You’ve finally ended your search and found the perfect multifamily property. Congratulations! It’s a purchase worth celebrating, but your work has just begun. A key factor in being a successful multifamily property owner is being a great landlord. Renters have more choices today than ever before, so it’s essential that both your property and your behavior stand out from the crowd. With these five tips, you’re sure to keep tenants coming for years:
- Don’t slack on maintenance. This may seem like a given, but it really can’t be overstated. Keeping your current tenants happy will pay off in terms of online reviews as well as word of mouth. So in part, maintenance contributes to good marketing. Keep in mind, though, that regular maintenance also means it’ll be easier to ready a unit for a new tenant. Any cleaning and updating will be much easier with a property that’s been well taken care of.
- Community matters. Possible tenants are increasingly going to be millennials and younger generations. This means that a sense of community will be important. If there are ways to utilize space in your property as gathering places where neighbors can meet, this can be a huge selling point. You can also learn more about popular places in your neighborhood and market your property as being close to these hot spots.
- Be flexible. By offering flexible leases, such as monthly contracts or something shorter than the traditional 12 months, you may be able to attract tenants who will pay more. This could attract people who travel a lot or have business allowances for housing, or it could also just give a potential renter the confidence they need to agree to a higher price point.
- Update your technology. Remember how we said you’re shooting for a younger audience? Adding “smart” technology will go a long way in attracting that. Adding systems like thermostats or video monitoring that residents can control with their phones can be a simple way to attract tenants, and installing them yourself can cut down on costs. An added benefit is that when a unit is unoccupied, these tools can help you to monitor it.
- Be communicative. Make sure it’s extremely easy for tenants to contact you — or your property manager — so that you can quickly answer any questions or address any potential issues. The easier it is for a tenant to have their needs met, the more likely they’ll continue to pay to live in your properties in addition to spreading positive word of mouth. Keeping tenants happy is vital to being a successful property manager.
Interested in learning more about upgrading your digs? Contact CTG Real Estate Services at 816-694-4175 to get started.