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5 ways to keep your best tenants

5 ways to keep your best tenants

Property owners have certain responsibilities like maintaining the property, handling rent payments, and filing taxes. But one responsibility that is often overlooked is retaining tenants.

It’s no secret that good tenants can be hard to come by. Tenants who are respectful, honest, and pay on time are the most valued asset. When a good tenant is lost, the cost of replacing them comes with a high price tag—around three months worth of rent. That’s why it’s important to maintain a good relationship with your tenants and keep them happy enough to renew their lease.

Here’s what you can do to hang on to your best tenants:

  1. Maintain an open line of communication

    Proper communication with your tenant can go a long way to holding onto them. One of the biggest reasons why tenants are unhappy with their landlord is because of poor communication between both parties. When a tenant has a request or complaint that isn’t acknowledged in a timely manner, it sends a poor message.

    The first step to maintaining an open line of communication with your tenant is to agree on a communication method. Whether it’s through texting, calling, or email, let the tenant know how they can reach you and vice versa.

    The same goes with rent hikes or property visits. Always inform your tenant ahead of time so that they can prepare. While rent increases, for example, are inevitable, give a written notice at least 30 days before raising the rent. If you can, give more notice time so that your tenet can act coolly instead of acting in an emotional and annoyed state.

  2. Stay on top of property maintenance

    Another reason why tenants leave is poorly handled maintenance issues. As a property owner, it’s important to be responsive, keep your property in good shape, and address necessary repairs. When an issue is raised (like a broken pipe or a damaged wiring), it must be taken care of right away. Don’t forget to follow up with the issue until it is resolved.

    Having a system for tracking maintenance requests is useful. With this tool, tenants can easily report any issues and you can easily keep track of their requests. Most maintenance tracking tools allow tenants to submit photos and edit their requests. If you do start using an online system for tracking tenant requests, make sure to test it from the tenant’s perspective and see if it works seamlessly from their end.

  3. Be proactive

    A part of being a good property manager is to be proactive. Showing the tenant that you are proactive tells the tenant that you can be trusted and reliable.

    If there are any changes being made to the property or the amount of rent they’ll be paying, give the tenant a heads up. Let them know when the lease renewals are coming up. Have an annual inspection or take note of the areas in your property that may need maintenance so that you can have them fixed before it starts to worsen.

  4. Offer incentives for lease renewals

    Tenants may be more motivated to stay when incentives are offered. When a good tenant decides to renew their lease, seal the deal by providing an enticing incentive.

    Here are the most common renewal incentives:

    • Free month of rent

      Rent concessions like a free month of rent or a rental deduction is a common way to get tenants to renew their lease. Although it may seem like a loss on your part, it’s actually more cost-effective to keep your current tenants instead of looking for new ones.

    • Free property upgrades

      Property upgrades are a win-win for both parties. Your tenant gets the feel of a brand new space while the value of your property increases. You can also upgrade their appliances to the latest one, pay for a carpet cleaning service, or offer a parking spot of their own.

    • Smart home upgrades

      Smart technology is sought-after for the convenience, efficiency, and security that it offers. Smart home devices or features like smart thermostats, smart bulbs, and smart locks may be the key to making your tenant stay.

    • Relaxed pet policies

      While many rental properties nowadays allow tenants to keep their pets, there are certain pet policies that tenants must adhere to. As an incentive to good tenants, consider easing your pet policies by removing the pet fees or the pet deposit.

  5. Establish a good relationship

    A good working relationship between the tenant and landlord is a huge help in encouraging your tenant to stay. One way to strengthen the tenant-landlord relationship by getting to know your tenants. Be friendly and welcoming without crossing any boundaries. Take the time to greet them on their birthday, thank them for being a good tenant, or invite them to community events.

Learn more tips and tricks on property management from Berkshire Hathaway HomeServices Caliber Realty, your go-to experts for property management in College Station, TX. Reach out to the team at 979.694.8844 or send a message here.

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