Why Tenant Experience Matters
Investing, renting out and managing a real estate property is no mean feat, especially when you are doing it on your own. Even if you have a few years' experience in being a landlord and managing multiple buildings, there is a chance you are wondering if it can all be a little easier. The question, is how? It is not a secret that the most important part of property management is to find a good tenant and to keep them. Roughly 30 percent of the renter population is between 24 and 35 years of age and about 40 percent are single person households. With the growing popularity of co-living, the non-family households form about 50% of all renters. This young demographic is in a career growth trajectory and unburdened by familial responsibilities, that tie a tenant to a property. They are on the constant look-out for the newer, better and faster.
Simple processes, effortless results, and quick updates are the mantra for the uber-fast crowd. In short, they are looking for an upgraded experience. While this may all sound like a click, click, go scenario, there is more to it than meets the eye.
Irrespective of how much or how less you have invested in that property, the tenant calls it home. Do they look forward to coming back to it at the end of a tiring day? Do they feel safe and comfortable? How soon is their grievance addressed? Is it easy to communicate with you? Something as simple as an option to make their payments online, can make a significant difference to modern tenants. The sentiment a tenant feels towards the property they live in pretty much reflects their experience.
A tenant's experience does not just begin after you hand them the keys to your property. It starts right from the point they make their first contact with you. Which is why it is important to make their whole process of renting your property effortless and simple. Online application processing, mobile communication, and a quick screening, are all good first steps in the right direction. Regular and open communication and quick responses to maintenance requests have you scoring high on the good landlord index. The modern landlord has to quickly adapt to the growing needs of their tenants to offer a great renting experience. You can effectively manage your properties with ease, and on the go by investing in the right technology.
Role of technology
In the past decade or so, there is an up-tick in the use of technology by property managers and landlords, especially in major markets like the United States and Canada.
In our next blog, we will talk about how technology is changing the landscape of renting and property management and how tenants stand to win in this game. Tenantcube is an AI powered end-to-end platform for landlords and tenants - designed to elevate the experience of property management and modern-day renting. Sign up to learn more about how Tenantcube can help you make the process of house hunting a breeze.