The constant need to find new tenants to fill out houses and apartments is one of the most taxing responsibilities of property management. In the past, renting was a stepping stone for many young professionals and new families on their way to home ownership. However, the current economic climate and cultural shift in the millennial generation has opened the opportunity for preserving lasting relationships with tenants. Here are 5 tips for turning temporary tenants into long-term residents.
1. Maintain respectful relations
Maintaining a healthy professional relationship with your tenants is essential for creating trust and comfort for both parties. Respect the privacy and convenience of your tenants whenever possible by scheduling examinations, repairs and other necessary visits on their schedule. Give as much notice as possible so they can prepare.
2. Address problems quickly
One of the biggest complaints that tenants have about their landlords is how long it takes them to remedy issues that arise. If a tenant calls you to complain about a clogged pipe, leaky roof or any other serious problem that impacts their quality of life, you should respond as soon as possible and start working to fix the issue.
3. Offer incentives or gifts to retain good tenants
Property management professionals and seasoned landlords know that good tenants are priceless. They can be hard to find, so holding on to them is a top priority. Instead of increasing their rent every year, you can keep their rate the same as a gesture of thanks. You may even consider giving small gifts or other incentives to tenants who put effort into improving the property.
4. Survey and ask questions
Even if your tenants aren’t actively complaining about an issue or inconvenience, that doesn’t mean they are completely satisfied with their experience. Excellent landlords go the extra mile and talk to their tenants at least once or twice a year to make sure they are comfortable and content with the unit. This shows your residents that you care about them personally, and not just as tenants.
5. Put it all on the lease
This may seem like a basic step, but many disputes and disagreements arise because of misunderstanding regarding the obligations of both parties. Consult a legal professional when drafting a lease agreement for your tenants to sign, and make sure it includes every relevant detail. This provides tenants with the expectations up front, so they aren’t surprised later.
The Advantages of Long-term Tenants
Keeping tenants from year to year reduces administrative expenses since you don’t need to conduct financial or background checks on prospective residents. It also allows you to wait longer to repair wear and tear damage, like carpet and scuffed walls, that would likely be redone between tenants.
Maintaining productive relationships with tenants is certainly rewarding, but it can also represent a lot of time and dedication. That’s why many property owners turn to Keyrenter Elite as their property management professionals. We look for the best possible tenants for your house or apartment and retain them to maximize the value of your investment.