How To Retain Your Best Tenants For The Longest?

Nowadays, finding a good tenant who always pays rent on time is hard. Or those that take Care of the property like their own property or respect you and the neighbors.

So, if you find such tenants, you must always make it a point that you do not lose them. Otherwise, you must invest much time in screening and finding new tenants.

Moreover, in about 66% of the US housing market, buying a house is lighter on the pockets than renting. So, it will be pretty hard to find a new tenant all along.

So, if you want some tips to keep your tent for the long haul, keep reading!

1. Take Care of the needs of the tenant on time

When a tenant is satisfied, they will be inclined to get their lease extended. You should be proactive about maintaining the property and inspect regularly if there are any faults.

Always address their maintenance requests on time to show them how serious you are about retaining them.

A good tenant generally respects you and your property, and they would expect you to reciprocate the same energy. 

You will also save a lot of money if you address the maintenance needs quickly, as it will keep minor maintenance issues from becoming bigger problems in the coming future.

However, you may have trouble remembering or tracking all these responsibilities, especially if you have multiple tenants. For this, you can just use a building management system.

With such software, you can track all the pending maintenance and notify your tenants when you’ll work on them.

2. Take Care of the lease renewals on time

Reach out to your tenant three months before the lease expires. This will help them think about their plans for the future.

Don’t forget to let them understand that you appreciate them being your tenant. This will also give you some time to plan if the tenant plans to move.

You can also consider offering them additional incentives like discounted rental rates, inspiring them to renew the lease.

You can also ask them what would motivate them to stay. Remember, like all relationships, effective communication is the key here.

3. Put out incentives for a longer-term lease

One of the most effective ways to retain a tenant is to extend the lease duration at a lower rate during renewal.

For example, if you have the condition of renewing the lease every 6 months currently, you can offer them renewal in one year.

If they have a one-year renewal, you can offer a two-year renewal and put in extra incentives by putting in lock-in rates.

However, you should make sure that the offer you are making is financially feasible for you. It won’t be worth retaining tenants by allowing the property’s income to take a hit. Be mindful of that.

4. Be a kinder property manager 

In every sphere of life, resorting to kindness is a powerful strategy. It is also true when you are dealing with your tenant. Be cooperative and friendly, and your tenant will be willing to stay longer.

This entails keeping an open communication line, communicating with them with respect and dignity, and providing your responses timely. 

Moreover, if you are doing any repair or maintenance tasks at the tenant’s space, you ask around and make plans respecting the tenant’s schedule.

You should be flexible and cooperative and will most likely get the same behavior from your tenant.

5. Don’t go overboard with the rules

You must convey your property rules verbally to your tenants beforehand and put them in writing. Mention the consequences if they do not follow the rules. Your tenant would then get a clear idea of your expectations.

If your tenants are breaking the rules, you should have an honest conversation with them first rather than taking disciplinary action at the drop of a hat. Ensure that the rules you have put in place should be fair to the tenants and promote their well-being.

Conclusion

Above all, you must have good property management skills to retain the best tenants for a long time. Though, at times, it can be challenging to manage a property, if you have access to the right tools and tips, things will be much more effortless!

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