6 Best Ways of Retaining a Tenant
For a rental business to thrive, it’s important to establish good relations with the tenants and encourage them to stay long term. Learning how to attract the best renters is the key to gaining steady returns. Finding and keeping superb-quality renters requires following a series of steps.
When landlords value and respect their renters, they gain their tenant’s loyalty in return. For renters to stay for a long term, focusing on their needs and keeping them happy is a great strategy.
It can be difficult to find good renters to fill a vacant unit in a timely manner. You might encounter additional expenses such as ad placements, broker’s fees and commissions, maintenance costs, and fees related to tenant screening checks.
To forgo these steep steps, landlords can aim to retain their tenants and create a habitable environment in their rental spaces. If the renters are satisfied, they may be more likely to renew their lease agreement.
Below are six tips landlords can try to retain their tenants for the long haul:
1. Perform a Proper Tenant Screening
Without effective tenant screening, turnovers and evictions can easily occur. Proper tenant screenings are essential to avoid renters who don’t pay the rent on time or cause damage to your rental space.
As a landlord, you must be meticulous when reviewing a potential renter’s history, financial capability, and employment. Checking for records of evictions lets you know whether the renter might give you problems in the future. Evaluating their credit score and income is also highly advisable.
Residents with a good rental history are apt not to skip rental payments. Renters with long-term employment are also reliable since they won’t be spontaneously transferring to a different place.
When your screening reveals red flags or some unmet standards by the prospective tenant, it’s better to play it safe and find other candidates than risk facing issues if the renter is unable to pay the rent or causes damage to the unit.
2. Request Feedback from Present Tenants Regarding Their Rental Experience
Going straight to the source and actively asking renters what they like or want to improve on is beneficial. You can then make the necessary changes and update the rental conditions. Try to remain open to their comments. Listen, take notes, and consider the feedback.
See if there are areas where you can upgrade your rental space. Perhaps changing a few things can lead to higher value and an increase in the rent rate, maximizing your income.
Actively requesting tenant reviews is advantageous for landlords. Creating anonymous surveys can also be helpful to reveal the honest opinions of the residents.
Another source of feedback is renters who decided not to renew the lease. It’s recommended to perform an exit interview to receive information that could help you create new processes and elevate your systems for effective results.
When conducting an exit interview, it’s important to find out why the tenants are leaving, what kind of rental unit they’re moving to, and what will encourage them to stick around longer and sign a renewal.
3. Maintain Friendly Terms with Tenants
When you have a friendly relationship with the residents, they may be more likely to open up and reveal useful information.
Something renters appreciate is an available landlord. In times of property emergency, the tenants will need the landlord’s advice and guidance. You should thus make it a point to be reachable and respond to messages and calls as soon as you can.
When important occasions happen, landlords can offer well-wishes by sending cards and expressing words of appreciation. These kinds of gestures help landlords and tenants maintain a strong bond.
4. Maintain Your Property Regularly
Regularly conduct property inspections and arrange for repairs in your rental unit. Taking the initiative ensures that the little issues are taken care of and your tenants’ comfort is prioritized.
When you care for your property, it delights the renters and motivates them to perform their own duties in maintaining the rental. Since landlords are in charge of fixing damage caused by normal wear and tear, it’s best to plan ahead and set aside a maintenance budget.
If a landlord oversees a number of units, it’s recommended to hire a property manager to handle their property maintenance and ensure everything is in order. Property management companies have plenty of resources and trusted vendor networks they rely on to get things repaired at the least cost to them.
5. Plan for Property Renovations
Seeing property upgrades as an investment that enhances a rental unit’s value is a great perspective. Renters may want to stay longer if more amenities and property features are added.
Landlords don’t have to spend a hefty amount on renovations right away. Even simple repainting projects can make a rental look impressive.
6. Exercise Flexibility with Rental Policies
Different renters may request certain things. Some will want to redecorate the property; others will want to welcome pets. Being rigid can make it hard to attract long-term residents.
It’s best to employ flexible rental policies and give your approval under certain conditions, such as requiring pet screenings for all animals or allowing a renter to repaint specific areas of the unit.
Retaining tenants means putting in a bit of extra work. It entails being attentive to the needs of occupants, practicing flexibility, and taking responsibility for the care of the rental property.
If you’re seeking a reputable property manager to help maintain your rental home and attract long-term tenants, contact Limehouse Property Management today!