Did you know that many tenants move from their apartments because they feel like they are not valued and their maintenance requests are not dealt with in a timely manner? Out of all the factors that could drive a tenant to another rental, these are the ones that you, as a landlord, have control over.
Even if you offer great perks like the option to report rent to a credit reporting system so tenants can build their credit score, tenants will leave if they don’t feel valued. If you go out of your way to take care of your tenants, they will feel valued and in turn help you run a more profitable rental property. How does that actually work?
How Good Tenants Lead to More Profits
When tenants feel valued, they stay in a rental property longer. Why is that relevant? Each time a unit is vacant, it often ends up costing the equivalent of 1.5x months’ rent. If the tenants left the unit in bad shape, it could easily be more than 2x months’ rent.
If your tenants are taken care of, they have longer tenancies because they feel valued. You avoid having to pay the repair/ vacancy costs that arise every time a unit is empty by investing in that relationship. How do you do that?
- Address their maintenance concerns promptly. Leaving maintenance issues uncared for is the fastest way to sour a tenant-landlord relationship. Investing in small repairs can save you the cost of a vacancy in the future.
- Have incentives and perks for your tenants. Incentives and perks go a long way to show you care. Allowing your tenants to build on their credit score by using a credit reporting agency to report rent is a good way to build on that relationship. Yearly picnics or a “Best Yard” contest are also fun ways to grow those bonds.
- Be preventative in your care of your property. Seeing a landlord take care of a problem before it is an issue helps build trust with your tenants. This can be something as simple as changing a seal on a door or patching a hole in the concrete.
- Communicate with them often. Know who your renters are and let them know you care by communicating with them. Updates on seasonal changes as well as any new programs you may be offering (such as the ability to report rent to a credit reporting agency to build their credit score) are helpful and appreciated.
- Ask questions. When you do a yearly inspection, ask what it is they would like to see or would add value to them as a client. Sometimes, a small investment in a current tenant could save you thousands of dollars in vacancy and repair costs in the future.
Give Your Tenants the Ability to Report Rent and Build Their Credit
CreditRentBoost.com gives you the ability to report rent payments to a credit reporting service. This type of service adds value to your tenants and to your bottom line. Having CreditRentBoost.com as a service connected to your rental can be a big draw for tenants looking to grow their credit score.
Contact CreditRentBoost.com and see how they can help you be a more profitable landlord today!