It’s often said that millennials prefer experiences to possessions. But in fact, 74 percent of all Americans say they prioritize experiences over products. It just goes to show that people put a lot of value not just in what they physically have, but in enjoying life as they go. So how can you capitalize on that trend to give your tenants a fantastic rental experience? And consequently keep them signing leases for years to come?
What Defines a Rental Experience?
When we talk about attracting and maintaining quality renters, often the focus is on concrete, physical steps. You can update your rental’s kitchen, apply a fresh coat of paint, conduct regular maintenance, and stage the best photos. These are all great ways to increase your rental’s appeal to prospective tenants. But at its heart, renting is an action – an experience, if you will. And while there are many ways to improve your rental property (and your renters will appreciate all of them), many don’t focus on the actual experience of renting from you. That means there’s still more you can do to take your property management to the next level.
Give Your Renters A Great Experience
So how can you shift your focus as a landlord to giving your renters a rewarding daily experience? Here are a few tips:
Be Accommodating.
One of the best ways you can improve your renters’ experience is by making the process of renting as smooth and easy as possible. This might mean setting up an accessible online payment portal that allows your tenants to set an automatic deposit, so they never have to worry about missing a payment. It might also mean streamlining your maintenance request system so that renters know they’re getting help as quickly as possible. And if your tenant reaches out asking whether they can plant a new rosebush or adopt a second cat, give their request serious consideration. By working with your tenant to help them feel more at home, you increase the chances that they’ll want to keep renewing their lease – which saves you money on marketing and lost revenue during vacancies.
Be Respectful.
One of the most important things you can do for your tenants is to always treat them respectfully. Tenants don’t want to feel like they’re being dismissed or exploited by their landlord. If they feel disrespected, they’re far less likely to want to continue renting from you. Maintaining a polite and professional attitude is the best way to give your renters a good experience on your property.
Be Transparent.
In today’s day and age, landlords tend to get a bad rap. But in all but the most egregious cases, tenant-landlord conflicts often arise through misunderstandings, not malice. This is why it’s essential to be completely upfront about all the elements of your lease. Specify what you will consider normal wear and tear compared to damage. That way your renters won’t feel cheated when you keep some of the security deposit to patch the walls. Be upfront about any policy that might cause tension, such as quiet hours or pet rules. And make sure your renters are aware of any late fees or other additional charges they might face in certain circumstances, so these don’t come as an unpleasant surprise.
Be Responsive
Most tenants don’t want to feel like their landlord is breathing down the back of their neck. But they don’t want to feel isolated in cases when they need help. Whether they’re reaching out with a maintenance request or a question about their lease, it’s best practice to ensure you respond to them as quickly as possible. This shows your tenants that you care about their time and comfort. Responsiveness also demonstrates that you are attentive to their needs as they make your property their home.
Be Diligent
In today’s constantly shifting legal landscape, staying up-to-date on state, local, and federal property law can be challenging. Your tenants want to know that you’re actively engaged with the changing demands of legislation and well-educated on your responsibilities to your renters. Of course, with how often property and rental laws can change, it can be difficult for individual landlords to stay on top of that information in addition to all the usual challenges of managing a rental. That’s one of the reasons why working with a property management company can benefit you and your tenants.
Property Management Companies Keep Your Rental Quality High
As an independent landlord, you often face all the challenges of managing a property without the benefit of a professional management team to back you up. This can quickly stretch your time too thin, until you have to choose between essential tasks for your rental business or taking valuable time for yourself. Naturally, no one is doing their best work when they’re already stressed and overworked. So, it’s an unfortunate side-effect that overtaxed landlords struggle to give tenants the best experience their rental can offer. When you don’t have the time to manage anything but the essentials, your renters will inevitably feel the effects.
If you’re a Portland landlord interested in ensuring your tenants get the best rental experience on your property, Rent Portland Homes by Darla Andrew is here to help. We base our business on people first, and have structured our company to ensure that our tenants can feel at home in their rentals. Our 48-hour maintenance guarantee means that renters on our properties will never have to deal with tiresome or disruptive maintenance issues for long. By maintaining a dedicated team, we make sure that your tenants will always receive a fast and professional response to all their questions and concerns.
We also pride ourselves in our rock-solid relationship with property owners and are always happy to discuss the details of your rental’s earning plan. We believe in making property management as easy and stress-free as possible. That’s because that makes things better for landlords and tenants alike. If you’d like to learn more, reach out to us any time at (503) 515-3170 or by filling out the contact page on our website.