As a property manager/landlord,
you are already aware that great tenants who pay their rent on time, take care of the property, are well-mannered and polite, are hard to find and should strive to keep. These are the tenants you want to retain. Since home vacancy time, effort and money is wasted. It only makes more sense to retain these great tenants!
Lets Face it, Landlords are in the business of making money or return on investment. Vacancies cost the landlord money, hits right on the bottom line.
One thing that makes tenant retention more likely is communication! Which can be through emails, newsletters, and even by phone. It doesn’t really matter how you communicate with the tenants just as long as you’re not a stranger to them.
Another way to retain your tenants is performing regular inspections, preventive maintenance, and the occasional aesthetic improvement to the property, this may bring a cost, but could give tenants a reason to stay. In addition to, access to reliable contractors for appliance and utility repairs may enjoy a lower turnover of tenants in your properties.
Another method to retain tenants is to offer different methods to pay for rent such as a website. That being through online, checks or cash. Some landlords may even not decide to increase rent to tenants to have higher retention.
As rentals are an ever-changing
market and newer properties make keeping good tenants a challenge, but by following these steps you can ensure you are keeping your great tenants. Remember, good tenants will look after the property, pay you their rent on time and have no unreasonable demands. Now these good tenants however, expect their property manager/landlord to be kind to them in return. If you can keep your tenants happy, life as a manger/landlord is much easier. In summary, happy tenants are more likely to stay for the long-term, which should be the goal of all landlords. That is why as a landlord who uses a property Management Company should choose wisely.