How To Find and Retain Good Tenants
As a property manager or a landlord you already know that having tenants who pay the rent on time and take care of the property are ideal to have. You also know that these ideal tenants are not always easy to find or easy to keep.
Here are some tips and tricks to keep in mind when on the hunt for tenants.
Look after the property and your tenants
Make it your job that existing issues or concerns are taken care of before showing your property to tenants. In order to attract good tenants, you want your property to be clean, presentable and updated as much as possible. Secondly, you want your tenants to feel like you have their best interest in mind and that you will take care of any concerns that pop up while they are living in the property. Simply handing over the keys and thinking that your job is over is far from the truth if you want to retain good tenants.
Be responsive and proactive
If you are on the ball with maintenance requests and concerns that your tenants have, they are more likely to renew their lease with you. If you do not return phone calls or take weeks to deal with a leaky facet or running toilet, your tenants might get frustrated and rather find another place to live then renew the lease when the time comes. In the case that you cannot address a complaint right away, make sure to be in communication with your tenants right away. Sending your tenants updates and assuring them that you are doing everything you can to resolve an issue shows that you care. Handling maintenance issues sooner than later also prevents damage to your property down the road. If you resolve a small issue in your roof today, this could prevent major damage to your investment in the future.
Know the law
Following fair housing rules and know the tenant, landlord laws in your state. By offering reasonable rental prices, you will expand your pool of tenant options. Of course if you charge high rents you run the risk of limited tenant options and long vacancy periods.
Don’t be a stranger
Don’t only be available to your tenants when the rent is due. You could send out birthday cards or gift baskets when you know your tenants have achieved a milestone. Send them goodies on major holidays to let them know that you appreciate them. This will help you build a relationship with your tenants that can create open and honest communication.
Offer renewal incentives
Before your tenant’s lease is up, find out what their plans are. Get interested in what your tenants are doing next in their life. Find out how you can support them by providing incentives to stay. Offer your tenants an upgrade with a new floor or other improvement to stay another year.
As with all relationships, you must constantly invest time and attention. Don’t think that just because you sent one birthday card or a gift basket that your job is done. Take the time to ensure that your tenants know you are available for their needs.