The private rented sector (PRS) is often complacent when it comes to customer and tenant satisfaction. In a turbulent and changing lettings landscape, the best landlords and letting agents are focusing on tenant retention as the key to flourishing in the lettings market. The tenant demographic is constantly evolving, and similarly, so are tenant requirements and priorities.
Letting agents and landlords must search for straightforward and smart methods in order to tap into this changing rental market and tenant demands, in an attempt to make their businesses future-proof. By pushing boundaries, letting agents and landlords can create a good reputation in the market, and grow tenant retention, whilst also attracting new tenants.
Important lessons can often been derived from the service industry, among other sectors, in the best methods to improve satisfaction. Here are four easy and effective ways to boost tenant satisfaction.
1. Communication. As the world becomes increasingly interconnected, communication is a key factor in customer satisfaction. A good place to start is knowing your renter’s preferred method of communication, whether that is by email, phone call or text message, and to communicate with them through this method. Understanding tenant demand allows landlords and letting agents to utilise resources available effectively and as efficiently as possible. With the development of many communication apps such as Whatsapp, there are plenty of options available for communication without spending money and a large amount of time on correspondence.
2. Service extras. A recent survey conducted on renters discovered that 67 per cent of tenants would be content with paying higher rent prices for additional services. Thinking differently will help identify further revenue opportunities, as well as improve customer service and satisfaction. In your landlord business, consider any national or local discounts that could attract new tenants, as well as retain existing tenants. This will help differentiate your business in a crowded market.
3. Seek feedback. Customers like to be asked for their opinions on services and products, so consider utilising this for your tenants. Regularly asking for feedback is a practical way of communicating with your tenants in a positive and proactive manner. Commonly, most letting agent, landlord and tenant communication only takes place at the start and end of tenancies, with all other communication likely to include negative conversations such as late rent payments and property maintenance issues. Asking for feedback is a great opportunity to engage positively with your tenants and to learn how to increase satisfaction and improve the service you offer.
4. Flexibility. Renters can spend up to 66 per cent of their monthly income on renting their property. Therefore, as renting is the greatest expense for a tenant, it stands to reason that flexibility has become a big factor in tenant satisfaction. Whether giving your tenant a certain level of autonomy or providing your tenant with plenty of flexibility in your service, you are able to secure positive sentiment with your renter.
There are, of course, limitations to how adaptable a letting agent or landlord can be. However, demonstrating understanding whilst discovering ways to make your service more amenable to each tenant will be sure to have a positive effect on your business.
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