Finding the right tenant and then keeping them happy is a great way to keep your rental property running smoothly.
So, we at Gifford Property Management have collated these tips on keeping your renters happy and their rights intact, giving you the best chance to turn your real estate venture into a success story.
Deal With Maintenance Requests Quickly
One way to encourage your renters to stick around for the long term is by making sure they have no reason to leave.
When repairs are needed, act quickly. The longer a maintenance issue remains unresolved, the greater chance your tenant will decide it’s time for them to go elsewhere.
Plan a schedule where you inspect each of your properties routinely to help prevent damage. Then, when a repair is needed, you can do it quickly. Spotting issues before they turn into crises is a great way to keep your tenants happy and keep you proactive.
Be a Good Landlord
No landlord wants a tenant who moves out after six months. It’s not only damaging to your property, but it costs time and money to replace them. A positive relationship with your tenants will make life easier for everyone.
For example, if you need to do any repair work, consider offering to do it when the tenant is not home. It will allow you a chance to make repairs without disrupting their day-to-day lives.
Being a proactive and attentive landlord is a great way to keep good tenants. So, find out what your tenants would like to see improved in your property: Maybe the property needs more electrical outlets? Perhaps your appliances need to be replaced?
Identify what makes your tenants happy and make those improvements.
Provide Modern Amenities
To attract modern and respectful tenants, offer amenities that appeal specifically to them. You can offer perks for living in a green building such as bike storage or access to recycling facilities. These sorts of facilities will appeal especially to the environmentally conscious.
So, if your unit offers modern amenities that meet all safety standards, make sure to highlight them to your tenants.
Renew the Lease Before it Expires
If you don’t have a lease renewal policy in place, start working with your tenants as early as possible so they know they can count on you. That way, if they are unsure about their future in your property by their lease’s expiration date, they will not be nearly as tempted to leave as they would have been without your attention.
Encourage a Longer Lease
One of the strategies for keeping your best tenants from leaving is offering them a longer lease. Research has shown that renters with longer leases take better care of their units and are less likely to damage the property.
If you have a good relationship with your tenant and they have been paying rent on time, you could consider giving them a 2–3-year lease extension. A longer-term commitment means they’re invested in your property, which helps with long-term maintenance and upkeep.
Treat Your Tenants Right
Landlords need to be careful with how they both choose and treat their tenants, especially when screening them. Not every rental applicant is a suitable tenant, but it's still illegal for landlords in most cases to discriminate against potential or existing tenants.
If you follow fair housing laws and make all applicants meet the same, you shouldn't have any problems.
Before you sign a new tenant, make sure that all your property rules are laid out in writing, and that you have drawn up a solid lease agreement. You don’t want to go overboard with rules and dissuade a prospect from signing. But will want to effectively set your tenants expectation on what both you and they will do regarding the property.
Being a proactive and attentive landlord who doesn’t discriminate, provides modern amenities, and quickly resolves any faults has a great chance of keeping great tenants in their property.
But even though you may be very responsive and attentive when meeting tenants' needs, you might find that hiring an outside company for help adds value to your service.
A good property management company will handle most tenant-related issues quickly. Moreover, they will help by streamlining your workload and freeing up more time in your day to focus on growing your business.
At Gifford Property Management, we deal with many property issues daily. So, we can always refer to our database of procedures to finding solutions for any issue. We have more than enough experience and knowledge to help retain great tenants by keeping them happy and secure in their homes for years to come.
So why not contact us to today and see how we can help you!