The newsLINK Group - Appreciating Your Tenants

Editorial Library Category: Multi-Family & Property Management Topics: Tenant Appreciation Title: Appreciating Your Tenants Author: newsLINK Staff Synopsis: This is a good time to be renting. There’s no shortage of potential tenants to fill vacant units in your multifamily community. But how long will those tenants stay? More important, what are you doing to make sure you let them know you appreciate them? Editorial: Appreciating Your Tenants 4064 South Highland Drive, Millcreek, Utah 84124 │ thenewslinkgroup.com │ (v) 801.676.9722 │ (tf) 855.747.4003 │ (f) 801.742.5803 Editorial Library | © The newsLINK Group LLC 1 This is a good time to be renting. There’s no shortage of potential tenants to fill vacant units in your multifamily community. But how long will those tenants stay? More important, what are you doing to make sure you let them know you appreciate them? No matter how good a time it is to be in the rental business, the truth is that every one of your tenants could have chosen to live somewhere else. Smart management includes not taking your success for granted. You can learn a lot from the restaurant business, and one restaurant in particular. Patsy’s Italian Restaurant of New York has been in business since 1944, when Pasquale “Patsy” Scognamillo first opened in midtown Manhattan. No restaurant survives 72 years without being extraordinary in some way, and Patsy’s is no exception. There have only been three chefs: Patsy, who is now dead; his son Joe, who has been involved with the restaurant since he was only seven years old; and Joe’s son Sal, the man currently in charge of the kitchen. The varied and loyal clientele includes the regulars; lovers of Italian food; tourists; and celebrities such as Frank Sinatra, who made the restaurant famous. (His family still eats there.) Other celebrity fans include names like Al Pacino, Placido Domingo, Tom Hanks, Madonna, George Clooney, David Letterman, Oprah Winfrey, Robert DeNiro, Steven King, Calvin Klein, Chris Noth, and many others. John F. Kennedy, Jr. ate there. So did the late Mario Puzo and James Gandolfini. What’s the attraction? The food, obviously, is really good. So is the location: Patsy’s is on West 56 th Street and is close to New York’s Theater District, Carnegie Hall, and the Lincoln Center. But the real secret of the restaurant’s success is about more than homestyle Neopolitan Italian food or a great location. It’s about a warm atmosphere where the family has made a point of making its guests feel appreciated. Tim Blackwell wrote an article on the Property Management Insider website in March 2016 that talked about his own experience at Patsy’s. When he walked through the doors he had checked out the videos on the restaurant’s website the night before, where he learned that the family used its own recipes to start the restaurant. Sal considers the restaurant to be an extension of the family home, and he believes in treating guests as those they were visitors to his grandparent’s home in Queens. As Sal points out, the five boroughs of New York City have about 20,000 restaurants. When someone chooses to eat at Patsy’s, therefore, that choice alone is reason enough to appreciate them, thank them, and make them welcome. Tim Blackwell, who lives in Texas with his wife Stacey, wrote that off as nothing more than good public relations. When he and his wife were halfway through their meal, however, he saw Sal actually come into the dining area and go around the room. He was still wearing his apron, which he had obviously been wearing while cooking, but he looked everyone in the eye and thanked them for dining at Patsy’s. The Blackwells left the restaurant well-fed and feeling the warmth of Sal’s obviously genuine appreciation. The same principle can be applied to the multifamily housing industry. The people who live in your multifamily housing community have many choices about where to live. Being able to keep the tenants you already have is every bit as important as finding people to live in vacant units. It might sound simple, but expressing gratitude to your tenants — verbally and through your actions — is an easy and yet effective way to show people that you appreciate them. People who feel respected and appreciated are people who are also more likely to become long-term residents. What are some effective ways to tell people how much you appreciate them? Think twice when you decide what you will charge for rent, and don’t be quick to raise rents, either. A rent that is just slightly below the market rate is a good way to make sure people will be more likely to stay. If a good tenant is going to be renewing a lease soon, offer

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