Top Tips on Showing Tenants Appreciation to Build on Your Rental Investment
When it comes to investing in real estate property, a good tenant is a must. When you have multiple properties, the goal is to have a long list of quality tenants so you create a steady stream of income for your business. Finding good tenants can be done by working with Chicago property managers as well as taking the time to show your tenants that they are appreciated. Keeping your good tenants happy will help to earn revenues from your properties as well as receive referrals for new tenants in the future.
Welcome Your New Tenants
When a new tenant moves in, take time to greet them. Create a welcome letter that you can send out along with a gift such as a basket of goodies. This is a nice surprise that the tenant will appreciate. When it is time to renew their lease, think of a new way to thank them for their support and watch as they continue to renew their lease year after year. Your Chicago property manager can easily provide the gifts to the tenant and think of new ways to provide an incentive when signing new lease agreements.
Replace Old Appliances
Another great way to impress your tenants and keep them long-term is to replace old appliances or ones that are broken beyond repair. By replacing such appliances, you are showing your tenants that you care. Don’t wait until the apartment or building is empty to do the upgrade. Contact the tenant and let them know about the change and they will be happy to see the incoming improvement!
Keep Track of Important Dates
When your property management company signs new leases with tenants, be sure they find out key dates such as birthdays or anniversaries. This way, you can send your tenants nice surprises, even just a card recognizing their special day. This may seem silly, but it is a way to show that you care and are thinking of your tenants. They will appreciate the gesture and continue to rent from you for many years to come.
Focus Quickly on Repairs
Tenants notice when they are being ignored. If a repair goes a long time without any change, the tenant will easily become upset and want to possibly break their lease. It is not acceptable for tenants to wait a long time for a repair to be taken care of. Be sure to handle all repair requests as quickly as possible. This way, your tenants will feel that you take their well-being and home seriously. They will appreciate the effort and want to continue doing business with you.
By taking the time to recognize and appreciate your tenants, you build a relationship that helps you to continue to build on your business. Happy tenants stick around which means steady income from your rental properties. Think about how you can make changes today to provide appreciation to your tenants and watch as your business continues to expand and thrive!