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 and quality of life is important indicators 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

Attracting clients i4T Global

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:

Budget rental place data - i4T Global

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 agree on a higher rent for a mediocre looking place if the property has a good neighborhood and is closer to the workplace.

Location - i4T Global
  • Condition and Age of the Property

Nobody wants to go through the hassle of repairs and upgrades just a few weeks after moving in. By this formula, newer properties hold more value than older ones that have systems and installations that could break down any minute.  

If you own an old property, 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 property in a new area. 

Security features such as cameras, door alarms and security lights can help tenants feel safe and add more value to such a property.

  • Interior Space

Backyards, patio, gardens and balconies all hold a lot of value for residents and can help your property stand out.

Interior space - i4T Global

Who doesn’t love sunshine and some fresh air? This can be your opportunity to turn your property into a space tenants would love and ask for a higher rent.

  • Parking Availability

It’s considerate and always a good idea to offer a parking spot for your renters. No parking can be a serious turn off for tenants as it causes inconvenience and is unsafe as well. 

If a separate parking spot is not an option, make sure your property at least has a parking garage a few blocks away.

  • Cooperative Landlord/ Property Manager

Respect and cooperation can go a long way when it comes to landlords/property managers and tenants .  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, if you don’t want them to leave and go somewhere else.

  • Upgrades and Renovation

It’s the small details that can make the tenants fall in love with the place. If your property is old, making a few upgrades here and there can be the reason they decide to live or keep looking elsewhere. 

To attract tenants that are willing to pay more, upgrades such as modern appliances and brand new flooring can be your way to go. Kitchen and bathroom renovations can be your deal maker.

A fresh new kitchen backsplash or new cabinets seem like minor changes but can significantly impact a renter’s decision. Think about convenience, style and making the place feel like home.

  • 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.

Storage - i4T Global

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 plenty of space to keep their stuff as well as to accommodate 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 of 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.

Things you wish that your rental place has - i4T Global

Your Journey to Quality of 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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