I often here people say "I had an investment property but the tenants were bad so I sold" or "Why do my tenants leave every year?". So here is a thought for you:
Tenants don't lease to move every year, moving is a hassle! Tenants move because of repairs not made, crappy homes, mean landlords, etc. So how can you get some better tenants? Here are a few ideas:
- Fix your property! Respond when tenants call, and respond in a way that quickly solves the issue-no matter why or who caused it. If you don't care for your property I will bet you the tenants won't either. Would you live for 2 weeks with ants, leaky toilets, no hot water? Good tenants won't either and they don't forget when the lease expires.
- Invest in your property! Add a few extras, like flowers, tree trimming, new paint, clean the carpets, etc. Keeps your values up, your property worth more, and your tenants can see you appreciate them. Good tenants want to live in good properties.
- Stop raising the rent every year! Is that $15 per month worth the risk of changing tenants, turning units, new carpet and paint, and 60 days of vacancy? I bet not!
- Show you appreciate your tenants! Ever sent them a holiday card? Birthday greeting? Special Thank you note? Humanize yourself and your property and you will have better tenants.
The key to investment success is long term tenants!