Being a landlord is a tough gig. You not only have to worry about presenting your rental properties in a way that stands out from the competition, but you also constantly need to focus on making sure that you are filling your rental properties with good, qualified tenants. Having responsible, respectful tenants occupying your rental units makes any landlord’s life a whole lot easier. However, finding these types of tenants is just the first step. Retaining good tenants is the ultimate long-term goal. Here are 7 important things to do to retain good tenants.
1. Make Timely Repairs When Needed
After you find your ideal tenant and the lease is signed, the number one thing you will communicate with your tenant on (outside of monthly rent payments) is work orders for the rental property. This includes normal wear and tear scenarios, broken appliances, faulty fixtures, etc. When a scenario arises that requires you to either fix something within the rental property, or hire a professional to do so, it is important to make sure it is done quickly and efficiently. Many landlords make the mistake of not taking these occurrences seriously and will procrastinate on getting the repairs done. This is a major drawback if you hope to retain good tenants. Remember to think about how you would feel if you were in your tenant’s shoes. Good, responsible tenants treat your property with respect, take care of it while living in it, and expect the same from their landlord. Making sure to always make timely repairs when needed will go a long way in your efforts to retain good tenants.
2. Make Paying Rent Easy for Your Tenants
As we all know, rent payments are typically due once a month at the beginning of each month. In the grand scheme of things, this is a frequent occurrence. It is important to make paying rent for your tenants as easy as possible. Very few tenants want to have to physically deliver a rent check every single month. Instead, utilize an online payment option to make paying rent extremely easy for your tenants. If you have hired a property management company, chances are that they are already utilizing this service on your behalf. In a day and age where everything is simplified by technology, make sure you are not overcomplicating a simple process like paying rent for your tenants.
3. Have an Open Line of Communication
When you call customer support for any amount of needs the last thing you want is to have to speak to an automated answering service. You want to speak to another live representative. Your tenants feel the same way when they need to discuss something regarding your rental property. Make sure that there is some form of open line of communication between you and your tenants for situations that call for it. If you have a property management company managing your rental property, they will take care of this aspect for you. Either way it is vital for tenant retention to make sure your tenants can contact someone directly when the time comes.
4. Make Home Improvements to the Rental Property
If your goal is to retain good tenants for a prolonged amount of time, this next tip is one that will increase those chances exponentially while also increasing the value of your rental property in the process. Aim to make home improvements to your rental property even while tenants are still occupying it. Communicate with your tenants about any ideas you have to improve the property while also improving their quality of life while occupying the unit. Some good areas to focus on are landscaping the backyard, remodeling the kitchen or bathrooms, replacing old appliances with new ones, and upgrading flooring options (hardwood is a phenomenal choice as it is easier to maintain than carpet and often increases the appeal of your rental unit). If you need some more ideas on where to start, check out these tips for remodeling your rental property. Showing your tenants that you are always thinking of ways to improve the rental property will do wonders in your efforts to retain them.
5. Offer Occasional Incentives
If you are looking for a sure-fire way to separate yourself from the competition in the eyes of your tenants, offering occasional incentives will do just that. Some good ways to do this are to offer half off one month’s rent for the holidays, or if you own other rental properties that are vacant, offering one month of free rent if your current tenants refer another qualified tenant for your vacate units. Even something as simple as a gift card for the holidays can have a lasting impression on your tenants. Far too often landlords get stuck in the mindset of thinking that they are not in the business of customer service, when in reality that is exactly what being a landlord is all about. Going the extra mile will help you retain good tenants while separating you from the competition in the process.
6. Treat Your Tenants with Respect
This next tip is by far the simplest and easiest to implement – treat your tenants with respect! There is nothing worse for a tenant than dealing with a landlord (or property manager) who acts like they are above the tenant, constantly disrespects them, does not value their time, and/or dismisses anything the tenant has to say. Your tenants are first and foremost human beings and should always be treated with courtesy and respect. Not doing so will pretty much guarantee that your tenant will be searching elsewhere for their rental needs once their current lease agreement expires.
7. Hire a Property Management Company
If you are like most landlords and find that you just do not have the time to juggle your landlord duties with your other daily work and personal life responsibilities, it is a good idea to hire a property management company to help out. A reputable, experienced property manager will cover all of the aforementioned tenant retention tips while also making your life a whole lot easier in the process. Do your research beforehand to find the perfect fit for you. Make a list of questions to ask before hiring a property management company and thoroughly vet the property manager before making your decision. Just like with any line of professionals, property managers do this for a living and know how to increase your chances of retaining good tenants.
If you are in need of a Henderson or Las Vegas property management company, look no further. The Black & Cherry property management team has decades of experience and has been voted the top property management team in Henderson and Las Vegas for the past five years. Reach out to us today and contact the Black & Cherry property management team for more information on how we can help you manage your rental properties.
