10 Sep Keep Tenants
How to Keep Good Tenants
Finding and keeping reliable tenants, is hard work. But, it is exponentially cheaper to keep tenants than it is to find new ones. That’s because, turnover is expensive! You have to get your rental property rent ready, advertise the vacancy, show the property, and screen tenants. All of which are some of the most costly labor intensive tasks involved in renting out a rental property. For this reason, it is important to focus on retaining good tenants. That is, if you want to be successful. From raising the rent too many times to not updating the kitchen, there are a many reasons why good tenants move away. With this in mind, we offer some of our best insight on how to keep good tenants.
How To Retain Your Best Tenants
Never underestimate the importance of the human factor when it comes to your tenants. Your renters will be more likely to stay if you’re a good landlord. So, be timely with your responses, make it easy for people to get a hold of you, and give everyone a place they can be proud to live in. As a landlord, you already know that good tenants pay their rent on time and take care of the property. Which is why it is important to keep them renting from you. Remember, your job does not end once your property is rented. There is still a lot of work to do to keep your renters happy. With this in mind, we offer insight on a few ways to retain your best tenants.
Look After Your Property & Tenants
One of the best ways to keep your renters happy, is by being proactive with property maintenance. In fact, by addressing maintenance requests quickly, you show your renters you want to give them a nice place to live. Regular property maintenance not only shows them you care, it is also the least expensive and most effective way to ensure small problems never become larger ones. A landlord that ensures the property is well-maintained, responds to requests or complaints promptly and efficiently, and shows a concern for the comfort and wellbeing of their residents. Is a landlord that will win the support and loyalty of good reliable tenants who renew their lease.
Preventative Maintenance You Should Do:
- Routine Inspections: routine inspections uncover potential problems and spark action when it is needed
- Check for Water Damage & Leaks: check all water sources, look at ceilings and walls, around windows, sinks, doors, showers, water heaters and toilets
- Painting: whether it falls under normal wear and tear or you are using a fresh coat of paint as an incentive, painting will help keep your rental looking good
- Inspect & Refresh: shower caulk and grout
- Inspect Roof: and clean the gutters
- Landscaping: keep it neat, trimmed, and maintained
- Carpet Cleaning: do this every year to prolong the life of your flooring
- Replace: all air filters
- Patch Cracks: in the ceiling or drywall
- Flush: water heater
- Pest Control: preventative actions like spraying on a regular basis will help prevent invasions that could disrupt you and your tenant
- Test Smoke and Carbon Monoxide Detectors: regularly
Offer Incentives & Do Some Upgrades
If you have some got some great residents coming up for a lease renewal, contact them before the end date and find out what their plans are. Offer them a renewal incentive like carpet cleaning, a fresh coat of paint, or even a few new kitchen appliances. You’d be surprised how little things like a different wall color can make a tenant feel more at home. In fact, a fresh coat of paint can revive walls, brighten up dim areas, and highlight architectural features. All of which can make most surfaces look brand new again.
Additionally, strategic upgrades like stainless steel appliances, and nice flooring can help you ensure success during lease renewals. Renovations in the kitchen and bathroom are especially appealing to people. By adding a backsplash or updated cabinet hardware, you not only add value to your rental but also to your tenant. Remember, the more your rental property feels like home, the higher your chances of keeping good quality people renting from you.
Finding and keeping reliable tenants, is good for your rental business. By encouraging lease renewals, you avoid the costs associated with vacancy and have peace of mind that comes with keeping renters who already pay their rent on time and respect your rental property. Of course despite your best efforts, you may still have some turnover, For this reason, you may want to consider hiring a property management company to help you.
Whether you are interested in changing property managers, or simply looking to hire a property management company for the first time, we can help. We take care of all types of residential properties including homes, condos, multi-family properties and even small apartment buildings. Let us manage your rental properties, so you can enjoy your life! Call us today at (858) 576-2176.