Some people enjoy moving from one home to the next. They like to sample different environments and neighborhoods. Others prefer the mindset of staying in one place, and would rather not have to deal with the stress of moving too often.
As a landlord, you should be aware that one of the biggest factors determining if a tenant stays or leaves is your relationship with them. The four major things tenants look out for are the property’s location, price, layout, and owner.
This article will explain how you can retain good tenants for the long-term. But firstly, why is it beneficial for you to have a tenant that stays? There are many reasons, including:
- It helps you keep a steady cash flow from rent payments.
- It costs a lot in time, effort and money to prepare a property for a new tenant. Doing this every few months costs you more than it costs to retain an old tenant.
- Thirdly, it reduces the risk of the next renter being a disaster.
Here are some tips for keeping tenants long-term.
#1. Keep Your Property Well-Maintained
The state of a rental property offers a window into the landlord’s attitude toward would-be tenants. A unit that is not properly cared for does not attract quality applicants, and may lead tenants to believe they can neglect the property.
#2. Be Ready to Help
When dealing with first-time renters or people who are moving into the area, you should provide reassurance. A landlord’s ability to show genuine interest in people and address tenants’ concerns is a big plus.
Your tenants will feel safer knowing they can trust the owner. Such people often rent because the landlord makes them feel at home, more than anything else. Tenants who feel at home are less likely to want to leave.
#3. Make Your Terms More Lenient
There are small gestures you could do to make things easier for a renter.
Some examples: Offer a small discount for a tenant who provides a post-dated check for one years’ rent, or charging the tenant a flat monthly rate for utilities. Simply giving these options is enough to make a difference.
#4. Write a Clear and Comprehensive Lease
First of all, draw up a lease agreement that is inclusive enough to cover all aspects of the contract. Then, have a sit-down with the tenant to discuss it and answer all their questions. People like knowing exactly what to expect.
A lease that is free of vague terms helps tenants know there will be no surprises in the future.
#5. Make Move-In Easier for Your Tenants
Having been in the Jacksonville area for some time, you know things that could help a new tenant. Anything that makes moving less of a hassle is always welcomed by tenants.
You could leave them a note with tidbits about the neighborhood, like a list of important or interesting places.
By letting new tenants know you are available to help them, you lay the foundations for a good relationship.
#6. Respect Boundaries
While it is your property, it’s still your tenant’s home, and nobody wants the privacy of their home invaded upon. Keeping an eye on what tenants do is understandable, but should never infringe on their rights or violate their privacy.
If you are concerned about tenant-damage, include periodic inspections in the lease agreement. And be sure the tenant is notified and reminded before the date arrives. Showing up unannounced leads to feelings of distrust.
#7. Respond Promptly to Tenant Requests
Attending to maintenance requests from tenants helps you more than it helps them. It will let you catch small repairs before they escalate to major damage.
If you are quick to fix problems, it will also keep the tenant happy and more likely to stay in your property.
#8. Keep in Touch With Your Tenants
You shouldn’t limit yourself to only speaking with tenants when rent is due or there are repairs to be one.
Make a habit of contacting tenants just to see how they’re doing and check up on them. Tenant-landlord relationships can grow into something great, but the seeds have to be planted first.
To sum up, the relationship between you and your tenants is mutually beneficial. Without them, you have no rent income, and without you, they have no place to call home.
If you want to keep them around for the long-term, take these simple steps to strengthen your relationship and show you care as a landlord.
Finding the right tenants can also come down to how well you list your property, which you can learn to do here.