Keeping Tenants Long Term and Earning Referrals

Tenants are what keep your rental communities running. Without tenants, you’d have an empty building and wallet. Although advertising and marketing are great options to get more people to move in, a bad word of mouth can cause quite the opposite.

Typically, a lot of focus goes towards getting new tenants but people forget their current ones and their friends or family. Let’s look at the ways to keep your current tenants long term and the ways to obtain everyone they know!

1. Under-promise, over-deliver

Although you don’t want to completely undersell yourself and your building, the key to making your tenants become long-term is to exceed their expectations. When they have a problem, fix it immediately. If you can’t, give them a time in which you will have it done by and keep them in the loop. When they first move in, have a small housewarming gift (think a bottle of wine or some chocolates!) These details will have them overly happy to live in your building and to spread the word.

2. Offer incentives

Everyone loves incentives. You can offer a variety of things like “10% Off Your Next Rent Payment for a Referral Move-In!” Or maybe even, “$50 Off With Early Rent Payment!” to your tenants. This will encourage them to tell everyone about the great service you offer as well as making sure their payments are in early.

3. Remember their names

This may seem like a no brainer, but it is an often overlooked detail. By simply memorizing your tenants name, you’ll create a comfortable environment for both your tenant, and yourself. This will show them that you actually care.

Quick tip: If you have a hard time with names, try thinking of something their name rhymes with or of a famous person with the same name.

3. Always maintain the property

Maintaining your property well maintained at all times will not only increase the value, but it will also minimise the risk of vacancy. Tenants want and look for landlords who are willing to maintain their properties to a high standard and in return, they will work make sure they keep up with it too. Also, word of mouth will quickly spread.Tenants love to show off about how great their property is maintained. You can be sure that you’ll get aspiring tenants rather quickly. Make your property a sought after property!

The Bottom Line

Be the landlord you’d love to have! If you appreciate incentives, someone going the extra mile for you or simply keeping your home well maintained, then make sure you do that for your tenants. Your tenants will not only appreciate you treating them kindly, but they will make sure their close friends, acquaintances and family members know as well. Let us know if you have any other tips and tricks for both keeping your tenants and getting their friends to move in as well!