High tenant turnover can cost you in terms of marketing costs and income fluctuations. Once you have the right tenants, do your best to retain them. Below are some practical tips to help you retain your tenants.
Address Concerns Fast
Issues will arise between you and the tenants or between the tenants themselves. For example, a tenant might complain about a neighbor's noise or appliance breakdown. Address such concerns as fast as possible. Your tenants need to know that you listen and care for their wellbeing.
Be Proactive With Renewals
Don't wait for your tenants to approach you with renewal requests. Whenever a tenant's lease nears its term, approach the tenant, and ask them about their renewal plans. Show your tenants that you value their stay on your property. You can even offer the tenants incentives, such as a rent discount or free parking for a limited time.
Treat Tenants Fairly
Treat your tenants the same, even if you like some of them better than others. For example, if you offer rent discounts to tenants who renew their leases early, avail the discounts to all tenants. You should particularly watch out for favoritism by gender, race, or age, which might be illegal.
Maintain the Property
Ensure your property is always in the same condition it was in when the tenants moved in. An improvement is welcome, but the conditions should not deteriorate. Inspect the property regularly for defects or malfunctions and repair them as soon as possible. Don't ignore issues that your tenants might raise up from time to time.
Give Advance Notice of Problems
Let your tenants know, in advance, about potential problems that might disrupt their lives. For example, don't just show up with a roofing contractor if you need to repair the roof. Let your tenants know in advance of your roof repair plans. If you need to enter a tenant's house, give them a heads up before you arrive.
Enforce Rules With Love
Some tenants might break the tenancy rules. Don't go berserk if that happens. Don't show up yelling to a tenant who has rescued a dog despite a no-pet policy. Sit down and talk with the tenant like a person you care for. Be firm but calm in your rule enforcement.
Hopefully, the above tips will help you retain your best tenants for as long as possible. Note that property management is a demanding job that you might not excel at if you are too busy with other commitments. Fortunately, you can always outsource the job to a professional property management company.
For more tips, reach out to a company like Anchor West Properties.