No matter what real estate market you are in, retaining good tenants can be hard. How can property managers focus on finding ways to retain good tenants? Here are some tips you need to follow to make your rental property into the successful investment you need!
Maintenance and Correct Management
Tenants deserve a nice place to live. If the property is worn down and starting to increase the risk of health and safety concerns, you won’t keep tenants for long. Proper maintenance and effective management of the property will increase tenant satisfaction, thereby keeping them as your paying tenant.
Proactive and Responsive
One of the most frustrating things for a landlord is a tenant that pays late. Why do tenants pay late? Sometimes it is due to financial hardships, but other times tenants may pay late as a retaliation against the landlord. If they have reported a problem with the property, and it is not fixed, they often withhold rent. While this is not the best practice or legal method to go about getting the attention of a landlord, it is often necessary when a landlord is not responsive. It is vital to communicate with the tenants. Landlords need to perform drive-by inspections and routine inspections to make sure they are doing all they can to keep the property in good condition.
If a tenant makes a request for a new appliance, or repair, respond quickly. Ignoring messages and emails will upset a tenant, leaving them with the option to start looking for a new place to live. A good, well-paying tenant is not one you want to lose!
Incentives and Renewal Upgrades
Tenants that choose to stay for years deserve to be rewarded for their loyalty. Renewal upgrades and incentives are a great way to excite tenants. Some things you could offer include:
- New lighting fixtures
- New flooring
- Updated exterior
- New appliances
- Repainting walls
Small changes to the property can renew their excitement to live there and makes them feel that the landlord truly does care about their overall well-being. Good tenants are hard to find, so it pays to reward them how you can with good incentives.
Clear Contract and Enforcement
A tenant must know what they are signing when they agree to the lease. Landlords must have a clear contract in writing for the tenants. When you start dealing with the paperwork that goes into tenant management, it’s no wonder why so many people opt to hire a property management company.
Keyrenter Property Management in Hampton Roads provides fair, effective, and experienced property management services. Contact our office to learn how our talented staff can aid in improving tenant retention and improving your bottom line.
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