What’s more important, Money or Quality of Life? What do your Tenants need?

What's more important, Money or Quality of Life What do your Tenants need - i4T Global

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In today’s competitive marketplace of the Real Estate Business, tenant satisfaction measurement is an important indicator to monitor competitiveness in industrial Property development.

Measuring Tenant Satisfaction has become a Property Management Industry Standard

Property Management Companies invest a significant amount of time and money in attempting to improve customer loyalty by measuring and managing metrics such as Tenant Satisfaction and Net Promoter Scores. Treating Tenants as valuable customers is essential for successful Property Management. 

Identifying customer preferences enables businesses to provide customized products and superior services. To understand the long-term development of the business relationship, we need to capture the essence of customer satisfaction in greater depth.

What do Tenants look for in a Property?

The key to your success as a Property Manager or a Property Occupant is attracting and retaining high-quality tenants

Because most of them understand what qualities make an ideal tenant, the landscape for finding these tenants can be quite competitive. If you want to increase your chances of finding great Tenants, consider these features that can help your rental stand out from the crowd.

We began by asking the two most obvious questions: 

 

Question 1: “What would be most important to you if you were looking for a new place to rent within your budget?”

Here are the responses and statistics we got:

88% of respondents listed the location as the most essential factor. The condition of the property came in second with 85%. safety and security (78%), quality of interior space (71%), and parking (68%) were also highly ranked. Out of the 14 characteristics, let us now address the top 8 in detail;

  • Location

Great tenants prefer to live near their place of employment, as well as grocery stores, restaurants, and community parks. It is all about lifestyle quality, and a great tenant is often willing to pay more or overlook less desirable aspects of the rental unit if the property is located in a good neighborhood.

  • Condition and Age of the Property

It would be appropriate to say that Tenants want to avoid the hassle of time-consuming repairs. This often means looking for newer properties with newer plumbing, electrical, and HVAC systems that are less likely to break down and require repair. 

If you already own an older property, that doesn’t mean you’re out of luck. You can still attract great Tenants by properly maintaining your property, making necessary repairs and inspections, and keeping it clean and tidy.

  •  Safety and Security

A safe environment is an important motivator for Tenants. It can be difficult to sleep at night if you are concerned that your car or home will be broken into

As a result, researching crime statistics is an effective step when considering purchasing a new property in an unfamiliar area. 

Adding an alarm service or another security feature to your existing rental properties is a cost-effective way to make tenants feel safe and secure in any neighborhood.

  • Interior Space

A private backyard or balcony is an extremely appealing value add for city residents, and it is an excellent way to differentiate your property from a similar one down the road.

If you can provide a small space for tenants to enjoy sunlight and fresh air, you will be able to attract more tenants, giving you more opportunities to select the best and possibly charge higher rent.

  • Parking Availability

Nobody wants to drive around for hours looking for a parking spot, especially if they have a bundle of groceries and heavy things to carry. If your property is located in a sub-area, there may be plenty of parking available on the road. However, in the tight spaces of the city, parking is an important consideration.

If you can’t offer off-street parking, try to direct tenants to a parking garage within five or six blocks of the property. If parking is provided, make sure to outline specific rules in the lease agreement and post signs that let others know about these rules.

  • Cooperative Landlord/ Property Manager

Both parties should be courteous, cooperative, and respectful in an ideal landlord-tenant relationship. If you set an expectation or make specific promises, such as updating the kitchen cabinets, to sweeten the deal and attract a good tenant, you must keep your word. 

Good tenants expect you to keep your end of the bargain, just as they do, and breaking that trust may cause them to leave and look for another place.

  • Upgrades and Renovation

The small details are what make a house feel like a home. Upgrades such as stainless steel appliances and hardwood flooring can help attract a higher-quality tenants. 

Renovations in the kitchen and bathroom are particularly appealing to tenants, and even minor improvements such as a new kitchen backsplash or updated cabinet hardware can have a significant impact. Installing central air conditioning is often worthwhile if you live in a hotter climate. The more a place feels like home, the longer a good tenant will stay.

  • Availability of Storage 

Open floor plans and plenty of storage space make square footage appear much larger. This could imply knocking down an unnecessary wall or installing a closet in the bedroom. Alternatively, you can provide storage outside the unit, such as in a basement or an outdoor storage shed.

It is critical to provide tenants with the option of storing large and seasonal items.  This will go a long way in creating a more enjoyable living experience by giving the tenant more space within their home to move around and entertain guests.

 

Question 2: “What are the other things you wish your rental place had?”

Here are the top 10 answers we got:

And the list went on… 

Key finding: According to our results and conclusions, the Tenants prioritised their lifestyle more than monetary values. This shows that they are willing to pay and invest more in rental properties to lead a quality life. 

But how would they fulfill their wants and desires despite the busy schedule they have? Well, this is where a Computerised Maintenance Management System comes into play.

Your Journey to Quality Life starts with us!

i4T Maintenance is an all-in-one powerful Field Service Management Software for Service Agents who have been juggling Maintenance Requests, looking for the right Field Service Suppliers for the Work Order finding it difficult, in completing a service request placed by the Tenants. 

i4T Maintenance Software allows you to reschedule appointments and automatically send text message reminders that the Landlords and Tenants can easily reply to for last-minute inquiries or further instructions. Therefore, you can manage all your appointment confirmations, cancellations, and rescheduling in a single, user-friendly interface as well as get full visibility. 

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