints (even with your attitude and behavior), and make sure of the effectiveness of the solution by following-up you will create a very positive impression on your tenants. Your tenants will be more inclined to keep staying in your Littleton rental property.

#4: Maintain communication with your tenants

cell-phone

Always keep communicating with your tenants. Make sure to let them know of any problems or changes that will affect them as soon as you know it. Remember, so long as the tenancy period exists, your Littleton, Colorado property is indeed somebody’s home. So, even the smallest things, like getting your trees trimmed should be notified to your tenants beforehand. Needless to say that the bigger changes, such as, any changes in the rent, sewer line repair, or an increase in utility charges must be communicated as early as possible.

#5: Be human

At the basic level, your Littleton, CO rental property is after all, a business, and that you as its landlord must manage it as such. That, however, does not qualify you to act in an undesirable manner and treat your tenants as inferiors. Remember, that you must be considerate with your tenants and treat them with empathy and respect, just like a good manager would.

For instance, if your otherwise superb tenant just lost his/her job and requires some time to be able to pay their rent, you must decide on whether you should go “all business” and demand for the fees upfront, or adjust with the tenant by accepting the late fees for a period of time. While you must always be cautious in regards to making exceptions to policies, in certain cases, it is better to let your reliable renter relax a little, which in turn will earn you a lot of their gratitude – and probably their lease renewal too! Talk about a little goodness going a long way!

How to Effectively Screen Tenants

The perks of having high-quality tenants in your Littleton, Colorado rental property is that you receive the rent promptly, you aren’t overwhelmed by infinite tenant concerns, and you do not have to worry about the renter damaging your property. Which therefore begs the question. How does one get such quality tenants? The answer lies in three words; Effective Tenant Screening.

A popular misconception among landlords is that the screening process is a one-time affair that takes place after a prospective renter fills an application. The truth, however, is that the vetting involves a series of steps, which commence the moment interested parties start to inquire about the vacant Littleton property. (more…)

Key Strategies for Collecting Rent On Time

Rental income is one of the primary reasons people in Denver invest in Rental Properties. Unfortunately, getting the rent from tenants is not always a smooth process. At times renters might fail to pay when the rent becomes due, while others might deliberately withhold the rent in protest to their unaddressed concerns. Still, a property manager or landlord needs the tenant to pay the rent promptly in order to pay off the mortgage and any other fees they may have. If you are constantly having trouble getting your tenants to pay their rent on time, the following rent collection strategies should get you inspired.

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10 Maintenance Tips for Your Rental Property

If you own a rental property, you should keep a solid relationship with your tenants and also maintain the property’s value. As such, you will have to arrange for regular rental property maintenance schedules. Repair problems will always come up in all rental properties, and as such, they will need attention. The utility systems can develop issues thus resulting into the need to replace appliances on a regular basis. The property age and how it has been handled earlier affects the frequency of the property maintenance. In case you want to ensure that your property is well maintained, look no further, this article is meant for you. Below are 10 maintenance tips for your rental property: (more…)

9 Tips for Advertising Your Rental Property

With the rental market booming in Denver, Colorado, owning a rental property is becoming more attractive to first timers as well as savvy investors. As such, every landlord wants to get the ideal tenant; a person who will always pay rent on time doesn’t complain or cause conflict, never disturbs others and keeps the rental property in better condition than when he/she moved in. Even though this theoretical ideal might be unattainable, the way that you market and maintain your rental property will affect the type of tenants that you attract. (more…)

7 Considerations When Hiring a Denver Rental Property Management Firm

 

Although owning rental property is rewarding, it is not devoid of challenges. It involves handling tenant issues, maintaining the property, ensuring compliance with legal requirements as well as marketing and advertising the property. No wonder experienced property owners prefer handing over the responsibilities to qualified property management companies. These companies, however, differ in experience, structure, size, as well as the area of operation.

Therefore, if you want to hire the right property manager for your property, you must consider several important factors. Looking at the following criteria will provide crucial leads to your quest. (more…)

When to Hire Property Management in Littleton CO

property management companies denver

If you are investing in a property with a view to renting it out, sooner or later you will have to decide whether or not you want to hire a property manager. You can offload most of the hassle and legwork which comes with owning a property by investing in property management in Littleton, CO. Yet, at the same time, you might assume that hiring a property manager will cost you a lot of money and will not be worth your while. Regardless of whether it makes financial sense or not, you need to understand what a property manager actually does before you consider hiring one. (more…)