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4 Tips to Keep Great Tenants

Keeping great tenants in your property can save you thousands of dollars and make your experience as a landlord much easier.

Every landlord dreams of having the perfect tenant. But once you have them, how do you keep them? Keeping great tenants can save you thousands of dollars in the long run. You won’t have to do as many property turnovers and you won’t lose out on rental income from having a vacant property.

We’ve put together a short list of tips that will help you keep great tenants in your property.

Be Communicative

The easiest way to hold on to good tenants is to respond to them. Most tenants probably won’t need to reach out to you very often, but when they do, it’s important to get back to them as soon as you can.

Communication can make or break your relationship with your tenants. It’s best to respond within one business day when possible. There will be times when you are busy or on vacation, but a quick message stating you’ll get back to them soon makes a big difference.

If you have to send a contractor to the property, make sure you coordinate with your tenants to schedule a time that works for everyone. Respecting your tenant’s time and space goes a long way in maintaining a peaceful relationship with them.

Resolve Maintenance Issues Quickly

Ignoring maintenance issues is a quick way to upset your tenants. Unhappy tenants are tenants that are less likely to renew their lease with you. Regardless of the severity of the problem, make it a habit to respond to their issue quickly.

Setting proper expectations can make both your life and the tenant’s life easier. When the tenants first move in, explain how to submit a maintenance request. Let them know if you prefer text, email, or a phone call. Once they’ve submitted a request, let them know how often you will provide updates and when they can expect the issue to be resolved.

A great way to set yourself up for success is to have a list of contractors you will use, should any problems arise. Start by finding a good handyman, plumber, and cleaner that you can trust and rely on.

Offer Fair Rent Increases

An easy way to keep your tenants in your property is to keep their renewal rate fair. When it comes time to renew their lease, research how much rent prices have increased in your area and offer them slightly less than that.

Remember, when you have a great tenant, the goal is to retain them. Tenants have access to the same resources landlords do. Once you offer a renewal, the first thing they’ll do is look for other properties to compare rates. If what you intend to charge is higher than similar properties, your tenant won’t have an incentive to stay.

Respect Their Privacy and Be Professional

Too many times have we heard horror stories about landlords showing up at their property without warning. While you may own the home, your tenants are the current residents. Showing up unexpectedly is an easy way to cause friction in your relationship with them.

It’s OK to be friendly with your tenants, but maintaining a level of professionalism is crucial to a healthy, long-term relationship with them. You want them to respect you and your home while also feeling like they can approach you with any problems they are having at the property.

Final Thoughts...

Retaining good tenants doesn’t have to be a struggle. With these tips, you’ll be able to avoid unnecessary vacancies and keep your tenants happy.

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Olivia

Content Marketing Manager at Good Life Property Management

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Every landlord dreams of having the perfect tenant, but once you have them, how do you keep them? Keeping great tenants can save you thousands of dollars in the long run. You won’t have to do as many property turnovers and you won’t lose out on rental income from having a vacant property. Hi, I’m Olivia with Good Life and today we’re going to go over our short list of tips that will help you keep great tenants and your property. Before we get started, be sure to give this video a like and subscribe to our channel for more awesome content like this. The first tip is to be communicative. The easiest way to hold on to good tenants is to respond to them. Most tenants won’t need to reach out to you very often, but when they do, it’s important that you get back to them as soon as you can. Communication can make or break your relationship with your tenants. It’s best to respond within one business day when possible. There will be times when you’re busy or on vacation, but a quick message stating that you’ll get back to them as soon as you can makes a big difference. If you have to send a contractor to the property, make sure you coordinate with your tenants to schedule a time that works for everyone. Respecting your tenants’ time and space goes a long way. The next tip is to resolve maintenance issues quickly. Ignoring maintenance issues is a quick way to upset your tenants. Unhappy tenants are tenants that are less likely to renew their lease with you. Regardless of the severity of the problem, you should make a habit of responding to their issue quickly. When the tenants first move in, explain how to submit a maintenance request. Let them know if you prefer text, email, or phone call. Do your best to set expectations about how quickly the issue can be resolved and make sure you keep them informed as the issue resolution progresses. The best way to set yourself up for success is to have a list of vendors that you’ll use should any problems arise. Find a good handyman, plumber, and a cleaner that you can trust and rely on. Our next tip is to offer fair rent increases. It’s often expected that most landlords will raise their rent at the time of a lease renewal. This is typically so that they can keep up with the market and remain competitive for their area. Each year you’ll have the option to renew your tenants’ lease. If you have great tenants, you’ll likely want to keep them in your property. An easy way to do this is to keep their renewal rate fair. Our last tip is to respect their privacy and be professional. Too many times have we heard horror stories about landlords showing up at their property without warning. While you may own the home, your tenants are the current residents. Showing up unexpectedly is an easy way to cause friction in your relationship with them. It’s okay to be friendly with your tenants, but maintaining a level of professionalism is crucial to a healthy long-term relationship with them. You want them to respect you and your whole while also feeling like they can approach you with any issues they’re having. In that wraps up today’s video. For more awesome tips, check out our blog below and don’t forget to like and subscribe. I’m Olivia and we’ll see you next time.