Keep Perfect Tenants for the Long Term
Many tenants tend to be transient. Some of them you wish you could get rid of while others you’d like to hold on to for a little longer. So how do you do it? How do you keep the perfect tenants for the long term?
It’s simple if you follow these tips.
Take care of the property
Nobody wants to live in on a dilapidated piece of property. Not even the most careless tenants. Show your tenants that you care by taking care of the rental home. Be proactive and provide routine maintenance so that it stays in good shape. When there is an issue with the property, don’t dismiss your tenant. Instead, address the repair in a quick and timely manner. Tenants who know they can trust their landlord to take care of any issues that arise are happy tenants.
Be good to your tenants
There is something to be said about human interaction. You don’t want to be their friends – because you are running a business. However, you can still talk to them and get to know them. Don’t be a looming stranger. Feeling comfortable around your landlord doesn’t happen very often. Those tenants who have this opportunity are more likely to want to keep it.
Seek their input
Just as they are humans, too, your tenants have input about your property. After all, they reside there. Take the time to ask them what they would like to see done with the property, such as upgrades or inconveniences that need to be corrected. This is a great approach to have come time for lease renewal. For instance, ask your tenants for their input and then tell them that you will consider curing these items if they stay.
Offer incentives
Everyone loves rewards – including your tenants. And it is rare for a landlord to offer them. Choose to provide your tenants with gift cards to local restaurants or stores for paying rent on time for a certain number of consecutive months. Or, when renewing, consider offering an incentive, such as a free month of rent or a reduced monthly fee for the first month. If your tenant feels like there is something in it for them (other than a nice place to live), they may be more likely to stay.
Renew leases for longer terms
If you truly like your tenants and you would like to keep them, perhaps you would like to offer the tenant a longer-than-normal lease. For example, an 18-month or 24-month term. This option could make your tenant feel comfortable and secure with their residence and you will feel thankful for having locked in a great tenant.
A careful screening process can land you wonderful tenants, but it is up to you to keep them. Follow these tips and your tenants may be asking you to renew!
Marina Shlomov, a managing partner atALH|Podland Realty & Rental Homes Property Management is the author of many articles on Landlording, Property Management, and Real Estate Investing. A residential builder in the state of Georgia since 1999, Marina is an investor herself. Her property management company is intended “For Investors” and “By Investors” for a simple reason – she knows what investors’ goals are and she works hard to reach their goals. In her spare time, Marina likes to spend time with her family, friends, garden, read and travel. Check her out at www.alhpodland.com. You can find Marina’s articles and comments at @rentalhomesatl on Twitter, on Facebook, Google+, Blogger. and YouTube,Bigger Pockets and REI Club and LinkedIn.
