I was doing some research this week on improving tenant relationships with their property management companies and I came across this info-graphic. Part of the research was on how to respond quicker and provide better service to tenants who have issues with their rental properties. For a company like Premier Property Management where 100% of the properties we manage are owned for real estate investing purposes, quick reaction and tenant satisfaction will go a long way in helping an owner have a consistent and reliable income stream.
Property Management, Landlord And Tenant Issues
What caught my eye about this info-graphic from Home Serve, a British home repair company, was the number of people who were willing to withhold rent until they were satisfied and then the number of people who were not satisfied after the job was done! This is a big issue for both individual landlords and property management companies. A happy tenant will stay in a property longer, pay rent on-time and in general have fewer issues for you as an owner or manager. Take a look at the info-graphic from Home Serve:
I think both the study and his info-graphic highlight the need to be quick, responsive and attentive to your tenants needs. A major change that Premier Property Management instituted this year and something that every landlord and manager should consider was to call each tenant after a job is completed to survey them on their satisfaction with everything. We ask if the repair company was courteous, polite, were they clean and did they complete the job to the tenants satisfaction. This one follow-up call has improved the relationship aspect with our tenants tremendously and will absolutely have an effect on length of stay in a property as well as on-time rental payments.
After looking at the info-graphic, what do you think about the responses from the tenants? Do you do anything special to keep your tenants happy?