Becoming a landlord can be highly profitable, but only with happy tenants paying their bills on time and filling each of your available units. With homeownership rates continuing to decline — falling to 63.7 percent in the first quarter of 2015 according to the Multi-Housing News — there is a large pool of potential tenants available for your multi-unit properties. As a property owner, your goal is to find those interested tenants, get them into one of your units, and keep them happy. Unfortunately, keeping tenants happy is not always simple — but these five tips may help.

1. Keep the Property in Good Repair

As a landlord, you have an obligation to provide your tenants with a safe, comfortable and well-maintained place to live. If you are failing to meet that obligation, your tenants will not be satisfied. In fact, one of the fastest ways to get complaints from tenants is to leave the property in less-than-desirable shape. Peeling paint, non-functional HVAC systems and dripping faucets frustrate tenants and leave them wanting to complain.

Money is often a reason that a landlord will not attend to repairs. If you do not have a repair fund in place, start one as soon as possible. This will ensure there is money available when you need it. Then, provide tenants with a clear set of guidelines to follow when they need maintenance, and respond quickly to their requests for help.

2. Accept the Right Tenants

In multi-family buildings, being choosy with tenants pays off in two ways: First, it ensures that you are getting the type of tenant who rarely creates problems, pays his/her bills on time, and is willing to follow property rules. Second, it helps your other tenants feel comfortable with their neighbors and their community. If you take a chance on a tenant, and that tenant starts to cause problems for your other tenants, you will have a building full of dissatisfied renters.

3. Exceed Expectations for Customer Care

The best tenant is one who pays the bill on time and stays in the property for the long term. Quality customer care from a responsive landlord or property management team goes further than any other factor when it comes to tenant retention.

How can you exceed customer care expectations? Here are some tips: 

• Respond promptly to questions or maintenance requests
• Send personal holiday greetings
• Be fair when disputes arise
• Be gracious if a tenant has a serious need
• Be organized when it comes to paperwork
• Be friendly when interacting with tenants

Even during those times when you have to deal with problems, do so with a smile on your face. Working to be pleasant and welcoming will go far in helping your tenants to stay satisfied with your service.

4. Improve Facility Amenities

What can you add to improve the tenant experience? Does your facility need more technology connections? Could you benefit from additional outdoor recreational amenities, like picnic tables or park benches? Do you have a number of children on site who could use an outdoor play area? Theses types of additions/changes to the facility go far in encouraging residents to stay in your units.

As you consider amenities, don't be afraid to look inside the homes or apartments. Upscale finishes in kitchens and bathrooms, or new flooring inside each unit make the community more appealing and can create an exclusive/luxurious feel. In-unit washers and driers can also be a huge benefit to busy individuals who lack the time to go to the Laundromat.

5. Embrace Technology

Today's renter, especially if your facility appeals to younger professionals or families, is highly connected. Embrace that technology by investing in Wi-Fi throughout the facility and offering an online tenant portal where residents can pay their bill or check their accounts easily from any connected device. This type of small change will help keep tenants happy and comfortable in the home they rent from you.

Remember, a happy tenant will not only stay in the home longer, but is also more likely to replicate himself/herself when you have a vacancy. Take the time to follow these tips, and you will see an increase in the satisfaction that tenants express for your service and property.