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Winnetka – Property Management – Nurturing Tenant Loyalty

PROPERTY MANAGEMENT WINNETKA

Nurturing Tenant Loyalty

My renting profile goes something like this; I’ve rented six apartments in three states. I’ve lived in a studio apartment and a two-bedroom walkup—both classic Chicago. I’ve also lived in a modern complex and on the second floor of a rehabbed Victorian—both a short bike ride from the beach. The longest I stayed in one property was 37 months, cut short only by a cross-country move. The shortest period of time in a rental was three months when I subleased an apartment over a summer break during college.

When I recall the reasons that led me to seek out new rental opportunities, most have to do with a strong desire for a space that more closely aligned with my lifestyle or values. Whether we rent or own, it’s natural to want to live in an environment that represents who we are or allows us to pursue our interests and express our values.

Once you’ve found a great match between a tenant and your property, you want to nurture tenant loyalty. Here are a few easy-to-implement ideas that will help build a long and beautiful relationship:

1. Paperless Billing and Payment: Very few of my recurring household bills these days come the old-fashioned way. I’ve either set up automated payments via a checking account or I receive paperless email statements when a bill is due, which I then pay online. In fact, the only bills that arrive in the traditional paper format by mail are from service providers (like agencies within my municipality) that haven’t quite stepped fully into the 21st Century. Offer tenants the option of paperless billing and payment. Imagine never hearing “the check’s in the mail” again.

2. Garden Space: My family amassed 40 potted plants at our last apartment in Southern California collected over the course of three years. We also had access to orange, tangerine, lemon, plum and fig trees. All we had to do was pick what we wanted. Putting down roots in the literal sense has a way of making people want to put down roots in the figurative sense. Gardening anchors you. It engages you. You nurture what you’re growing, and this green stewardship manifests in very positive ways throughout a property. Give your tenants the option of either an onsite gardening spot or a nearby community garden plot.

3. Welcome Wagon: Who doesn’t love a gift? Renters unfortunately don’t get the same kind of neighborhood reception as homeowners do when they move in. I can’t recall ever receiving anything more than a copy of my lease upon moving into a rental property. When new neighbors move to my neighborhood, the block club delivers recycling bins and a canvas welcome bag to their front door. It doesn’t matter whether they are renters or homeowners; to us, they are neighbors joining our community. Make sure your tenants feel welcomed when they move in. Fill a canvas bag with a few eco-safe cleaning products, handy neighborhood resources and coupons for local businesses. Foster a sense of belonging. Your tenants will feel more connected to the property and perhaps even the larger community.

4. Community Investment: If you collect a security, damage or pet deposit, put that money to work on your tenant’s behalf. Consider depositing this money in a bank account or low-risk fund that reinvests in the local community. My bank allows me to earmark the money in my checking account for community redevelopment and sustainability projects. My money is available to me like any other checking account, but while it’s parked at the bank, the bank can put it to work for my community.

5. Recycling: I have lived in many apartments that did not provide on-site recycling access. This left me with a tough choice: Either I didn’t recycle at all or I had to lug my recyclables to the nearest recycling facility. Storing up plastics, metals, paper and the like for several weeks is rather unpleasant when you live in a small apartment. So is hauling all this stuff in a car. Make sure your tenants have the tools they need to easily recycle onsite.

by Jennifer Marcus Newton

Since 1946 the Carnahan name has had a reputation for honest and ethical Real Estate Property Management services in the San Fernando Valley, Santa Clarita Valley, Burbank/Glendale, Los Angeles, Westside and Conejo Valley areas.

The reason for our success is helping owners like you when they need it. Below is a partial list of property management services we provide to help you protect your real estate investment.