Rentigo seeks to transform the way property managers and landlords oversee their properties, providing a comprehensive solution for an array of existing problems. We help property managers & landlords tackle daily maintenance tasks and online rent collection. Blog offers tips & insights for landlords and property managers who want to get the most out of their rental properties.
With fall in full swing and winter right around the corner, make sure your property is ready to face the coming weather! As last year’s record breaking cold caused significant damage to apartment complexes and multi-family units, it is important to stay current with the latest tips and strategies to keep your property operating smoothly and your excess costs to a minimum.
Here are a few tips from the pros on the best ways to prepare your property for the impending weather:
Whether frozen sidewalks or overhanging limbs, the safety of your tenants should be the most important item on your checklist. Inspect your parking lots and sidewalks for any significant cracks or craters that may pose a risk when covered with snow. If you have stairs leading up to your complex, keep this area well-lit and clear of any leaves and branches that may obstruct the pathway. Also, be on the look-out for potential overhanging limbs and branches after a snowstorm. Spotting this early in the season will save you trouble in the future.
In the event of a coming snow or ice storm, prepare a “go-to” path for your tenants to exit their units and begin their commute by weatherizing the sidewalks and parking lot with salt to prevent any excess ice that may form overnight. Furthermore, utilize Rentigo’s internal messaging capabilities to send a message to all your residents to warn them of the potential ice patches and slippery sidewalks as they leave.
Maintaining your property in the wintertime is essential in keeping the value of your property from dipping due, to the excess wear-and-tear the weather may cause. While costly, it is important to schedule routine inspections on the various system of your property. Roof and gutter maintenance are often overlooked but are two of the most important systems to prepare your property for the upcoming season. These repairs after-the-fact are often more costly due to damage from ice and snow.
Furthermore, it is important to keep a checklist of the essential winterizing steps that all homeowners and property managers alike do to prepare for the cold. Make sure all exposed outdoor faucets, drains, and pipes are covered or insulated to prevent and freezing or rupturing. Inspect all windows are properly closing with no excess drafts — this causes significant increases in heating costs! Determine all outdoor HVAC utilities are free of leaves and/or overgrowth that would prevent it working properly and efficiently.
Even the smallest opening in a window or door can lead to drafts. This upcoming winter season, be sure to also schedule routine inspections inside of your units to ensure all windows, doors, detectors, and HVAC systems are functioning properly.
If your tenants run into any complications along the way, be sure they snap a picture of their maintenance issue and send it directly through the Rentigo mobile tenant app. This will ensure that the problem is dealt with in a timely and cost efficient manner!
Communicate With Your Tenants
Be sure to relay all the necessary preparation procedures with your tenants. Communication is key to spotting and resolving any issues beforewinter comes. With renter’s insurance powered by Lemonade, your residents will be ready to face any unexpected event that arises. Simply log in to the Rentigo mobile app to receive a quote in minutes and become insured today! Communicating with your tenants is key to keeping them safe, warm, and insured this upcoming season!
Stay connected with your tenants via Rentigo! Whether sending out a message informing your tenants of the impending snow storm or responding to a specific maintenance request for a drafty window, tackle all of your property management needs with Rentigo!
A brand is more than just a name or logo associated with a company. A brand represents an experience consumers come to expect when thinking about your product offering. Enabling an experience for your tenants can help you create relationships that lead to higher retention and loyalty for the long term. This involves thinking about what kind of brand – or experience – you want to create.
That’s why a crucial first step to branding your property is getting to know your tenants. Who are they? What do they care about? What kind of lifestyle do they follow? How can I create a home environment that appeals to their personal tastes and preferences? The answers to these questions will deepen your understanding of your property’s target persona and how you can attract – and keep – tenants that fit this persona more effectively.
To better understand how branding works, let’s take a look at three key reasons why building a brand can help increase your bottom-line.
A brand that reflects your tenants, will help you attract and develop a community of like-minded residents who will be excited about what your property has to offer. Your tenant screening process is a great place to start building a positive relationship as well as set the tone for your property. If done well your property’s brand will be evident during the screening process itself, further helping to create engagement and loyalty. If not, potential tenants will feel disconnected and unengaged from your brand before they’ve even moved in. Positive relationships with your tenants are the key to long-term success so use every opportunity to create experiences they love and will associate with your brand.
A recognizable logo and name will help potential tenants immediately understand where you compete. Your name alone might not have enough awareness among potential tenants beyond your complex and specific location so consider what branding options will maximize your impact.
What do the colors in your logo say about your property? Young, vibrant, active? Or mature, family-oriented and relaxed? When selecting a color scheme for your brand, research what popular products your current tenants are already using on a daily basis. Those brands paid millions in advertising – you don’t have to! The colors you choose will be more likely to resonate with like-minded prospective clients.
Does the name of your building have a Designation Point? By that, does your property name describe the location and surrounding area while enticing people to stop by? Is your brand attracting the right tenant?
These are some questions to consider when settling on an image for your property. An easily recognizable name and logo may add up to more potential tenants at your open house or calling to inquire about rental rates. Increased tenant inquisition leads to an increased tenant demand for your property.
While relationships and recognition are key, creating loyalty for your brand is the ultimate reason tenants will choose to stay on your property. Building brand loyalty to your property is a sure-fire way to retain your current residents and advertise to potential ones as well. Create a loyalty to your property by building a positive reputation of the services and features associated with your property. The luxury hotel chain, Ritz-Carlton, is a great example of brand with exceptional loyalty among its consumers. By setting – and meeting – baseline expectations for exceptional quality, service, and amenities, your tenants will go out of their way to stay on your property.
Let Rentigo help you today by building your brand to grow your business. With our all-in-one tenant mobile solution, your residents will receive the same exceptional service every time they pay their rent, submit maintenance requests, or utilize the instant messaging feature to inquire about anything from building repairs to upgrading their unit! Establish your brand and start increasing your property values today with Rentigo!
We’ve come across many landlords in the past few years who prefer their tenants to pay their rent by check.
While an old-school mentality may be fine for some situations, when it comes to collecting rent, it simply doesn’t make much sense.
The myths about collecting online rent payments are unfounded. Yet many landlords continue to be skeptical about the idea.
The truth is, most tenants prefer to pay their rent online.
It’s easier than mailing a payment. It takes less time to click a few buttons than to write a check. Tenants can make payments from anywhere at any time. It’s great for the tenant, but is it helpful or harmful to the landlord? The answer is simple – it’s a great idea.
Here are 5 reasons why you should start collecting rent payments online.
1. Tenants Can Set up Recurring Payments
As a landlord, having tenants set up recurring online payments only makes your life easier. In most cases, tenants that pay the rent late do so because they forget – not because they’re bad people or don’t have the money to cover that month’s rent. With recurring payments, they won’t be able to forget.
By allowing your tenants to set up a recurring monthly payment, you can say goodbye to late rent checks. Tenants can set up their payments to draw from a checking account, savings account, or credit card. All they need to do is allow their bank to transfer the funds to your account on the same day every month.
If rent is due on the 1st of every month, they can set it up so that the money transfers on the 1st or a few days before. You’ll know exactly when you can expect your rent each and every month, and you’ll never have to hear the excuse that the check is in the mail.
2. Automatic Reminders and Late Notices
Some tenants may not feel comfortable setting up recurring monthly payments – but you can still allow them to make payments online.
To make sure your tenants pay the rent on time, set up automated reminders. You can send them a friendly reminder via email a day or two before the rent is due and include a link that makes it easy for them to pay. If you don’t want to send reminders ahead of time, set up a system where you can email them if the rent is a day or two late.
3. See Real-Time Updates
Depending on the platform you use and the way your bank processes payments, it may take a few days to process your payment. But even if the payment is processing, you will be able to see updates in real time. You’ll know exactly when a tenant has made a payment and you can monitor your payments from any laptop, tablet, or phone.
By accepting online payments you won’t have to monitor your account to see if a check has cleared. You won’t have to run to the bank to make your deposits. And you won’t have to worry about a check getting lost in the mail. You can view your account online at any time to see if your payments are there.
4. Ability to Accept Credit Card Payments
Many rent payment systems allow tenants the option to use a bank account or a credit card.
Why does this matter?
While we don’t want to encourage anyone to go into debt by paying their rent on a credit card, it is a great option if there is a month when money is tight. It’s a great backup solution that offers tenants the option to pay through the method of their choice.
There are lots of people who use their credit cards for everything – if only for the fact that they love to rack up those rewards points.
Some people pay every monthly bill on their credit card and pay their credit card back at the end of the month. As a landlord, it’s best to give your tenants multiple payment options.
As long as the rent gets paid on time, do you really care where it’s coming from?
5. More Secure
When it comes time to select an online payment processor, make sure it guarantees 100% security and is PCI compliant. This makes online payments a safer and more secure method of collecting rent than receiving checks sent through the mail.
Collect online rent payments and you’ll never have to deal with a check getting lost by the postal service. You’ll never have to fear that someone might steal those checks from your mailbox. You won’t have to worry about losing or misplacing a check before you can make it to the bank.
The online payment process makes rent collection safer for both the landlord and the tenant.
Online payments also process much faster than checks. And you’ll never have to worry about a tenant bouncing a check again.
Why Online Payments Make Sense
To find good tenants, you have to keep your rental units safe and up to date. As a good landlord, you should take the same approach to the way you receive rent payments. Most people pay their bills online, so it’s best to give your tenants the option to do so with their rent. It’s easier and more secure for both parties involved.
Encourage tenants to set up recurring payments that transfer automatically to your account on the same day each month. For tenants who don’t want to create automatic payments, set up a system that sends them reminders before the due date or reminders if they are late.
To give tenants the most flexibility, offer them the option to pay by debit card, bank account, or credit card. The more payment options they have, the more likely it is that you’ll receive your rent on time.
Monitor payments in real time without ever having to go the bank or track down a payment that got lost in the mail. And, most importantly, make sure you use a secure online payment system that protects both you and your tenants.
If you’re used to collecting rent by check, it may seem strange using an online method. But once you get used to it, you’ll be amazed at how easy and efficient it can be.
Lindsey is the community manager who comes to Siesta Key with several years experience managing luxury communities throughout the DC metropolitan area. As a Montgomery County native, Lindsey feels as though Siesta Key is what Rockville has been missing. It is centrally located however, it proves that you can have plenty of space without losing style and sophistication. Learn more at https://livesiestakey.com/
Setting the perfect rent price on your apartment unit may seem like a daunting, elusive task. Ask for too much and no one will be able to afford to lease your unit, resulting in vacancy that may last for months. Ask for rent that’s too low and you run the risk of attracting problematic, deadbeat tenants, which may result in good tenants leaving. Since settling on a price that runs somewhere between these two extremes is probably your best bet, here are some tips on how you can set the price that will help you attract the tenants you want.
Understand your location
Where your rental is located can greatly affect the price tag you place on an individual unit. A desirable location in an established, posh neighborhood naturally attracts tenants more willing to pay almost any asking price for the opportunity to live at that “address.” An up and coming neighborhood won’t yet have the same cache. Moreover, if your property is located near schools, grocery stores and public transportation, this added value will allow you to position your unit at a higher rental rate over a similar apartment equal in size and appearance, but without the bonus of these conveniences nearby.
Compare apples with apples
When pricing your unit, be sure to canvas the neighborhood to understand the going rental rates of similar units in your area. Search for “like” properties with similar amenities. If your property provides a gym and balconies on upper floors, only compare it to the rental rates of other properties with comparable features. If you are not careful in your search, you’ll either greatly undervalue or mistakenly over-price your units. Furthermore, if your rental properties include newly renovated kitchens with stainless steel appliances (for example!), be sure to ask probing questions when evaluating competitive, newer-looking properties. These seemingly newer facilities may not actually be all they seem if they contain older, inexpensive appliances. Outside appearances can be deceiving!
Know the Market
Recognizing multi-unit rental market trends will further improve your accuracy when setting rental rates on your apartment units. If the economy is doing well, you can more easily increase your unit’s price and still attract new tenants. If the economy is heading towards a downward trend, consider lowering your price even temporarily to avoid those vacancies. Remember – an occupied unit is by far more profitable than a vacant unit, even at a discount!
Certain seasons, such as late spring and late summer see increased rental activity for various reasons from school registration to available job opportunities. By understanding which factors or cyclic trends affect your neighborhood and targeting your marketing efforts accordingly during such high-volatility months, you can predict possible vacancies and act quickly to appeal to renters with the best – and most profitable! – rental prices in mind.
At Rentigo, we understand how important it is to keep your millennial residents satisfied, so we asked our clients to list out the most relevant attributes that millennial renters look for in a rental property. Through this survey, we concluded that the most attractive characteristics of a rental property for millennials are amenities, convenience, and community. Here is a detailed look at these attributes that millennials look for in their next home.
Whether it be a pool, an outside patio grill, a fitness room, or simply a spacious lobby, amenities separate your property from the competition and attract potential millennials.
While your property may not currently possess all these features, maximize your property’s potential by incorporating these attributes into the daily life of your tenants. Have rooftop access? Place comfortable, outdoor furniture on the roof to create an outside event space for groups to gather. Own greenspace adjacent to the units? Set up picnic tables and an outdoor grill for your tenant to utilize and possible invite others to join in on the fun.
Consider investing in better amenities that will ultimately raise the appeal of your units. Install current, stainless appliances for an updated look as units become available. For some, adding a stackable washer and dryer inside the premises will have greater appeal to millennials than a new refrigerator. Know your tenant base and what they desire to make the most of added features.
Furthermore, over 30% of millennial renters own pets so make sure some of your units are pet-friendly. Provide access to dog-walking services and play areas as well as outside faucets for pet-washing. Catering to a tenant’s “family” can go a long way in higher retention rates.
Especially in urban settings, the convenience of grocery stores, pharmacies, and public transit stations is a must. Even if your location is not precisely a busy downtown district location, be sure to provide information and highlight these high traffic areas of interest to potential renters — convenience is a must for millennials.
For convenience, consider including utilities in the rental rate — younger renters often prefer this added feature as an option to better budget their monthly rental costs. Furthermore, by using an online based management process, such as Rentigo, tenants value the added convenience and embrace with ease the implementation of technology for payment methods, maintenance requests, and communication between landlords and tenants.
A strong, vibrant nightlife is an important part of the millennial’s social life. Make sure your property provides easy, 24-hour access to accommodate their lifestyle.
As millennials often consider long-term leases, building community within your property will keep your tenants happy and will significantly lower the turnover rate. Plan community-wide social gatherings, service projects, or holiday celebrations to encourage your tenants to get to know their neighbors. Millennials are often young professionals; new to the area. By hosting a complex-wide social event, fellow tenants are able to meet one another and form a community around each other. Tenants will appreciate the efforts of an active property manager in hosting events, keeping them informed of community events, and having an open line of communication.
While affordability, square footage, and number of bedrooms appear to be important factors, millennials seek out certain amenities and conveniences when searching for their new place. As millennials move away from the idea of ownership in the suburbs to renting in the city, multi-unit complexes are becoming increasingly desirable and landlords need to capitalize on this large influx of potential renters.
As a property manager, you have to juggle several tasks at once. While it can be difficult finding tenants and addressing tenants’ concerns, that’s not the hardest part of the job.
Many property managers agree that one of the hardest parts of the job is handling maintenance.
Maintenance issues can cause big headaches, so you’ve got to have to plan in mind for how to tackle the problems.
Check out these 5 tricks from the pros so you can better maintain your rental property.
1. Perform Routine Inspections for Water Damage
Water damage can lead to mold damage, which can lead to major problems. Follow the EPA Mold Guidelines to ensure that you’re conducting the proper mold inspections on your property.
Check for common leaks by examining grout in the bathroom. Check for cracks or other deficiencies in your structural foundation. Make sure you also inspect your windows on a regular basis. Damaged windows can lead to inefficient heating or cooling, and that can allow water to come in.
With regular inspections for mold and signs of water damage, you can take a proactive approach to maintenance. Being proactive and tackling a minor issue is a lot easier than reacting to a major problem once it has already occurred.
2. Stay on Top of Pest Control
Pest problems can arise on any property, but multi-family units are especially vulnerable to pests like bed bugs. It is important to stay on top of pest control issues and do what it takes to prevent issues before they arise.
Hire a professional exterminator to visit your property monthly or bi-monthly.
Maintaining a service contract with an exterminator will cost you money, but it can save you money in the long run. Bug infestations and damaged caused by insects like termites can be costly issues to resolve. It will save you money over time if you catch a problem early and prevent widespread damage.
3. Hire a Landscaper
A well-maintained lawn is essential to any property. No matter how big or how small, it’s important to keep your lawn and grounds looking their best at all times.
Hiring a landscaper can help to increase the curb appeal of your property and increase its overall value. And while a landscaper will cost you money, having one can actually save you money down the road.
Professional landscaping means more than just mulching plants and mowing lawns. A landscaper can also improve your irrigation system, which can save you lots of money on your water bills. If your irrigation system is leak-free, that efficiency will cut down on your water service.
Proper landscaping can even save you money on your electric bill. The placement of trees on your lawn and around your property can lower the air temperature, which can reduce your air conditioning bill.
In addition to tending your lawn and green spaces, landscapers can also help to clean and keep your gutters free from leaves and other debris.
4. Care for the HVAC System
Routine care of your heating and air conditioning systems can save you big money. With regular maintenance, filter replacement, and vent cleaning, you’ll get a much longer life out of your system than if you skip those steps.
When HVAC systems are regularly cleaned and inspected, they run more efficiently. That efficiency can cut down on your electric bills and can eliminate the need for replacement units.
A well-maintained HVAC system can last for decades, so have an HVAC professional service your system to get the most out of your unit or units.
Make sure that you change your air filters on a regular basis. Professionals suggest getting your air conditioning unit and your heating unit serviced once each year.
Don’t skip the annual check—it’s essential to maintaining your systems and providing clean, safe heat and air for your tenants.
5. Pay Attention to the Water Heater
Don’t overlook the importance of your hot water heater. There are some basic steps that you can take to increase the efficiency of your water heater and keep the system operating safely.
Set the temperature on your water heater to 120 degrees. This makes it powerful enough to heat your water but will cost less to run than a heater set at a higher temperature.
Drain the tank at least once a year to remove sediment build-up. If you’re handy, do it yourself. If not, hire a professional to come in every twelve months to do the job for you.
It’s also important to check the pressure valve. The pressure valve exists so that if there is too much pressure in the tank, the valve will release that pressure. If your valve is not operating properly, your tank could explode.
Managing a property can be easy work if you know what you’re doing. The key to good management is to know the tasks you can handle yourself and know when it’s time to call in the professionals. Take a proactive approach to building maintenance. By being proactive, you’ll endure a lot less headaches than if you have to address a problem after it’s happened.
Perform routine inspections for water damage that can lead to mold. Mold remediation services can cost thousands of dollars, so take the time to do regular inspections that can catch a problem in the early stages. Hire an exterminator to perform regular maintenance, especially in multi-family units. Hire a landscaper to beautify your property and reduce the costs of water and electric bills.
Bring in an HVAC professional once a year to inspect your heating and air conditioning systems. Have your filters changed and have your systems serviced to maximize efficiency. Lastly, pay attention to your water heater. Remove sediment build-up and make sure your pressure valve is working at all times.
With a little bit of know-how and a few experienced professionals on your side, rental property management can be a breeze. If you follow these tricks and keep up on your maintenance, you’ll save yourself lots of money and aggravation in the long run.
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Creating a cohesive living environment for your tenants can provide significant benefits. From reducing vacancy rates to increasing your property’s visibility with prospective renters, the payoff can be huge. And while fostering community inevitably requires time and effort, taking just a few key steps can make all the difference. These community-building activities are some of our favorite ways property managers can have the biggest impact:
Using social media to create a connection with your tenants is a great place to start. Not only does this let your tenants interact with one another in one central location, it also gives you a chance to develop a more personal relationship with each tenant.
Your Facebook, Twitter, and LinkedIn profiles can also help tenants learn about available listings, community events, social gatherings or other activities which also fosters better connections. An active Twitter account can be adopted to post short announcements or link useful articles that your tenants may find beneficial. A quick way to notify tenants about building announcements or safety alerts may prove essential.
A strong social media presence will not only strengthen your bond with and among tenants but also help you promote your property to reach new, prospective tenants. Taking an active role within a building community reflects your credibility, care and concern.
As you branch out and apply social media to your property, keep in mind that it is important to update your profiles on a regular basis — inactive social media accounts are worse than not having them at all.
Hosting monthly or quarterly events creates another opportunity for tenants to meet and interact with fellow renters and property managers. Take advantage of your property’s unique features. Have a pool? Throw a themed pool party. Have a roof top area? Rent some grills and host a “grill night” potluck. Have a large lobby? Set up a morning coffee bar before work. Such organized events will promote community among your tenants while highlighting what makes your complex special.
Remember to leverage social media to send invites and post photos from these events. Showcasing your residents having fun will attract new clients to your doorstep!
Find a local charity, preferably one in your neighborhood, and give back. Recruit current tenants and host a quarterly volunteer day to give back to your community. Become part of a larger community. Ask residents where they presently volunteer their time and let them help guide the way.
Working together for a local charity promotes camaraderie and a sense of belonging. Wearing colorful, matching t-shirts for your building-wide volunteer day makes for great advertising for your complex.
Attend some of your own events. Speak to your tenants and give them the opportunity to suggest ideas or ways to improve their living community. The more connected the residents feel, the greater their collective contribution.
As always, a strong community promotes satisfied clients and keeps retention rates high. Building a strong community makes your property more attractive.
Personal relationships are essential to building community. Digital technology like Rentigo can help you go beyond social media to cultivate better relationships with your tenants. Such solutions can simplify communications to keep tenants informed and engaged, while collecting insights to further personalize your interactions as their needs evolve Internal messaging capabilities make it possible to send information about community events or deliver direct emails while saving time and money. Ongoing data mining also makes it possible to keep track of tenants’ special preferences or personal milestones to further build engagement.
Creating a strong community takes time and effort, but the right combination of creativity, resourcefulness and technology can help you strike the right balance to see it pay off.
Whether you rent one apartment or hundreds of units, a good landlord doesn’t stop working once the lease has been signed. The best landlords do more than making repairs throughout the duration of the lease. They also take special care to make the move-in process as easy as possible. After all, a happy tenant will often make referrals to potential future residents.
The best way to retain great tenants is to treat them like valued customers. The move-in process is the best place to start to build that relationship. Here are our 6 expert secrets to for landlords to provide an unforgettable move-in experience for new tenants.
Check Off the Checklist
Have a move-in checklist ready and make sure you tick off every box. This is different from the checklist you use for your final walk-through. Your final walk-through consists of looking for things that your prior resident did or didn’t do to the apartment.
The move-in checklist is a list of things that you need to do before your next tenant moves in. Bring in a professional cleaning crew. Repair damages. Replace missing items. Make sure that all appliances and amenities are functioning properly. Confirm that all window and door locks are functioning. This is your last chance to make sure that everything is perfect before your new tenant moves in.
If your apartment is furnished, make sure any missing furniture has been replaced. If your apartment building includes specific amenities, make sure they are accessible. Ensure that you’ve kept all promises to the new tenant on their move-in day
Welcome Your New Tenant with a Handwritten Note
We’re all used to texting and emailing. Why not make an unforgettable first impression and leave a handwritten note for your new resident? Take a moment or two to greet your new tenant with a personal message. Welcome them to their new home. Show some excitement for them moving into their new place and beginning the next chapter in life. It doesn’t have to be long, but it should be heartfelt.
Conclude your note by thanking them for choosing your property as their next home. This interaction will make your tenants know you value and appreciate their business. It’s this type of personal relationship that can help you keep long-term renters or enjoy referrals when they move out.
Be Proactive in Providing Information
A simple welcome packet will make moving in easier for your tenant. It will also save you time from having to answer commonly asked questions. Give each new tenant a welcome packet that includes keys, wi-fi passwords, and parking information. Include a list of emergency numbers and hours of availability for your rental office. You can also provide contacts for various amenities in the building or complex.
Moving into a new apartment is no easy feat. Between packing and unpacking, most tenants don’t want to do research on the building. Save your tenant the aggravation of having to ask these questions and save yourself the time from having to answer them. A simple welcome packet makes it easier for all parties.
Provide a Few Basic Essentials
Most tenants get their new keys, unload their boxes, and immediately start unpacking. Then they realize that they need to go shopping because they don’t have any of the essentials on hand. Landlords, here is where a few dollars can really go a long way.
Spend $20 to provide your new tenant with a welcome basket of the bare necessities. Include a few rolls of toilet paper, a few bars of soap, and a few bottles of water. These basic items don’t cost much and they certainly won’t go to waste. A few dollars can make your tenants’ first night in their new home a much more enjoyable experience. If they’ve forgotten to pack those items themselves, they’ll be grateful that you thought of it.
Provide Some Insight into Your Favorite Neighborhood Spots
Some new residents may already be familiar with the neighborhood. However, many will be new to the area. Provide a list of your favorite nearby locations to introduce them to the neighborhood. Let your tenants know about local bars, affordable restaurants, and delivery services. Give them a list of convenience stores, grocery stores, and nearby gas stations. If you can include restaurant menus or easy-to-read maps to the locations, even better.
This could be part of the welcome packet or it could be a separate listing of locales that you can tack on the fridge. Even if the list is brief, it will make it easier for out-of-town tenants to get acclimated to the area. To go a step further, ask some of your favorite shops and restaurants if they can provide move-in discounts or coupons for new tenants. If so, include that information with your neighborhood guide.
Use Digital Technology to Create an Ongoing Relationship
A successful move in experience can be the beginning of a beautiful relationship with your tenants. Digital technology can help ensure it stays that way by letting you easily stay in touch and connect on matters of shared importance – like the rent.
Tenant apps like Rentigo also offer your tenants the added convenience of paying monthly rent or making maintenance requests straight from their smartphone. The perks of going digital extend to landlords on the backend by simplifying the process of managing vendors, tracking rental payments and avoiding vacancies.
As mobile apps like Rentigo become the norm for doing just about anything online, your tenants will appreciate knowing you’re still accessible to address any questions or issues once they settle in – hopefully for the long term.
Every landlord wants good tenants to stay on as long-term renters. If your leaser likes your apartment and likes the neighborhood, they’re much more likely to feel at home. If they feel at home, it’s more likely that they’ll stay for an extended period of time.
Trying to make a new tenant happy shouldn’t end once you’ve signed a lease. Take the time to welcome them to the building. Educate them on the neighborhood. Make them aware of essential services and amenities. Provide a few basic necessities for that first night in their new home. Respond to questions or issues as quickly as possible throughout their stay.
Your apartment is about to become their new home, even if only for a year or two. Help make the transition to the next stage of their life as smooth as possible. A happy tenant is likely to re-rent or, at the very least, refer someone new to live in your space.
Chestnut Portland is a quiet community of one, two and three bedroom townhomes in Portland and Scarborough, Maine. Chestnut Portland is perfect for anyone looking for easy access to town, as well as a little fresh air and breathing room.
Happy tenants are every property manager’s dream. Not only is a happy tenant much more pleasant to interact with on a personal level, but they are also more likely to stick around longer which positively affects the bottom line.
The reason is obvious: property managers who make keeping tenants happy a priority experience lower rental vacancy and abandonment rates, which also means they’re saving time and energy looking for new tenants to replace them.
In one example, based on a recent American Renters survey, stats showed that 58% tenants equate having a great move-in experience with the likelihood that they will love their property manager, as well as choose to stay in their rental for longer. On the other end of the spectrum, 53% of tenants who had a bad move-in experience said they prefer to move, and 29% said they would definitely move.
If moving in – which marks the very start of the tenant-landlord relationship – can have such an impact, imagine the effect of ongoing interactions over time. From making rent payments to dealing with maintenance issues, the tenant-landlord relationship is fraught with the opportunity for friction. Effective communications can help smooth the journey for the long-term. Hello digital technology.
How Digital Helps
If a better tenant-landlord relationship is crucial to keeping tenants happy, then digital technology holds the key to making it possible.
Digital is already impacting the ease and speed of various aspects of property management. From managing vendors and contractors to planning new marketing campaigns, digital tools are helping property managers eliminate the burden of paperwork and the headache of “doing it all” manually. The question is whether these improvements in the daily property management experience can extend to improving the experience for tenants themselves? The answer is yes. Here’s how.
Increased convenience – for everyone
Digital tools offer many benefits that make certain property management tasks easier and more convenient, but there are a number of benefits for tenants as well. One example is being able to pay rent online, using a smartphone or computer. Tenants, especially millennials and younger, not only prefer this, but expect it, since it is convenient, fast, and helps them avoid late fees.
Managing your communications with tenants from one central online location means you can respond quickly, wherever you are. This not only benefits you as the property manager, by saving time and money spent on fixable problems, but also makes your tenants happy. Your tenants will appreciate being able to contact you across whatever channel they prefer, as well as the increased responsiveness that comes with it.
Let’s face it: when you manage multiple properties, keeping in touch with each tenant can be hard. And yet the personal touch can help make all the difference in creating goodwill and trust. Digital solutions incorporating email management features can simplify the process of personalizing your communications for all the tenants in the system. So whether you need to let them know about an important update, address a logistical issue or simply want to send a friendly note during the holidays, you can do it in as quickly as a matter of minutes.
Going the extra mile
One if the biggest benefits of going digital is access to data. When it comes to the tenant-landlord relationship, the data tenants share about themselves can help you go the extra mile to provide better service. Analyzing the data can give you important insights such as which tenant is expecting a baby and may need a larger apartment, or which tenant is nearing the end of their rent agreement. This type of information can help you prepare, and offer tenants new proposals that fit their needs so that they don’t go looking elsewhere. In addition, you can send personal messages on special occasions, like birthdays or anniversaries, to create a more positive relationship with tenants.
Digitizing your property management processes is a great way to simplify your life so you can focus on building your business instead. This includes finding and leveraging opportunities to connect with your tenants to deliver a better, more personalized and responsive experience on your property. If, as a result, this increases the likelihood they choose to stay, then everyone benefits.
Property management can be rewarding work, both personally and financially. There are, however, unexpected expenses that can pop up along the way, especially if you’re working with a property management company.
The truth is property management is hard, especially if you’re managing multiple properties. From collecting rent to taking care of maintenance requests to anticipating and minimizing vacancies, the daily routine of a property manager can rapidly become overwhelming. Hiring a property management company is a quick antidote but is that really the best option? Times are a’ changin’. And with the right (free) tools, modern property managers can successfully take on more responsibilities without taking on the added stress.
Here are just some of the benefits going at it the DIY way:
Ever heard expression “too many cooks in the kitchen”? Yep. Between the multiple tenants or vendors often involved in any single task, the lines of communication can quickly get tangled. Digital platforms offer property managers an easy way to avoid depending on a middleman while maintaining direct communications to streamline workflows and meet deadlines. These should include built-in e-mail, SMS and reminder notifications so you can avoid being a bottleneck and keep things running smoothly at your convenience, wherever you are.
Managing your properties yourself is the only way to access the immediate insights you need to understand what’s going on at any time. Who are the great tenants? How many leases will end in the next 6 months? What properties provide the highest or lowest returns? Digital platforms like Rentigo let you monitor and track your properties so you’re always on top of the most important issues facing your business. Going digital also means this information is continuously updated to help you avoid the possibility of inaccuracies that might naturally occur with reports generated by a third party.
Managing multiple properties means different processes and communications are often running in parallel on an almost daily basis. Digital reporting and tracking tools will automatically surface the issues that require immediate action so you can prioritize and address them as they come up. Having access to a bird’s eye view of your properties at any given moment can also save you significant time and costs, by helping you immediately identify any inefficiencies or problems in order to course correct as you go.
Increase your ROI
In most cases, property management companies will keep you informed about vacancies. However, only you care about increasing your properties’ ROI. Managing your own properties means you can access the information you need when you need it to maximize your property’s value or identify the right time to increase the rent. Driving your ROI is a continuous process that requires familiarity with your property, knowledge about the local market trends and the personal motivation that only you – as the property manager – can bring.
Your Tenants Will Thank You
It’s not a surprise that property management companies have different priorities than you do. At 8%-10% generated with each new rental, and fees associated with maintenance, evictions, placing new tenants and more, their income depends on it. An added perk of being the direct point of contact is the luxury of prioritizing things your way. This includes making sure your property is well maintained and keeping your tenants happy – at all times. If you hire a company to do it for you, you can believe your tenants will know the difference.
And of course there’s the obvious and most compelling reason of all to empower yourself with the right tools: no more property management fees. Eliminating this ongoing expense directly benefits your bottom-line.
It can be daunting to manage properties on your own. The right digital property management tools on your side can help make the transition easier than you think.
Curious about how Rentigo can help? To learn more about our free property management platform please contact us at firstname.lastname@example.org or 1-888-497-5499