7 Strategies for Retaining Great Tenants
Maintaining the same tenants in your rental properties year after year can be a huge benefit to your investment property business. As a landlord, it prevents periods when the property is empty and you are not receiving rental income. It also reduces the amount of time and paperwork dedicated to each property because current tenants do not need to be continuously regulated and checked on in the same way as new tenants.
Below are seven strategies to help keep your tenants happy and encourage them to stay in your rental property:
Be Responsive to their Needs – Communication is key in the tenant/landlord relationship. Never ignore calls, texts, or emails from tenants. Make sure to answer or return calls as quickly as possible, as delaying the conversation may cause issues to increase in severity. Tenants do not like to be ignored, and this practice will make them disregard the property and you as their landlord.
Address Problems Quickly – If your tenant complains of a leaky faucet or appliance problem, try to fix the issue as quickly as possible. It may seem like a minor issue in the grand scheme of property management, but these problems cause irritation and annoyance to tenants on a daily basis. Do not wait for tenants to call several times or it will just increase their frustration. Have a contingency plan if you are unavailable, instead of leaving a backlog of issues to resolve when you finally have time. Be sure to call a contractor promptly if you feel you cannot fix it properly yourself.
Assist When You Can – Find additional ways, aside from “fix-it” requests, to help your tenants and ensure they stay in your property. Treat them as your customers. A welcome basket delivered on moving day can be an inexpensive and extremely thoughtful idea that is sure to be appreciated. A gift card to thank them for being your tenant will go a lot farther than you might think and help build your professional relationship.
Be Available – While you do not need to be overly involved in your tenants’ lives, you should always try to remain approachable and friendly. Regular communication through email will give your tenants a heads up on any issues or future work that is planned, so they can arrange any scheduling accordingly.
Invest in the Details – Quality building materials and appliances make everyday life easier, as well as give the property a more luxurious feel. Renters are more inclined to pay higher rental fees if they can see that the property owner has maintained the property with high standards. They also tend to stay longer in a place that they can be proud to show and where they are comfortable entertaining family and friends.
Cater to Pet Owners – The thought of pets in your rental home is enough to make many landlords nervous. However, tenants are less likely to move once they and their pets are settled. Ensure that there are rules in the contract that the tenants must repair or replace any damaged areas, clean up after their pet, and adhere to neighborhood HOA (Home Owner Association) policies.
Respect Your Tenant’s Privacy – Even though you own the property, do not just “drop in” whenever you feel like it. In most cases it’s illegal to do so without giving proper notice, but it is also extremely rude and disrespectful of your tenants. Unless it is an emergency, make sure to call or email in advance.
The information on this page is provided for informational purposes only and does not constitute investment, real estate, or legal advice. This information should not be regarded as a recommendation or an offer to buy or sell any product or service to which this information may relate. No representations or warranties whatsoever, express or implied, are given as to the accuracy or applicability of the information contained herein. The information may be modified or rendered incorrect by changes in the marketplace or developments in the law, or for any other reason, and may not be applicable to any individual reader’s facts and circumstances.