6 Best Ways of Retaining a Tenant
One of the easiest ways to run a successful rental property is to retain high-quality tenants for the long term. Keeping your best tenants means having a steady rental income, a well-cared-for property, and reduced stress.
Finding high-calibre renters may sound easy, but it’s important to appreciate great tenants because it can take a lot of time to land them. Landlords try to limit tenant turnover since it can be costly to find new renters.
Some of the expenses you’ll be paying for when seeking new occupants are:
- Rental ad placements
- Broker fees and commissions for crafting new lease agreements
- Maintenance costs when preparing a unit to welcome new renters
- Tenant screening background check fees
These costs can add up quickly, so it’s critical to provide your tenants with a great rental experience. If your tenants are happy, they’ll be more likely to renew their leases.
Below are six tips for finding and keeping high-quality renters in your rental unit!
If you skip screening tenants, you can put your investment at risk. We recommend evaluating prospective tenants’ rental history, employment background, income, credit score, and eviction records.
Knowing if a renter has a good history of paying rent on time and has never been evicted will reduce your stress. Having stable employment also shows that the renter is responsible and will likely rent for the long term. If a tenant has sub-par screening results, we recommend choosing another applicant.
Ask for Feedback
Retaining tenants means keeping them happy! Throughout their tenancy, ask your renters the following.
- Are they satisfied with the rental?
- Is there a property improvement they would like to see?
- What property upgrades would make their lives easier?
You can also gain important information by requesting a review. You can achieve this by meeting with your renter or creating surveys they can return to you. If you have a multi-unit rental, offer your tenants the opportunity to return the surveys anonymously. This will encourage them to share how they really feel.
Knowing how your tenants see your property and being aware of renovations they’re interested in allows you to improve their experience in your rental. If your renters are aware of the effort you’re making to make their lives better, they’ll be inspired to rent from you long-term.
If a tenant decides to move out of your rental, it’s vital to run an exit interview. The information you’ll get from your prior tenant can lead to better awareness of how to meet the needs of new renters and what parts of the property you can upgrade.
Questions you can ask during the exit interview include:
- What are your reasons for leaving?
- What type of rental space or home are you planning to transfer to?
- What kind of incentives would make you decide to renew your lease?
Build a Healthy Relationship with Your Tenants
Your renters will open up more when you have friendly relations with them. Rather than trying to collect information by observing tenants, you can simply ask them insightful questions! One of the ways to gain respect and make renters trust you more is by being an accessible landlord. If your tenants reach out, make sure to reply or return their call promptly.
On holidays and special events, send your tenants well wishes to show that you prioritize their well-being. It doesn’t have to be a long letter; you can simply send a few words showing your gratitude. This goes a long way in cultivating a great landlord-tenant relationship.
Conduct Proactive Maintenance
Whenever possible, don’t wait for renters to report a property issue or make a maintenance request. Aim to be consistent with performing regular property inspections and conducting maintenance. This allows you to spot problem areas and get them fixed right away.
In addition, it can be helpful to set aside a maintenance fund to prevent delays when dealing with repairs. A common cause for renters to move out is living in a rental space that’s not properly maintained. So make sure to attend to the little things, even minor repairs.
If you don’t have the time to attend to property maintenance, consider engaging the services of a property management company!. Often, these experts have an established network of specialists and vendors who charge reasonable fees.
Upgrade the Property
Though landlords prefer not to allocate their income towards more property expenses, it can be a strategic move to upgrade your rental unit. Rentals with great amenities increase tenants’ satisfaction, attracts new renters, and brings greater value to your rental.
Property improvements, when carefully considered, can help you retain renters for a longer period. Updates don’t have to cost a fortune since you can create a comfortable rental space with strategic lighting, a new coat of paint, or by adding additional storage.
If your renters ask you to make a reasonable accomodation, it’s important to seriously consider allowing it. Being too rigid can make tenants uncomfortable and cause them to leave. Whether tenants want to sublet, bring a pet onto the property, or hang decor keep an open mind!
Your tenant’s happiess is key to your success, so adding a sublease or pet clause to the lease will be mutually beneficial.
Improving your tenant’s rental experience is easy when you’re sensitive to their needs, communicate regularly, and prioritize completing maintenance tasks! If you’re looking for a trusted property manager for your rental property, contact Leenan Property Management today!