The idea of "social capital" is an interesting one. It states that when you do kind things or are a positive person to be around, you gain credit that you can 'spend' when you need a favor or help in the future. The concept becomes quite evident when you think about your landlord work or even that of expert rental management, Orlando property owners!
Consider this: when we provide excellent properties for your renters, make the process of renting smooth, and make sure our tenants know they can contact us any time, we gain social capital. That social capital comes back to us in the form of loyal tenants who keep the property clean and well-maintained and sometimes renew their leases so that we don't have to find a new tenant next year.
To gain this social capital, though, we often put in some work on the front end to create lasting tenant relationships. It's just one reason why working with Orlando property management is a smart move for your rental! Here are some of the ways you can tap into this kind of social capital—and the ways it will pay off for you in the future.
Thank You Notes and Small Gifts Go a Long Way
If your tenants go above and beyond in some way, don't underestimate how touching it is to receive a thank you note. Tenants don't want to be just a number to you. A personalized note thanking them for anything from letting you know about a vital maintenance issue to recommending your properties to a friend can be a real point of connection.
You can also go the extra mile with tokens of appreciation. A welcome note in the property with a few of your favorite cleaning supplies can be a lovely housewarming gift, and a birthday balloon or cupcake might brighten someone's day. You should do these kinds of gifts equitably, but remember, they don't have to be extravagant to be meaningful and increase your bond of trust.
Update Your Tenants Frequently on Relevant News
When there is valuable information to share with tenants, getting it to them clearly and with time to react is valuable. Whether it's an inspection, routine maintenance appointment, or other upcoming event, tenants appreciate clear communication through a medium they frequently check, like email.
You'd be surprised how many uncomfortable or painful disputes can be avoided just by giving tenants information ahead of time and letting them reach out if they have questions! The extra effort of making a regular email update and sending it out is more than worth the additional goodwill you gain because of this effort. As the experts in rental management, Orlando property owners, we know how crucial good communication can be! Employ this often to your benefit.
Promptly Respond and Handle All Requests for Work
When you have a lot of things on your plate, it can be easy to let work requests fall by the wayside, since you know that you have many other things to do. However, for many tenants, work requests are one of the significant ways they communicate with you. They don't see all the work you put in behind the scenes; they just see how long it takes for you to get back to them on a maintenance request.
For this reason, it's incredibly essential to maintain that relationship by consistently and quickly responding to their requests. Even if you have to explain that a repair will take a few days, get back to the tenant rapidly, so they know that progress is being made.
What's the Payoff? How Happy Tenants Help You
If you've dealt with hard-to-satisfy tenants, it can feel like none of these efforts is good enough to make them truly happy. However, for most tenants, you'll find benefits from taking this extra care. When tenants are happy and feel like you've provided a very good living situation for them, they can respond in many valuable ways:
- They can recommend your properties to friends and family of theirs who are also good candidates to rent. This saves you money and time on finding new tenants and is an implicit reference for the new tenant.
- They take more pride in the property, reducing the wear-and-tear damage. They'll also be more likely to contact you to respond to repair needs, which can grow if they aren't addressed promptly quickly.
- When times are tough, these tenants still prioritize paying their rent, since they value the living situation and don't want to jeopardize it.
- When renewal season comes up, these happy tenants are likely to stick around, possibly even if you have to add a modest rent increase for the upcoming lease season.
Happy tenants constitute a significant asset when it comes to rental management, Orlando property owners! Working a little extra to show them how much they matter to you is an advantageous choice to make.
If you feel like you cannot keep "business as usual" going during these strange months, you aren't alone. Trying to build positive relationships with tenants takes a lot of time, and tough circumstances make that work harder. However, as your guide to property management in Orlando, we're happy to lead you through these times with our insight! Begin with our Collecting Rent in a Crisis Handbook, and if you need more guidance from there, reach out to us! We're here for you.