How to Keep Your Tenants For a Long Time
Tenant turnover can cost landlords a great deal of money and stress. Every time a tenant moves out, the property has to be thoroughly cleaned, carpets replaced, painted, and fixed up. Not only that, the landlord has to remarket the unit for rent and screen applicants to find a quality tenant. Most landlords will lose a month or two in rental income as well making it very costly.
Here are some helpful tips for keeping your tenants as long as possible.
1) Have an A+ Property Management Team
This is the most obvious key but the most important. The property management team will make or break you. They can put the wrong tenants in your property and make your asset a liability. Make sure your property management team has measures in place for all scenarios and know how to handle any situation. You want to have a property manager that lives close enough to your property so they can effectively manage it. They must understand that tenant happiness equals owner happiness since tenants will likely stay if all their needs and wants are met.
2) Be a Santa, Not a Grinch
Giving your tenants small gifts on the holidays or on their birthday really goes a long way. A turkey on Thanksgiving doesn’t cost much but it is priceless in the eye of your tenant and shows that you care. You can even give them gifts on the anniversary of their lease. You can really entice your tenants by writing a contract that will give them really large gifts on the 5 year and 10 year anniversary like a big screen tv or a laptop (you can get either for under 500 dollars). This sounds expensive but it costs much less than one turnover.
3) Likability
Being likeable and friendly goes a long way. You don’t want to be a dictator, make your tenants feel important and cared for. It will make up for deficiencies in other areas.
4) Listen
Your tenants want to know that their concerns are important and listening helps them understand that. If you listen and genuinely care, you will get the respect you deserve.
5) Be Easy to Contact
Today’s leading brands realize that customer service is extremely important and so should landlords. Being easy to contact will lower your renter’s frustrations and will help keep them happy.
6) Speed
Things are going to break and you have to know how to respond quickly. Things that break are not going to go away or get cheaper by ignoring them. It is a good idea to give your renters a list of preferred contractors that can respond in any emergency (plumbing, electrical, heating, etc).
7) Make it Easier to Stay than to Leave
You want to keep rent increases conservative. You don’t want your renters leaving because they find a better deal three doors down. It is also a good idea to focus on purchasing properties where your tenants can store things like houses with garages and basements. If your tenant has a lot of things at your property, they will not want to leave because the thought of moving all their stuff is overwhelming.
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