Having rental property will do you no good at all if you don’t have tenants residing in it. They are one of the main components of being an investor and owning rental property. But, tenants come and tenants go, don’t they? For some landlords, it seems like every year brings a new start with new tenants.
If you aren’t happy with your current tenant, then you may be happy to see them go. When you have tenants you want to keep, what can you do?
Let’s take a look at tenant retention and how you can keep good tenants.
Care for your property. When maintenance issues arise, fix them. When routine maintenance is required, take care of it. Responding to issues in a timely manner will set you apart from many other landlords – and tenants know this.
Be available. If your tenant reaches out to you, respond. You don’t always have to answer calls immediately, but return then in an efficient manner. The more approachable – and responsive – you are, the happier your tenant will be.
Be respectful of privacy. Tenants know they don’t own your property, but they don’t want to always be made to feel that way. When your rental is occupied, you should make yourself scarce and give your tenants privacy. Unless you are there for maintenance reasons, repairs, upkeep, or another legitimate cause, you ought to call first. And never enter an occupied rental without at least a 24hour advanced notice.
Perform upgrades and cosmetic maintenance. When you have a tenant who has stayed with you for some time, consider offering to upgrade light fixtures, flooring, etc. if they continue to stay. If you had to overhaul a unit and update it to rent it out to a new tenant, you may as well give a little to the good tenant that continues to stay.
Encourage a longer lease. If you have good tenants who have resided in your property for a couple of years – and seem to be content – perhaps you may want to offer them the benefit of signing a lease for a longer period, such as two years. This lease could come at a slightly reduced rate. It will not only give the tenant incentive to sign, but it will also mean you can rest easy knowing you won’t be dealing with a vacancy in the next two years.
Give tokens of appreciation. If you have good, on-time paying tenants, you should feel grateful. And, in turn, should show your gratitude to your tenants with small tokens of appreciation. This could be an occasional gift card to a local store or restaurant, a small gift basket, or even a new flower or plant for the home.
Good tenants can be hard to find so it is important to do what you can to keep them! You can follow these tips, but all you really need to do is be a good landlord. If you both fill your roles kindly and well, you will be surprised at how easy it can be to keep a tenant!
