Good tenants are extremely difficult to find and therefore, it’s important that you keep the tenants for as long as possible. Good tenant retention has a lot of benefits with the best one being that you don’t have to worry about the rent or about the tenant causing any trouble for you. By treating them nicely, you can also ensure that you wouldn’t have to look for new tenants and go through the exhaustive process of tenant screening too. Here are a few tips to help you retain good tenants for as long as possible.
Give Welcoming Gifts
Welcoming gifts are a nice gesture and should be given so that the tenants think of you in a positive manner. The welcoming gift should be given at least a month or so after the tenants move in. The gift doesn’t have to be expensive and can be anything from a bouquet of fresh flowers to a basket of fresh fruits from the market. When you would hand over the gift, you can also do a simple inspection of the house so as to see how the tenants are treating your property.
Solve Emergencies as Soon as Possible
Tenants are always on the lookout for landlords who can solve emergencies quickly. Tenants usually prefer to lengthen their stay in houses where landlords are quick to offer help in case of any house emergency. You can ensure that you stay in a position of solving house emergencies by staying on good terms with reliable plumbers and electricians who can reach to the house immediately to solve any emergency.
Do Quarterly Rental Property Inspections to Notice and Resolve Small Issues
Good tenants are usually not demanding and usually do not complain about small issues with the house on their own. It’s always a good gesture to check on the house on your own every three months so that you can look for small problems on your own and can get them resolved as soon as possible. It’s a gesture which can go a long way in helping you retain good tenants.
Reward the Tenant’s Renewal by Updating the Interior
If your tenant has stayed in the house for more than three years then a slightly lavish interior upgrade won’t harm you. The upgrade would not only keep the tenant happy but would also work for you as it would increase the property’s worth. You can decide between the paint, the carpeting and the light fixtures when thinking of an interior upgrade and choose the one which needs the upgrade the most.
Good tenant retention is a crucial success factor for every landlord to reduce lost income from vacancies, tenant turnover, and taking the best care of your property. Basic kindness and mutual respect go a long way for good tenant retention in your rental properties.
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