Property managers always face nightmares when it comes to bad tenants; the time they consume, the damage they create, the late rent payments and so on.
Let’s be fair, not all tenants are the same, and you are likely to have good ones who you want to keep for a long period. Tenants turnover comes with many expenses that are related to lost rent, utilities, repairs, and having to spend a lump sum of money on advertising fees to fill in that place. Vacant units cost a lot of money, and the longer they stay that way, the more you lose.
Worry no more, here are 7 tips to maintain good tenants.
1. Simplify their lives
Match their goodness, by making their lives easier the same way they do for you. It is likely that they are good because they like living in the home or neighbourhood your rental is, so make sure you simplify their lives by offering good maintenance, easy rent collection, multiple methods of communication and so on.
2. Be a good landlord
Human factor is vital when it comes to tenants, renters are more likely to stay if you’re a good landlord. Be very accurate with communication, and offer multiple contact methods to always be on-top of their needs, this will avoid miscommunication. Be cooperative, respectful and a good listener to make them feel comfortable. Stick to promises made because breaking a tenant’s trust will definitely have them looking for another place.
3. Maintain the property
Be very responsive and get it taken care of quickly, in case any issue arises. Set a clear timeline that both of you are comfortable with to resolve the issue. Tenants like to be taken care of and heard, if they have an issue with the property, fix it. Maintaining properties is good for both of you, tenants feel comfortable and property owners invest in enhancing their place. An effective way is keeping your tenants happy by being proactive with property maintenance and routinely performing property inspections, this will not only make them comfortable, but they will want to put extra effort in taking care of their homes the same way the owner does.
4. Know what your tenants want
Communication is essential, especially if you are remotely managing properties. Avoid multiple emails and phone calls, a good idea is to have an inspection once or twice a year. This is an opportunity for both landlords and tenants to voice any concerns. Landlords here must listen and respond efficiently, to keep tenants satisfied. The outcome is making tenants consider it their home, reflecting on the care shown towards them and your property.
5. Invest
Tenants admire upgrades and renovations, and nothing would make them feel more welcomed, than pampering them this way. This creates a bond of trust and will increase probabilities of the tenants respect towards the property manager. Tenants are more responsive to paying a higher rent if you offer to improve the property. Plus, all investments made are likely to improve your properties value.
6. Respect their privacy
Yes you own the property, but make sure you don’t barge in whenever you feel like it, always give a proper notice or communicate in advance with the tenant to set an appointment. Most properties have surveillance, be clear about the procedure and secure the footage, to only be accessible for the purposes you have defined.
7. Reward
By simplifying your lives, good tenants deserve some extra pampering. Incentivize them for being the perfect tenants, simple gifts like extra credit on utilities, gift cards, discount on their next rent, can be effective. Tenants are more like to be satisfied and feel appreciated, and market you through word-of-mouth to recommend renting from a good landlord.
