Are Your Customers (Tenants) Loyal?

You want tenants to be singing your praises, not wondering who you are!

When you are a landlord, you are in business, there is no denying that, but often landlords forget this. Your clients (tenants) have gone into partnership with you and they expect certain things, just like you expect to be paid and your property to be cared for.

Why is loyalty important? It's more than important, it's vital. If you can create loyal tenants, you have undoubtedly guaranteed yourself some long-term tenants, as well as a secure (well, as secure as possible) revenue stream. 

So what does a loyal customer expect from any business?

• Good communication
• Responsiveness to issues
• Good quality
• That little something extra

It boils down to excellent customer service!

Loyalty is Key. 

Loyalty means that even when you raise the price of rent your tenants will happily pay it. Loyalty means, that when your tenants come across a better property down the street they choose to renew their lease with you. Loyalty means your tenants don't bother researching what's out in the marketplace, because they are happy right where they are. Loyalty means your tenants tell their friends "I love our landlord, because….!" 

Loyalty means you need to appreciate your tenants. As simple as that.

Loyalty takes time to establish, it is not created by gimmicks like 1-month free rent - it may get them in the door but won't keep them. Loyalty is most definitely not gained when you undertake below par repairs, or grumble and groan about your tenants.  How often have you heard landlords say something like "I would love being a landlord, if only I didn't have tenants!" Even if you don't say it to your tenant's face, it's easy for them to detect it. 

So start thinking about how you can make fans out of your tenants, if you haven't done so already.

So how loyal are your tenants? What would you need to do to create loyalty?