Although some landlords take their tenants for granted, it should be understood that good tenants are the lifeblood of any rental property. In the absence of reliable renters, many landlords would be unable to afford management, upkeep and utility costs. That being the case, it’s in every landlord’s best interest to boost their tenant retention rates. If you’re new to the landlord game and are looking for effective ways to ensure that good tenants stick around, consider the following pointers.
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Minimize the Inconvenience Caused by Renovations
Virtually every landlord undertakes large-scale renovations at one time or another. However, depending on the location and scope of these renovations, tenants are likely to be inconvenienced. For example, renovations taking place in parking lots and other common areas are practically guaranteed to frustrate renters and interfere with their respective daily routines to some degree.
While there’s no surefire way to completely eliminate the need for renovations, there are numerous measures you can take to make them minimally inconvenient. To start with, make sure that renters are informed that renovations will be taking place as far in advance as possible. Although they’re still liable to find the renovations bothersome, knowing about them ahead of time will prevent your tenants from waking up to unpleasant surprises.
You can also avoid angering tenants by ensuring that renovations are completed as quickly and efficiently as possible. This means hiring contractors who are uniquely qualified to tackle the types of renovations you’re looking to make and obtaining relevant permits in a timely manner. Planning and zoning software is likely to prove useful to any landlord interested in making renovations to their property.
Regard Every Maintenance Request with Importance
When it comes to renters’ pet peeves, ignored maintenance requests are sure to rank high. As a renter, few things are more aggravating than a landlord regarding your maintenance requests as unimportant. Depending on the scope of the request, the problem in question may have a considerable impact on a tenant’s daily life or render their living space uninhabitable.
In short, no good comes from ignoring maintenance requests. Such dereliction of duty is liable to result in rent payments being withheld and renter retention rates taking a nosedive. Ignoring certain issues even stands to land you in legal trouble.
Being this type of landlord can also cause considerable damage to your professional reputation. If you habitually ignore maintenance requests, some tenants won’t hesitate to speak poorly of both your business practices and your property online. Unsurprisingly, local renters looking for a new place are likely to avoid any properties you own.
Make Sure Tenants Can Reach You
Some landlords make a point of actively avoiding tenant interactions. These individuals view tenants solely as sources of passive income and couldn’t care less about any issues they’re having with the property. Unsurprisingly, most people aren’t keen on renting from landlords like this and will happily vacate once their leases are up.
To avoid becoming this type of landlord, make yourself accessible to your tenants. When a new tenant moves in, take care to provide them with a work phone and email at which you can be reached during business hours, as well as an emergency number for problems that occur after-hours. Additionally, if you maintain an office on the property, having an open-door policy for tenants can be a great way to illustrate your commitment to renter satisfaction.
If you find the responsibilities of property ownership overwhelming, consider delegating the majority of your tasks to a dependable property manager. This person will oversee every aspect of property management, including tenant interactions, rent collection and other vital tasks. Hiring a good property manager will help prevent you from becoming overwhelmed while ensuring that your tenants always have someone they can turn to.
Tenants are the cornerstone of any rental property. Without dependable tenants, even the most desirable rentals would have trouble generating a profit. As such, it behooves every landlord to keep tenants satisfied. Should your property management or approach to tenants’ concerns prove less than satisfactory, don’t be surprised if you see a downtick in your renter retention rates. Fortunately, keeping tenants happy is much easier than many landlords make it look, and with the previously discussed tips at your disposal, you should have no problem convincing your renters to stick it around.