How to Retain Good Tenants:
In any rental market, as a Landlord all you want is to find a good tenant. Once you have found one you get excited at the prospect of have a steady income whilst they respect and treat the property as their own. Then, one day, you receive a notice that they wish to vacate the property. These loving kind people who have lived there for 2+ years have realised that for the same amount of money they can rent a newer property. How as a Landlord can you prevent this? Surely, there has to be a method to retain good tenants. In this article we discuss some points to help keep those amazing tenants.
Look after your property
Your job doesn’t just end with you handing over the keys. You as a landlord need to make sure that your property looks clean, well-presented and neat. There are certain things that need more maintenance – like with any dwelling. Some properties require more maintenance. If ther property is located near the beach or coastal area we all know Salt eats paint. Offer to paint and keep it looking tidy. If your tenants are proud of where they live, this will be important for them. This also goes for the inside. If you have tenants in their for long periods (such as 4-5 years) has the paint started peeling? Perhaps it is time for a paint – worst case scenario you offer to have this completed to the tenants and they may say, it is unnecessary however most tenants would love a fresh paint job. A well presented property will make your tenants feel happy and proud to be living there. This also shows your tenants that you care about the property.
Establish a Relationship
It does not matter wether you are self managing your property or wether you have a property manager. When you first meet a potential tenant or when a tenant first moves in, it is essential to establish a good relationship from the very beginning. It is important that a good first impression is given as this is the key to starting off a professional relationship in the right way. The first initial impression will help you set up and hopefully make sure that everything ticks along smoothly. They may not be someone that you would normally get along with but putting that extra but of effort in to develop a relationship will go a long way. A few thoughtful gestures like a welcome gift will also help you create a good relationship.
When hiring a property manager remember they have been trained to deal with multiple people and personalities. It is in the property managers best interest to not only keep tenants for long periods of time however keep the tenants happy. This also means in turn that you the Landlord are happy. At the end of the day tenants generally will one day become the client so if they were treated well and looked after they are more likely to return to the manager or company. Property managers are also paid to be available, check emails taking that stress off the owner incase an email or phone call is missed for a repair.
Don’t be a stranger
Ensuring that you don’t turn into ‘that stranger’ that just turns up to collect rent or to tell a tenant off for something they’ve done wrong is something you need to be careful of. Sending out greeting cards for their birthdays or Christmas can go a long way. Even thanking them for paying rent on time or going that extra mile for something else important won’t cost you an arm and a leg and will be greatly appreciated. Property management companies always send out pleasantries to build repor with both tenants and landlords.
When it comes down to it there really isn’t one specific “trick of the trade” when it comes to retaining tenants. If you find it overwhelming or find yourself having a high turnover in tenants perhaps it would be worth firstly asking the previous tenants why they have asked to move. If their reasons don’t seem legit perhaps it is best to have a professional come and appraise the property and offer a set of “fresh eyes” with a new opinion on the property.