The struggle to find good tenants is real. But you know what’s more challenging? In property management, another bigger challenge is retaining good tenants. You’ll understand what we are saying here if you are in the property management business. You’ve got good tenants in your property, and everything is going smoothly, but suddenly, you hear from them about moving out. 

They don’t stay for too long? What’s the reason? If that’s happening with you as a landlord, you need to consider it. Why is that happening? Why does your property have higher move-out rates? Why are good tenants moving out too soon when you least expect them to move out? All these questions become very important. 

We wrote this blog to help you understand how to reduce the move-out rates. At least they won’t leave sooner if you follow the tips in this blog. Various property owners highly test the tips below, believing any property owner understands and acts on them. Their relationship with their tenants will prosper, and things will go well. 

So, let’s check out eight ways to keep good tenants longer. 

1. Go Extra Mile 

You can sense this from the heading name itself: go the extra mile. See, the importance of making little effort for your tenants never goes unnoticed. Tenants are usually the best source of passing referrals for your property. You should always have a good relationship with them, and that’s what is expected from you as a property owner. 

Examples of going the extra mile include sending birthday wishes or anniversary cards to tenants, giving discounts on rent during holidays or other special occasions, organizing community events for all tenants, etc. These little things can significantly impact and keep your tenants happy and feeling valued. And as a result, they will be more likely to stay longer. 

2. Be Responsive

Relationships are built on strong communication. 84% of property managers believe they communicate effectively with their residents, and only 38% of residents agree. Effective communication in property management means clearly and consistently conveying information to residents about various aspects of their living situation. This includes providing essential updates, addressing concerns and complaints, and building community.

Remember to promptly respond to your tenants’ calls, texts, or emails, as this shows them that you value their concerns. Ignoring their messages can lead to frustration and misunderstandings, which can easily be avoided. To keep your tenants happy, listening to their requests and not dismissing them outright is essential. Always try to work together to find a solution that works for everyone. 

3. Address Problems Quickly

If your tenant reports any maintenance issues, such as a loose drawer or a squeaky door, it is important to address them as quickly as possible. Although these may seem like minor problems in property management, they can significantly impact tenants’ daily lives. Proactive maintenance can improve tenant satisfaction and prevent minor issues from escalating into major problems. 

A quick tip:

It’s vital to have a contingency plan for busy periods to ensure requests are fulfilled on time. If you feel overwhelmed, consider enlisting the help of a reliable contractor to tackle repairs efficiently. Again comes the key communication. Keep tenants informed of delays or additional requirements to maintain a transparent and positive landlord-tenant relationship.

4. Rent to Pet Owners

As a landlord, you might be concerned about allowing tenants to have pets in your rental property. You may worry about property damage or disturbance, and that is understandable. 

However, recent research shows that pet owners are increasingly seeking suitable accommodation, and properties that allow pets are in higher demand in the rental market. 

When tenants and their furry friends are comfortably settled, they are more likely to establish a long-term relationship with the property. To address any concerns, it’s best to incorporate specific rules and regulations regarding pets in the lease agreement. 

These guidelines should clearly outline the tenant’s responsibilities. Pet owners are responsible for repairing or replacing any damages caused by their pets. They should also keep communal spaces clean and respect their neighbors to foster a peaceful and harmonious living environment.

5. Respect Their Privacy

As a property owner, you must respect your tenants’ rights, including their right to privacy. This means following proper procedures when entering the property and avoiding unwarranted intrusions. Unless it’s an emergency, always give advance notice and schedule visits with your tenants to avoid legal or ethical issues.

Doing so demonstrates professionalism and creates a harmonious living environment that benefits both parties. Remember, tenants have the right to enjoy their homes without any interference. As a landlord, you must prioritize your tenants’ comfort and privacy to foster a good landlord-tenant relationship. 

6. Have Routine Inspections

Sometimes, tenants might experience minor inconveniences that they don’t mention to you, like a slow drain or a minor leak. However, just because they don’t speak up doesn’t mean they’re happy with the situation. To ensure you’re providing your tenants with the best possible living experience, it’s important to take a proactive approach to maintenance. 

This can include regular annual inspections and offering self-service inspection forms for tenants. By doing so, you’ll better understand your property’s condition and be able to address any potential issues before they become bigger problems. This approach can help keep your property in great shape and increase tenant satisfaction in the long run.

7. Build Flexible Leases 

By offering adaptable leasing options, you enable tenants to navigate life’s twists and turns without the stress of rigid commitments. Flexibility is key, especially in today’s dynamic and fast-paced world, where job opportunities, personal goals, and unforeseen circumstances can prompt sudden changes.

For tenants, the beauty of flexible leases lies in the ability to extend their stay effortlessly, whether for career advancements, personal growth, or unexpected events. This not only provides a sense of security but also encourages longer tenancies, which in turn fosters a stable and satisfied community. Landlords benefit, too, as happy, long-term tenants contribute to a positive rental experience and reduce turnover costs.

8. Screen Potential Tenants

Screening potential tenants is a crucial step in the rental process. It is essential to carefully vet individuals before allowing them to move in to ensure that you rent to trustworthy tenants who are more likely to respect your property and pay rent on time. This not only benefits you in the short term but also contributes to maintaining a positive atmosphere in your rental units in the long term. 

In shared properties and apartment buildings, the impact of a bad tenant can be significant. It can affect the living experience of others and potentially lead to disputes or early terminations of leases. Therefore, investing time and effort in thorough tenant screenings can help create a harmonious and stable rental environment for all residents.

So, when it comes to keeping excellent tenants happy, it’s all about good communication, being quick to respond, and meeting their needs right away. Remember to go above and beyond, respect their privacy, and be flexible with lease agreements.

These tips really help keep tenants happy and sticking around longer. By following these tricks, landlords can hold onto great tenants, make the rental community more peaceful, and save on turnover costs. It’s a win-win for everyone involved!

If you are in the property management business, there are many tasks you need to handle, one of which is tenant screening. This process must be done with care, as mistakes can lead to long-term problems. 

Unfortunately, many property owners make mistakes in tenant screening, often due to using unjustified methods. If you end up with an unsuitable tenant, it can cause many headaches. 

This blog discusses the common mistakes made in tenant screening, so be sure to read it and follow the recommendations when screening your tenants.

Importance of Tenant Screening

Tenant screening is crucial for landlords to ensure they choose reliable tenants for their property. By conducting thorough checks, landlords can mitigate risks and protect their investments. 

Screening helps assess a tenant’s rental history, creditworthiness, and criminal background, ensuring they have a track record of timely payments and responsible behavior. This process safeguards against potential issues like property damage or unpaid rent. 

Tenant screening promotes a harmonious landlord-tenant relationship, creating a win-win situation. For example, a landlord who skips screening may end up with a tenant who consistently pays rent late or causes property damage, resulting in financial losses and stress.

4 Tenant Screening Errors to Watch Out For

1. Avoiding Detailed Listings and Pre-Qualification Inquiries

When finding the perfect tenant, many landlords fall into a common pitfall right at the start – not creating detailed listings or utilizing pre-qualifying questions. It might seem like a time-saving shortcut, but skipping this crucial step can lead to headaches.

Imagine this: you post a generic listing for your rental property without specifying key details. As a result, you’re bombarded with inquiries from individuals who may not be the right fit. 

To avoid wasting time on unqualified candidates, crafting a comprehensive listing that includes specifics like rental history requirements, income criteria, and any other relevant details is essential.

Moreover, incorporating pre-qualifying questions can help filter out applicants who don’t meet your basic criteria. Ask about their monthly income, rental history, and reason for moving. Questions like, “Have you ever been evicted?” or “How long do you intend to stay? How many people will be living on the property? Do you smoke? These questions can offer insights into an applicant’s reliability.

Taking detailed listings and implementing pre-qualifying questions is an investment in finding the right tenant. 

2. Considering Only One Candidate

Mistake number two in the realm of tenant screening is a surprisingly common one: screening only one applicant. It might seem like a time-saving tactic, especially if the first person who shows interest appears to meet your criteria. However, this oversight can lead to missed opportunities and potential issues.

Imagine you have an impressive applicant who passes all the checks, but screening just one person means you’re missing out on the chance to compare and make an informed decision. The first applicant might be suitable, but what if the next one is even more qualified, reliable, or aligns better with your property’s requirements?

To avoid this pitfall, it’s essential to cast a wider net and consider multiple applicants. This gives you a better perspective on the pool of potential tenants and allows you to select the most suitable candidate for your rental property.

Moreover, different applicants bring varied backgrounds, rental histories, and personalities. By screening only one applicant, you might inadvertently overlook someone who could be an even better fit for your property. 

3. Ignoring References

Mistake number three in the tenant screening process is risky: skipping references. 

While it might be tempting to expedite the screening process, you need to check an applicant’s references to be aware of crucial aspects of their rental history and reliability.

References provide invaluable insights into an applicant’s past behavior as a tenant. By contacting previous landlords, you can uncover details about their payment habits, adherence to lease agreements, and overall reliability. Skipping this step might mean missing red flags that could save you from potential issues.

Here are some critical reference-related questions to consider:

Previous Landlord Reference: “Can you provide contact information for your previous landlord? I want to inquire about your rental history, any issues, and the condition in which you left the property.”

Employment Reference: “Would you mind if I contacted your current employer to verify your employment status and stability?”

Personal Reference: “Do you have a reference who can vouch for your character and reliability as a tenant?”

Don’t fall into the trap of skipping references; they are valuable in making well-informed decisions about potential tenants. Remember, thorough screening is your best defense against future landlord headaches.

4. Overlooking the Importance of a Comprehensive Credit Check

Mistake number four in the tenant screening journey is a commonly underestimated blunder: overlooking the importance of a comprehensive credit check. While it might seem like a formality, a credit check is a powerful tool for assessing a tenant’s financial responsibility and potential risk.

Imagine this scenario: you skip the credit check and later discover that your tenant has a history of late payments, outstanding debts, or even a low credit score. This oversight could lead to missed rent payments, financial disputes, or eviction proceedings.

To avoid this pitfall, conducting a thorough credit check as part of your screening process is crucial. Look beyond the credit score; delve into the details of their credit history, paying close attention to any outstanding debts, collections, or patterns of late payments.

Key questions to consider during a credit check:

Credit Score: “Can you provide consent for a credit check, and what is your current credit score?”

Outstanding Debts: “Do you have any outstanding debts or collections that may impact your ability to pay rent consistently?”

Payment History: “Can you explain any late payments or delinquencies in your credit history?”

This step is not about judging an individual’s financial past but rather about making informed decisions to protect your property and ensure a stable, harmonious landlord-tenant relationship. Remember, a thorough credit check is an investment in the long-term success of your rental arrangement.

Conclusion 

In conclusion, tenant screening is critical in safeguarding your property investment and fostering a positive landlord-tenant relationship. Avoiding common mistakes such as neglecting detailed listings, screening only one applicant, skipping references, and underestimating the importance of a comprehensive credit check is vital. 

Conducting thorough screenings ensures you choose reliable tenants, reducing the risk of future issues. Remember, a well-informed decision at the screening stage can lead to a harmonious and prosperous rental arrangement, benefiting landlords and tenants in the long run.