Good tenants do not come easy, and that’s why as a landlord, you should do what you can to retain them. The first thing is to comprehend is why tenants leave in the first place. One of the primary reasons is defective property. Every renter wants to have a pleasant and comfortable place and so, if your property has weak floors, dripping taps and holes in the walls, then you can be sure the tenants will leave.
That’s why you need to make the necessary repairs immediately. Keep in mind that this is part of your job, but there are other things that you can do to secure great tenants. Here are a few of them:
Attend to complaints as soon as possible. Good tenants don’t like to feel neglected. If they contact you, it means they have something important and usually urgent that they wish to discuss. It could be due to a leak, a busted water heater or damaged electrical lines. If you attend to their complaints, you are bound to maintain happy tenants.
Be responsible. It is essential to be aware of your responsibilities as a landlord. You are tasked with property maintenance, making the necessary repairs as well as providing a safe place for every tenant. If you are going to make repairs or replace a particular portion of the residence, then ensure you use top of the line materials.
Respect the tenants, particularly their privacy. You can’t just get into the property without the tenant’s permission, except during an emergency. If you need to check the property, ensure that they are not only around, but aware and that they agreed to it.
When searching for tenants, follow a screening process. You should be especially careful about the kind of tenants that either you or your property management team pick as neighbours to your existing renters. Regardless of how great of a landlord you are, if a tenant doesn’t like his or her neighbour, chances are they won’t be happy and will leave sooner rather than later. As such, it is important to ensure both background check as well as character assessments are carried out for any potential tenants for your property.
Offer discounts. When you do this once in a while, you will be giving existing tenants more reasons to stay, and new ones will certainly want to rent your property. You can issue a discount for contract renewal or even give discounts to individuals who pay their rent on time or before it’s due. This will not only encourage them to pay ahead or on time, but they will ideally want to stay in your residence.
Great tenants are vital if you want your property business to be profitable. It’s only right that you do your best to retain them. You can achieve that by ensuring that all their needs are attended to and on time. Respond to tenants’ calls instantly and ensure that you are an excellent landlord to them as well.
So there you have it, a few straightforward tips on how to retain good tenants.