Retaining Tenants With Rewards In Park City Property Management
A happy tenant is a tenant who stays. This could almost serve as a mantra for Park City property management. Now this doesn't mean we cater to every tenant's whim, some people just can never be pleased. If you are wondering how to separate the great tenants from the difficult ones check out my post "Park City Property Management: 10 Warning Signs When Finding Tenants". But for the sake of today's blog let's assume you've got great tenants, your long term rentals in Park City are being well cared for and rent is at or above the market rate. Basically things are good and you want them to stay that way. So how do you keep a tenant happy? Here are some tips I've shared with others or learned from landlords.
Handling A Problem
I recently had some friends who own a rental property ask me a question. The fridge in their condo had gone out and the tenant's food had spoiled. The fridge simply broke, there was no negligence on the part of the property owner and they fixed the fridge in a timely manner. But as you know food can go bad quickly and the tenant was upset and wanting some compensation for the lost food. My friend was inquiring what, if any, legal obligation he had to provide some compensation for the spoiled food. The short answer I gave them was no, in Park City property management the landlord is not under any obligation to cover the cost of food that spoiled through no fault of the landlord. But the long answer is a little more tricky. I told them that they should consider whether the current tenants have been good tenants, if they are wanting to keep them in the property, and if they are interested in maintaining a good relationship. Because even $100 reduced rent as compensation for the food is significantly less expensive than a tenant moving out at the end of a lease because they are unhappy with you and the property. Factor in costs to return the property to rentable condition, marketing and touring new tenants, and of course the biggest cost of vacancy. When looked at from that angle it is well worth it to keep good tenants happy and take a little less rent for one month.
Tenant Rewards
My brother had a single family rental for a number of years. He had the same tenants the entire time and one of the reasons were his "tenant appreciation nights". My brother would randomly stop by every so often with a case of beer for his tenants. Now they weren't partiers. They took care of the property, paid on time, and there were never any complaints. But the tenants go a kick out of it, my brother got to keep an eye on his property, and everyone was happy. A case of beer is pretty inexpensive and the time commitment from my brother was pretty minimal. But from this simple tenant rewards he never had any vacancy over the course of a few years. When you look at it in those terms it just makes sense to show a little appreciation to your tenants in whatever form you think works best for them. In my own rental property we usually do a little holiday gift for my tenants and they are very appreciative. They have been there several years and have no intentions of moving. Simple things like this can really help your tenant relations in Park City property management. And good tenant relations translates into happy tenants, less vacancy and better maintained properties.
If you would like more information on how to retain tenants, or further information about Park City property management in general click the link below for a free consultation. You will receive valuable information specific to your property that will help you make an informed decision. You will also receive a free, no-obligation quote on our property management services. At CC Realty we specialize in making investment property ownership a trouble free experience. Please contact us today for your free consultation.
