Any landlord who has been renting out for a while can tell you of bad experiences they had with problematic tenants. Of course, not all tenants are like this, but the bad ones stick out, and we tend to remember them more. Another thing they can tell you is that good tenants are worth their weight in gold. Once you find reliable renters who never cause problems and always pay on time, you should go out of your way to make sure they feel welcome and stay with you for a long time. Here are 7 tips for retaining good tenants.
Be responsive to their requests
First of all, you need to be easy to reach, so try to establish good communication and be available to receive calls and messages. When your tenants approach you with any issues, you need to respond quickly. Address maintenance issues in a timely fashion and fix things on the property without making the tenants wait for days without any reason. However, you need to be wary of tenants who constantly damage your property. If calls for repairs are too frequent, there might be an underlying issue that you need to address. However, when it comes to regular maintenance, you need to let your tenants know that you are there and willing to help.
Make new tenants feel welcome
First impressions matter, so do your best to start off on the right foot. A good way to do so is to help your new tenants get settled. You can even help them move in by recommending the movers from fairfaxtransfer.com and be there to greet them when they arrive. Being there for the move-in is a way to ensure none of your property gets damaged. It’s much better to have professionals carrying the heavy stuff than clumsy tenants who don’t know what they are doing.
Give them a tour of the property and the surrounding area and perhaps a welcoming gift. It doesn’t need to be anything special, just some cupcakes or a welcoming drink. This will set your relationship off to a good start. It’s definitely much better than just doing a move-in inspection and giving them a list of dos and don’ts. If you are looking for tips for retaining good tenants, you need to make renters want to stay in your property from day one.
Have the right amenities
Make sure your property is properly equipped with everything your tenants need. If you have never lived there yourself, you can consider talking to the tenants to see if anything is missing. Update the appliances, but don’t leave mismatched sets. The home will look and feel much nicer if everything is new and matches together well. You can organize a garage sale to get rid of the old unwanted items. If you want to keep your tenants happy, you can do so by keeping an eye out for their needs and requests.
Carefully approach the lease renewal
Before it’s time for the current lease to expire, talk to your tenants and remind them in advance that they are up for renewal. Most landlords have a habit of increasing the rent when the lease is renewed. Your tenants will probably expect that; just be careful not to go overboard and increase the rent too much. This is where most landlords make mistakes and scare off good tenants. One of our most important tips for retaining good tenants is to be competitive with the rent. If you have tenants that you want to keep around for a long time, you can place your rent below market value.
You can sweeten the deal and offer tenants a discount on the next month’s rent if they renew the lease. Other things you can offer them are a choice from a list of upgrades when they renew. If you realize you are having trouble setting the price or preparing the lease, you can use our leasing service to help you out.
Enforce rules fairly
Any landlord will have a set of rules, which they need to outline in the lease agreement. Besides letting your tenants know what the rules are, you need to be sure that you are enforcing them fairly and equally. Treating multiple tenants differently will only cause confusion and further conflicts. It is your job to act in a uniform manner and treat everyone the same. Sometimes you will need to remind some tenants of the rules, but remember to do so calmly. If you start losing your temper every time something goes wrong, you will have a hard time retaining good tenants.
Build a relationship
Get to know your tenants, talk to them when you meet them and ask how they are doing. Strive to keep things professional but relaxed. The foundation of any functional relationship is trust, and one of the best tips for retaining good tenants is building trust. Let your tenants know that you see them as people and that you care.
Settle disputes with other tenants
In case there are any problems between your tenants, you should try to arbitrate and settle the issue. Don’t let a few problematic tenants drive all the other ones away. Respond to noise complaints and solve similar minor problems before they grow into full-blown animosity. Don’t wait until some of your tenants start moving out before you decide to act. If you feel uneasy about such things and don’t want to take sides, you can hire a property manager to take charge of the situation.
The bottom line
As a landlord, over time, you will find that it is much better to keep reliable tenants around than to have a revolving door policy and change who is living on your property every couple of months. We’ve given you 7 tips for retaining good tenants; now it’s up to you to put them into practice.
If you would like to learn more about WJD Management, please review our comprehensive Management Program guide. If you are ready to rent your home, feel free to take advantage of our exclusive FREE Rental Market Analysis. Finally, don’t forget to connect with us on social media! Follow us on Facebook, Twitter, LinkedIn, Instagram, and Pinterest for tips, ideas and updates.