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!
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