Great tenants are hard to come by. So when you encounter them, you want them to stay for the long-term in your rental home. Hallmarks of a great tenant include who pays the rent promptly, lives in harmony with others, takes care of your rental reasonably, and communicates maintenance issues.
When you find renters that exhibit these qualities, you want to keep them happy enough to keep renewing the lease. Benefits arise from having long-term tenants. You also earn a steady income and can plan for property renovations. Best of all, vacancies will be out of the picture. Thus, you won’t spend on marketing costs.
There are several ways to keep great tenants around. Central to them is cultivating a good relationship. Here are tips to inspire tenants to stay longer:
Pay Attention to Maintenance Requests and Address them Right Away
Renters feel comfortable when the property is in an excellent state. What’s more, under the landlord-tenant laws, one of the chief responsibilities of landlords is to keep it habitable. If you can deliver, chances are the tenants will renew their leases again.
If a tenant complains of a maintenance issues like for instance, a broken pipe, it’s important to inspect it right away. Coordinate with a plumber to handle the repairs. Your renters will judge your competency as a landlord when problems occur in the property and whether or not you’re quick to resolve them.
Other ways to maintain your rental home is by booking professional cleaners for deep cleaning the unit and steam cleaning the carpets. These little details go a long way towards slowing normal wear and tear and encouraging tenants to stay longer.
Performing preventive inspections regularly also helps in reducing the need for property repairs and the corresponding costs.
Find the Amenities that Tenants Desire
Different tenants will prioritize different things. If you target large families, they’ll prefer more outdoor spaces and storage. For renters that own personal vehicles, they’ll pick a rental with a parking area. As a landlord, you must recognize your target renters’ needs.
There may be common amenities that tenants appreciate such as high-speed Wi-fi and strong home security. You can choose to invest in these amenities. If you find that your property lacks essential items such as counter space or more cabinets, you can plan your property renovations to include them.
Study the top amenities that tenants want and choose to incorporate ones that will fit the demographics you’re serving. Other popular amenities that you can consider are kitchen upgrades, central heating, air conditioning, and an in-unit washer and dryer.
Be Fair in Your Treatment of Tenants
The Fair Housing Act outlines protective classes outlined to protect against discrimination in matters of housing. As a landlord, you’re expected to abide by the terms of the act.
You must practice fair and equal treatment of all your tenants. If you start displaying preferential treatment, your other renters will notice. For example, you allow one tenant to pay late without collecting fees even if that goes against your leasing agreement.
Your other renters will feel that this is an unfair situation. As a result, they may not honor your property’s policies anymore or they could look to move out when the lease ends.
Some landlords can also delay responding to property issues depending on the tenant. This should be avoided if you want your tenants to be happy. No tenant deserves to be dismissed or overlooked.
Property policies should apply to all tenants for everyone’s safety. If you allow others to break the rules, this can create confusion and potential conflict. You want to be as clear as possible and protect your tenants by implementing the rules equally.
Approach Tenants Before the Tenancy Ends
Being proactive will help you prepare for your next move. You can talk to your tenant before the lease is up and see if they wish to renew it. In fact, 3 months before the tenancy ends is a good time to do ask as it allows them the time to consider the decision.
Should the tenant decide not to renew their lease, you can proceed with marketing the rental. This way you can conduct property showings and avoid long vacancy periods.
Consider also that marketing and maintenance expenses are something you have to face when your property is vacant so it’s in your best interest to keep a trustworthy tenant long-term.
You can inspire tenants to sign a renewal by offering incentives like not increasing the rent rate. There are several ways for landlords to earn income other than raising the rent.
You can also use this chance to communicate with your tenants and ask them if there are ways you can improve your customer service. This enhances your landlord-tenant relationship and allows you to be aware of your tenants’ needs.
Hire a Property Management Company
If you’re a busy property owner and can’t tend to property maintenance or other landlord duties, it’s advisable to engage the services of an excellent property management company.
Having access to a full range of property management services from tenant screenings and rent collection to property maintenance and repairs is invaluable.
You can save your time without disappointing your batch of renters. A property management team has the professional skills, efficient systems, and available time to handle any property problems that will appear.
Keeping the renter happy means being attentive and practicing fairness. You can elicit a positive landlord-tenant relationship by implementing some of the tips above. If you’re feeling overwhelmed by your landlord responsibilities, hiring a property management firm can be a great idea.
The team at Draper Realty can assist you in all your property management needs. Contact us today to learn about our services!