Tips for Retaining Good Tenants
If you’re a property manager/landlord, you know that well-mannered tenants pay rent and take care of the property. There is also loss involved in rental income as the property lies vacant, along with the time, effort and money that go into advertising for new tenants, screening potential tenants and turning the property.
Here are a few pointers to help you ensure that your best tenants stick around:
Look after the property and your tenants
Your job doesn’t end when you hand over the keys to the rental unit. To attract and retain good tenants, you need to have a clean, well-maintained property that demonstrates your intentions as a landlord or property manager. Make your tenants feel happy and proud that they live there. Dirty swimming pools, overgrown landscapes and malfunctioning lights are all factors that will matter when your tenant makes the final decision to renew the lease. A landlord or property manager who efficiently maintains a clean property and shows concern for the comfort of tenants will win support and loyalty.
Be responsive and positive
It’s easy to get your tenant to renew the lease if they like you and are glad to deal with you. Always answer tenant calls, call back and show up for important things to keep your tenant happy. Respond to tenant’s requests or complaints quickly and if you need more time to resolve the issue effectively, communicate this to the tenant. Don’t ignore the request, even if you think it’s beyond your control. You should also be proactive in solving issues that you know might creep up sooner or later.
Observe fair housing practices
Follow fair housing rules that help tenants create a comfortable home. Offer practical rental prices that are comparable with other properties in the neighborhood. Tenants won’t stay with you if you charge high rent that isn’t in line with the neighborhood or current market conditions.
Don’t be a stranger who only turns up to collect the rent. Send greeting cards or gift baskets to tenants on their birthdays, send well wishes on major holidays and thank them for being a good tenant. It doesn’t cost much and it will bring you a lot of trust and goodwill.
Create a rewards system
Many innovative property management companies use resident rewards systems to reward tenants for good behavior and reduce tenant layover. These programs are only beneficial for the landlord if there are a sizeable number of tenants.