10 Tips on How to Retain Your Best Tenants
March 26, 2019
Every landlord knows that every minute your property sits without a tenant means money lost. So how do you keep good tenants to stay? Here are 10 tips to help keep them where they are and save you the hassle of trying to find someone new.
1. Keep up on Maintenance
The best way to keep tenants happy is to make their rental feel like home. In order to do this, it’s important to make sure any issues they have are taken care of quickly and effectively. This will also help you spend less time on big repairs if you do have to turn over the unit in the future. Offering things such as carpet cleanings and drain checks will make your tenants feel like you care while allowing you to take care of the unit.
2. Be a Good Communicator
Make it easy for tenants to contact you. Whether that means allowing them to text you or simply staying on top of emails is up to you, but it’s important to be timely with your responses and make sure tenants feel like they’re being heard. Discuss any issues they bring up and resolve them as quickly as possible.
3. Keep Your Units Up-To-Date
Offering new appliances and keeping your units looking modern will go a long way in keeping good tenants in your unit. If your apartment still looks like it did a decade ago, it’s probably time for some updates.
4. Be Proactive With Renewals
Reminding your tenants a few months in advance about their opportunity to renew will give them time to think about their options and give you more time to find a replacement if they decide not to renew. If they tell you they don’t want to renew, this also gives you time to find out why and offer incentives to convince them to stay.
5. Give Them a Reason to Stay
Make it easier for your tenant to switch apartments within a building or within your portfolio than it is to move out. Offer a rent increase less than usual for the upcoming year if they renew. You can also offer renewal incentives such as free covered parking, gift cards, or let them choose from a list of approved renovations such as new flooring or different colored walls. If they seem tentative, ask them what concerns they have and try to come to an agreement.
6. Build a Community
Sponsor a BBQ, 5k, or charity fundraiser. Spread the word through your newsletter and make sure your tenants know everyone is invited. Set up a weekly book club or include an outdoor area where people can mingle and get to know each other. Best case scenario, your tenants become friends, making them less likely to move out and helps your property be known as a fun, welcoming place to live.
7. Give Notice About Potential Problems
If you get a notice that the city is going to be doing construction on a nearby road or you decide to update a unit that will involve some noise, let your tenants know. Even giving them one day’s notice will show consideration of their lives.
8. Enforce Rules Fairly and Equally
If tenants have assigned parking, be sure to keep an eye on their parking stalls and make sure everyone is staying in their assigned spots. Enforce any noise or smoking rules in every area and throughout all hours. Make sure people clean up after their pets. If a tenant complains about someone not following a rule, look into it promptly and have consequences in place. Leniency on these things will make tenants feel like no one is paying attention.
9. Train Your Staff to be Tenant Friendly
Even if you’re not able to personally attend to every tenant, your staff should be able to address them as you would. Make sure to hire people that understand your policies, enforce your rules, and treat your tenants with respect.
10. Encourage a Longer Lease
Encourage the tenant to sign a longer lease at a reduced rate. For example, if they usually sign a year-long lease, offer to have them sign a two-year lease at a reduced rate. Although you may lose some profit on rent increases, it will most likely be worth it to have a long-lasting, rent-paying tenant.