Tips to Keep Your Tenants Happy
Tenants that respect your property and the neighborhood are what every landlord wants when it comes to renting their property. Add in the idea of paying on time – being clean and considerate – contacting you when issues arise – and you have yourself the illustrious “unicorn” of tenants. Finding great tenants can be hard, so once you do find someone who checks all the “ideal tenant boxes,” it is important to make sure they remain as happy as possible.
Why You Should Care
According to the National Center of Housing Management, each year 54% of apartments turn over to new tenants. During this period of time, landlords have to absorb certain expenses.
- Lost rent due to vacancy. No tenant = No rent!
- Maintenance and repairs to a stagnant property can add up over time.
- Marketing costs to rent your property…word of mouth doesn’t always work.
- Lost time due to the tenant screening process.
Loving Tenants ❤️ Loved Home
Having a tenant that will love and care for your home is the absolute best scenario! While finding someone with good credit, a stable income and good rental history are imperative to finding a quality tenant — there is also something to be said for a tenant that truly loves the property. A tenant that truly enjoys where they live (home and location) and has created a strong relationship with the property owner is more likely to renew the lease each year. However, a loving landlord/tenant relationship takes more than just one person doing all of the work.
Tips to Keeping a Good Tenant
If you’ve found a tenant that is a “keeper” and cherishes your property as much as you, there are a few things you can do to keep the relationship going.
- Tip #1: Be honest, transparent and professional!
The best approach to keeping your tenants happy is to be as honest as possible and transparent during the lease signing process and beyond. Make sure to set clear expectations at the beginning and remember that this is a business transaction that must be professional. If you have a concern with a tenant, set the problem right immediately and share your thoughts professionally.
- Tip #2: Speed is Key
Broken appliances, backed-up plumbing, squeaking garage doors…those are things that can completely disrupt a renter’s ability to function in your property. Try to be compassionate when a complaint or repair request is made and be speedy when it comes to finding a solution. Respond quickly and repair quickly!
- Tip #3: Express Appreciation
Everyone loves to hear about the good, so take the time to express your gratitude to quality renters. Take the time to check in with them even if it is just a 5-minute phone call. If the mood strikes, express your positive emotions with a gift card to a local restaurant or small gift basket. Being a landlord is about maintaining a healthy relationship with your renters and requires commitment and care.
- Tip #4: Screen for Good Tenants
Before you can spoil your amazing tenant, you have to find the right one. The key to differentiating between each type of renter is to put a thorough screening process in place. While no one can predict the future behavior of a tenant, it is best practice to cover all your bases when screening an applicant. To identify the best tenant, make sure to check the following:
Also, make sure to have an application process in place that gathers basic information along with details about previous landlords and references. Don’t be afraid to ask for a social security number and signed authorization to pull a credit report and conduct a background check. Check references, contact employers, and meet with the applicant in person to determine if he/she is a good fit for your rental home.
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Want to learn more about our commitment to effective real estate investing and property management? Contact us or give us a call at (919) 232-9222. Feel free to also check out our website at oakcityproperties.com or our Facebook Page.
Want to Read More?
Take a look at a few more blogs that may help with your real estate investment journey.
- How Much Does a Property Management Company Cost?
- Property Management: How They Can Help With Vacant Units
- Top 8 Things Renters Want in a Rental Home
- 5 Things to Think About Before You Rent Your Home
- 3 Ways to Attract Long Term Tenants