What are your expectations from tenants; contacting you when there’s an issue, always paying on time, respecting your property and the neighborhood. Finding great tenants can be easy, but once you lease your property, you need occupants who look after your property as if it is their own, you never want to see them move out.
For landlords, the turnover of tenancy period comes with expenses that range from cleaning costs to possible repairs. Loss of rent especially if you are relying on rental income to pay your mortgage, utilities, and estate agents fees can all add up.
Reducing or eliminating your turnover expenses by keeping good tenants longer could help you become a more profitable landlord. There are many advantages, including:
- Having consistent rental income
- Spending less time and effort preparing the unit for rent
- Avoiding the uncertainty of bringing in a new tenant
Ensure to lease your property to the right person.
It’s worth to find ways to increase your tenant’s appeal of your property. In many cases, the incentives you offer will cost much less than the expense of a vacant property.
ADDRESS MAINTENANCE CONCERNS QUICKLY
It is important to keep your tenants happy. By being proactive with property maintenance and routine property inspections your tenant may be more likely to agree to extend their lease.
It can be frustrating for a tenant to have unaddressed maintenance requests. You want your tenant to be aware that you want to give them a comfortable place to live. This can be a big deciding factor when your tenant is considering a lease renewal. Incentives as carpet cleaning or deep cleaning by a professional cleaning company can be very attractive to long-term tenants and may make them feel appreciated.
Additionally, keeping up with maintenance and addressing issues quickly will help you spend less time on repairs when you need to find a replacement tenant. Regularly inspecting the condition of the property will help you stay on top of maintenance issues that need to be addressed and can help keep smaller maintenance tasks from becoming bigger issues.
BE A GOOD LANDLORD
Never underestimate the importance of the human factor when it comes to dealing with tenants. Your tenants may be more likely to want to stay if you’re a friendly, and cooperative person.
Be swift with your responses and make it easy for the tenant to contact you and communicate with you. Maintain open communication to help reduce misunderstandings and create a better overall tenant-landlord relationship. Being courteous and respectful is necessary so that the tenant feels comfortable at your property.
When a place feels like home, the longer a good tenant is likely to stay. A cooperative attitude also sets the expectation of how you want to be treated in return, which makes it more likely that your tenants will respect you and your property.
KNOW WHAT AMENITIES TENANTS WANT
High-speed internet. Open floor plans. A beautiful outdoor space. It’s important to be aware of the factors tenants look for in a property.
For many tenants, especially younger generations, lifestyle quality is a major factor in whether they decide to stay or go. You may own the property, but the tenant should be able to consider it their home. There are ways you in which can help promote a more tailored atmosphere, and in doing so, it may encourage your tenants to stay longer.
Consider offering features that tenants care about most may help you attract better long-term tenants and serve as an incentive for them to renew their lease. If your rental property is located near a university, then your average tenant may be looking for secure bike racks or quite study rooms. In addition, strategic upgrades i.e stainless steel appliances, hardwood flooring, and central air conditioning that can make a house feel like home. These upgrades can be good investments if you want to attract new tenants or encourage current tenants to stay longer.
BE PROACTIVE WITH LEASE RENEWALS
It’s important to let your tenant know well in advanced that you’re interested in renewing their lease with them.
- Consider reaching out to your tenant 60 days before the lease expires to ask if they would be interested in renewing..
- If a tenant decides to move out, then at least you can get a jump on advertising your property before they’ve officially moved out. If you line up the next tenant, then you might not lose any rent while the property is vacant.
There are other ways to encourage your current tenant to stay longer. You may consider not increasing the rent.
TREAT TENANTS FAIRLY
No matter the race, religion, sexual orientation or physical ability of your tenant, you must be consistent in how you treat the people who rent from you. This also means being responsive and addressing concerns.
ENFORCE RULES WITHOUT GOING OVERBOARD
Whether they relate to safety or blocked drainage, before the lease is signed, you need to make your tenants aware of the expectations.
By fairly enforcing rules and having a clear policy of consequences when rules are ignored, you can manage your tenant’s expectations, help them feel safer.