The cost of unsatisfied tenants – How you as a landlord can save big
In today’s competitive real estate market, tenant satisfaction is crucial for long-term success. It’s not just a nice-to-have, it’s a strategic necessity. Dissatisfied tenants can cause significant costs for landlords, both directly and indirectly. Here, we outline the true cost of tenant dissatisfaction and how digital tools like Propely can help improve communication and ensure a more profitable and sustainable leasing experience.
The hidden costs of tenant turnover
Replacing a tenant involves far more than just lost rental income. Vacancy periods, marketing expenses, renovation and technical upgrades to the space are some of the immediate costs. On top of that come broker fees, administrative expenses, and potential legal costs related to disputes. These costs can accumulate quickly and become a serious financial burden for landlords.
Investing in tenant satisfaction is therefore not just a bonus – it’s a smart business strategy. By prioritizing clear communication, regular maintenance, and a positive tenant experience, landlords can reduce turnover and secure stable, long-term revenue streams. This not only improves profitability but also strengthens your reputation in the market.
Communication is key to long-term tenancy
Today’s tenants expect more than just functional premises. They want quick responses, digital accessibility, and clear communication. When tenants feel heard and supported, they are more likely to stay – and to speak positively about their landlord.
Working systematically to improve tenant satisfaction delivers measurable results. Here are three key benefits:
- Increased predictability:
Clear and ongoing communication between landlord and tenant builds trust and helps resolve issues before they escalate. This leads to fewer conflicts and more stable operations. - Longer tenancy:
Satisfied tenants are less likely to move out. This reduces turnover and operating costs. - Stronger reputation:
Happy tenants are often willing to share their experience – with peers and online. This enhances your property’s and your brand’s reputation.
How Propely improves tenant satisfaction
Propely is a modern property management and communication platform designed to help landlords and property managers tackle current challenges and prepare for the future. Our tenant portal is built to create exceptional tenant experiences through seamless dialogue, efficient operations, and high usability.
Effective communication between landlord and tenant is critical to increasing satisfaction. With a branded tenant portal, tenants gain easy access to key information, can report issues, and communicate directly with property managers via chat or push notifications. This ensures fast response times and follow-ups, helping tenants feel well taken care of and informed.
Additional features include:
- Meeting room booking
- Digital keys
- Customer satisfaction surveys
By using Propely’s tenant solution, landlords can build stronger relationships, reduce tenant turnover, and foster a positive reputation in the market.
Read some of our customer stories about using the tenant solution:
VestenFjeldske Eiendom uses Propely’s tenant portal as a key tool for communication, building information, and tenant benefits. The result is improved collaboration, a smoother tenant experience, and more efficient operations.
Read their customer story here.
Kongsgaten 10 has seen increased tenant satisfaction and improved profitability after implementing Propely’s communication solutions.
Read their customer story here.
Tenant satisfaction pays off. By investing in tools and routines that support clear communication and follow-up, you reduce the risk of costly tenant turnover and disputes. At the same time, you strengthen your property's appeal and build a more sustainable business.
Want to learn more about how Propely can help you improve the tenant satisfaction and increase profitability?
Contact us today for a chat!