Tenant Insights

Google’s study provides insights into customer loyalty

Google released a new study which speaks to the tenant-landlord relationship. The question asked was: “What’s most important when booking travel?” … but the same answers apply to being a great landlord or property manager.

What did Google find as most important?

  • 60% said Customer Service (not lowest price)
  • 55% said easy-to-use website
  • 50% said Online Reviews

Apparently, there are 2 types of loyalty: Attitudinal & Behavioral

Attitudinal Loyalty is what people claim to feel about a company. Behavioral Loyalty is about what customers actually do & where they spend their money.

So what’s the return on investment of a happy tenant?

  1. A happy tenant will submit positive online reviews. 82% of people trust online reviews more than friends. (Attitudinal loyalty!)
  2. A happy tenant will refer their friends and family. (Attitudinal loyalty!)
  3. A happy tenant will renew their lease. (Behavioral loyalty!)
  4. A happy tenant – if moving away – will  leave your unit cleaner & less-damaged.  (Behavioral loyalty!)

Want to find out how you are doing?

How your “run” your property as a landlord will impact your tenant’s behavior and loyalty. Our Tenant-Campaign will establish a tenant-score based on three spheres: People, Process, and Product.

  • Do your People have positive interactions with the tenants? Are they caring? Do they communicate?
  • Does your business Process give tenants confidence? Peace-of-mind?
  • Is your Product (your physical units) well-maintained? Is it what the tenant expected?

The true story of Security Deposits

If you’ve been a tenant you know that renting an apartment is expensive. Especially the first month with the security deposit and first & last month’s rent. Most tenants hope and expect to get their entire security deposit back from the landlord or property management company. We researched a local property management company with over 2,000 tenants and discovered an interesting fact. On average they only return 54% of a tenant’s security deposit. That may seem like a low amount. Why?

Here are the top reasons, property managers deduct from a tenant’s security deposit:

  1. Outstanding Rent or other charges on tenant’s account
  2. Cost of carpet cleaning. Many leases require a carpet-cleaning fee on move-out.
  3. Cost of additional cleaning of unit. Cleaning averages about $40/hour.
  4. Cost to repair damages. Maintenance & repair averages about $55/hour
  5. Cost to remove abandoned items the tenant doesn’t want anymore.

It is important to help tenants understand the move-out process & the expectations for the security deposit. Setting expectations up-front help ease the tension of disappoint a tenant may feel when they only receive a portion of their security deposit.

 

 

Tenant Feedback straight to Facebook

Here is a great example of how TenantInsights Texting-Campaign creates Facebook-ready content. Helping tenants understand how the majority of people perceive your company is a great step forward in making “happy tenants”.

How to Find Good Tenants

It is always the first big challenge after buying a multi-family property – how do I find a great tenant to trust with my property? Check out this article from Avail.co – a ton of insights.

How to Find Tenants You’ll Love

Finding good tenants should be critically important to any renter, whether you have one unit or hundreds. You want someone who is going to pay rent on time and take care of the property. After all, the rental property is an investment, and constantly having to find new tenants to replace bad ones will cost you in advertising and potentially in evictions. Luckily, there are good tenants at every rental level, and your goal in advertisement is to effectively attract those who fit your property well. But the task of advertising can seem daunting, especially for landlords new to the game. To help make it easier, we’ve provided this general so you can find great tenants more easily and without wasting money.

It is essential to follow fair housing laws at the local, state and national level. This means you have to be careful how you word your advertisements and how you screen and choose tenants to avoid lawsuits stemming from discrimination laws. For a comprehensive discussion of fair housing laws, read our Fair Housing Laws guide, but relevant points (to keep you safeguarded!) will be sprinkled throughout this guide, as well.

From https://www.avail.co

How to keep your Tenants Happy

Happy tenants are the key to the success of your property investment. Here are typical costs for turnover from unhappy tenants. And keep in mind none of the “soft” costs are identified here. These will include negative social media reviews, bad word-of-mouth referrals, and possible departing damage from unhappy tenants.

5 ways to keep tenant happy:

  1. Keep up-to-date on maintenance.
  2. Communicate often and accurately.
  3. Find out what is most important to YOUR tenants.
  4. Demonstrate the value of a longer lease by reducing rates.
  5. Be strategic in your RELATIONSHIP with them.

Thanks to mysmartmove.com for the inspiration for this post.

Why Landlords should have Rules for Tenants?

Here are 10 reasons you, as a Landlord, need to have Rules for your Tenants.

  1. Rules are established to reinforce your beliefs about the way your rental building should run, and define what is acceptable and what is not.
  2. Rules unite tenants around a central set of beliefs and boundaries regarding the building and their neighbors. Rules create a powerful building identity that will even become known within the greater community.
  3. Rules need to be relevant and current, and give tenants direction.
  4. Rules help a tenant know where the line is drawn between acceptable and unacceptable behavior.
  5. Rules pertain to managing resources and the function of your building. They are about managing time, tenant relationships, and rental resources.
  6. Rules should be enforced within the context of the Rental Agreement and be based on a desire for your tenant to succeed.
  7. Rules should be set up to assist tenants in upward mobility, enabling them to get to a place where they want to go, They should not be designed to penalize tenants and hinder their forward progress in life.
  8. Rules are not set up to demonstrate landlord authority or control. Rules are in place for tenant protection and benefit.
  9. The ultimate intent of creating and enforcing rules in your rental is to help tenants maintain relationships with other tenants.
  10. Rules need to make sense and benefit the tenant and their experience with the product, process and the people that surround them.

3 Great Tips to Keep Your Tenants Happy

For property managers or landlords there are ways to improve the experience with your tenants. Here are 3 great tips:

  1. Answer the Phone.
  2. Work out repairs promptly.
  3. Give small tokens of appreciation.

 

What not to say during a Crisis

Most Landlords will experience some level of crisis with their tenants or at their properties. These moments can be defining in the tenant-landlord relationship.

There are some things you should not say to anybody in the moment of crisis.

  • “It gets better.”
  • “If this was different, this would have never happened.”
  • “Maybe it happened for a reason.”
  • “Pull yourself together.”

Check out some good things to say in a crisis.

And by the way, do you have your crisis plan established, written, and available in the event of an emergency?