As a property owner, you probably know that finding good tenants that pay rent on time, keep good care of the property, and are well-mannered can be hard to find. So when you do find these tenants, you want to do everything you can to make them want to stay. Not to mention vacancies can cost your business a lot of money. Here are a few ways you can put your efforts into maintaining tenants and make them love your property.
Stay on top of Maintenance
Be sure to always respond to your tenant’s requests promptly and effectively. Any repairs that need to be made should be urgent to you because if they fester they could cause more damage. They’re also important to your tenant because any problems in their home cause disarray in their everyday lives. Being proactive with maintenance requests shows your tenants you care about their comfort and want to give them a nice place to live. If there is a delay for some reason, be sure to communicate this and give them updates on the situation. Once the scheduled maintenance is taken care of, be sure to check in and make sure they’re satisfied with the work.
Know the Housing Market
Be sure to offer fair pricing for your tenants. Do your research and see what similar properties are charging in your area. It’s pretty obvious that if you’re charging more than other people in the area, tenants will move to get a better price. See what amenities they’re offering and see if you can implement these into your own rentals. Look at their appliances and see if yours need to be updated. Staying ahead of the rest of the market will keep your tenants happy.
Don’t Be a Stranger
A great way to show your personable side is by sending letters on holidays and your tenant’s birthdays. This is a good thing to have your property manager or other employees keep track of. Send them a card thanking them for paying their rent on time and that you value having them as a tenant. Make sure they’re handwritten and consider giving them a small gift as well. This will let them know you care about them and want them to stay your tenant.
Keep a Reference File on Your Tenants
It can be hard to keep track of all your tenants, let alone the important events in their lives. A good way to combat this is by keeping a short, digital file on your computer about what’s going on in each of their lives the last time you spoke. This way, the next time you need to call or meet with one of them, you can pull this up beforehand and refresh yourself on what was going on in their lives. Bringing these things up will make your rentals surprised that you remember these things and make them feel like you know them as a person and not just a way to make money.
Ask For Feedback
The best reference for knowing what needs to change about your property is the people who live in it. Ask them what their dream property looks like and what you can change to make yours more like that. Keep a list of updates your tenants would like to see, and if you can make the investment, choose one or two to implement. Let your renters know you listened to them and that you’re making the changes they asked for. A good time to do this is during your semi-annual inspections or during a move-out interview.
Get Rid of Bad Tenants
Many landlords look for excuses and justifications to keep their bad tenants simply because they don’t want to deal with a vacancy. However, if you deal with the vacancy now and screen for a better, more long-term tenant, you’ll be thankful you ripped off the band-aid now instead of simply dealing with their bad behavior. Every month, look at what tenants are coming up for a renewal and send non-renewal notices to any renter you have doubts about. No matter how well you’ve done at any of the other tips above, even the best, most satisfied tenant won’t stick around if their neighbors are loud, drug dealers, or are just plain rude. If you get rid of bad tenants and keep the good ones, your costs will be down and your management will be much easier.
Retaining your best tenants can sometimes be challenging, especially if most of them really do need to move out. So it’s important to begin with great tenants! Keyrenter can help you find and retain those tenants. Contact us today!
