Happy tenants are key to running a successful rental business in Boise, Idaho. Whether you self-manage your property or hire professional services, your goal should be to keep your tenants happy and satisfied.
In fact, according to a study done by a leader in real estate research – tenants who are happy with property management are 3X more likely to renew their leases.
So, how exactly do you keep your Boise renters happy?
With 39 years of property management under our belts, we’ve come up with 8 tips to help you accomplish just that.
1. Reward good tenants.
Rewarding your tenants is a good way to show them just how much you appreciate their business. Essentially, it shows that you don’t just view them as a way to increase your income. Instead, it indicates you value their happiness and comfort in your property.
When you reward tenants, it acts as an incentive for them to continue living in the property. Consequently, this may significantly lower your tenant turnover rate.
How exactly do you go about rewarding them?
You can, for instance, reward tenants based on how long they have rented your Boise property. You could also reward them based on how timely they have been in paying their rent.
2. Get your communication right.
The rental industry is no different from the service industry. Your tenants are your customers and you need to focus on creating good relationships with them.
Taking the time to respond to their requests may make them return the favor with increased loyalty and timely rent payments.
When it comes to communication, consider what they prefer the most. Do they prefer phone calls, face-to-face meetings, text messages or emails?
This is because what might work for a millennial might not work for a baby boomer and vice versa. As a matter of fact, a study found that millennials prefer text messaging over other forms of communication.
3. Charge the right rent amount.
To attract the right tenant and avoid an above-average tenant turnover rate, you need to charge the right rent. That is, a rent amount that is neither too high nor too low.
If you don’t have the skills or experience to do it, then consider hiring a professional property management company.
You also want to be realistic when the time comes to raising the rent. While raising the rent to the maximum legal amount can be tempting, offering good tenants a rent that’s slightly below market rates can help retain them long-term.
4. Be proactive when it comes to maintenance issues.
Taking a long time to respond and address maintenance issues is a quick way to lose good tenants. No tenant wants to send countless messages about a maintenance issue.
It’s frustrating! More so, if the problem impacts the property’s habitability.
As a savvy landlord, it’s in your best interest to respond swiftly to maintenance issues. Preferably, provide your tenants with two lines – one for emergency and one for non-emergency issues.
5. Respect your tenant’s privacy.
Tenants have a right to the quiet enjoyment of their homes. Among other things, this means providing them with ample notice before entering their property. The only exception to this is if there is an emergency.
Different states usually have different rules in regard to the amount of notice a landlord must give a tenant. In Idaho, you must provide your tenant with a 24-hour notice of your intent to enter the unit.
Your reason for entry must also be within reason. Examples include to inspect the unit, to show the unit to prospective buyers or tenants, or to make necessary repairs.
6. Consider allowing pets in your property.
America is a nation of pet lovers. We love our pets and treat them like family.
In fact, did you know that more than two-thirds of the American population have pets?
Allowing pets into your rental property can be beneficial in many ways. First and foremost, it means that you’ll have a larger tenant pool to advertise your property to. Secondly, it may help you earn a higher rental income. Three, it may help your Boise rental property stand out as many landlords prohibit pets.
That being said, allowing pets into your property does come with some disadvantages. The most evident being property damage. Fortunately, many of these disadvantages can be easily remedied by asking for a pet deposit and stating what size and type of pets are allowed.
7. Be professional, not personal.
A month or so after your tenants move in, check-in to see how they are doing. It’s also a great opportunity for them to ask any questions they may have. After that, stay professional and keep your distance.
Avoid being too personal lest they take you for granted and fail to adhere to your lease terms.
8. Make sure your lease agreement covers all the basics.
This is a common mistake that many new landlords make. They fail to include all important clauses in their lease or rental agreement. This ends up creating lots of confusion and misunderstanding.
The only way to minimize this is by ensuring your lease covers all important terms. These include:
- The amount of rent and where and when it’s due at the end of the month. You also want to state the grace period as well as the amount of late fee, if applicable.
- The amount of security deposit. Keep in mind when you should return it to your tenant. In Idaho, landlords must return it 21 days after a tenant moves, or up to 30 days if both parties agree.
- Responsibility when it comes to property damage and things like lawn maintenance.
- Policies on whether you accept things like pets, subletting, alterations, or smoking in your rental property.
There you have it. 8 ways on how to keep your Boise renters happy and satisfied. If doing this by yourself seems daunting, then please consider hiring professional property management services.