“7 Tips On Keeping Tenants In Your Rental Homes” written by Mike Marko
Looking to find ways to keep quality tenants in your rental homes longer?
Your rental homes are THE biggest investment as a property manager. Therefore it’s important to find and keep great renters.
Selecting good tenants is not easy. It takes a lot of work from screening tenants, conducting interviews with them, and making sure the tenants background information is verified.
Replacing tenants is costly as well. As a property manager, you will have to pay letting agent fees, void periods, inventories, check-in and check-out costs, admin fees, and if needed make major property repairs.
If you want to minimize incurring costs you need to minimize tenant turnover in your rental homes. That’s why today I want to talk to you about how to minimize tenant turnover in your rental homes.
Minimizing Tenant Turnover In Your Rental Homes
When you have identified and rented the rental home to a qualified and responsible tenant now the work really begins.
The key to having an easy property to manage without drama and major costs is keeping good tenants renting that property. Taking care of your tenants’ needs and treating your good tenants well is one way to keep good tenants that will like to stay as long-term renters in your rental homes. As a property manager, you might be wondering what are gestures you can do so that tenants will be fond of staying in your rental homes. Here are tips you can do to answer that question:
1. Give Them A Housewarming Gift
Giving a new renter a gift almost sound ridiculous but amazingly when you give a gift to welcome someone to a new place that goodwill does a lot in making the new renter feel at home and wanting to stay in the property. The best way to do this is to start a good impression by being a thoughtful property manager. On the first day of your tenant on your rental homes, give them a simple housewarming gift. After their tiring day of moving into your rental homes, anything that they will receive is something they will surely appreciate. Giving them a bottle of wine, or tea, coffee, milk, and bread will surely be a great way to end the day. I used to give a gift card to the local pizza joint. These gifts show your new tenant that you care, and that my touch on them to take better care of your property that would have.
2. Orient Tenants On How They Can Take Care Of The Property
If you want to build a good relationship with your tenants, it would be best if you’ll orient them about the rental home they have rented. Give them some guidelines for keeping the property in top shape for their rental enjoyment. Let your new renters know your expectations at the start of their tenancy period. This way they will know how to take care of your property. When you see that the rental homes are well taken care of, it will be easier to treat these tenants very well.
By giving your tenants all the necessary guidelines on how they can take care of the rental homes, they will be responsible and more than happy staying at the property. Tell them how the water heater functions, where they can find the gas and electric meters and during what days should the trash and recycling bins need to be put out. These are just examples of how you can educate your tenants that would be really helpful for them so they can easily familiarize how they will live in and manage your property. It is always best to have a handyman or a licensed contractor for them to contact if they encounter any broken items or need anything fixed at the rental homes.
I give my tenants orientation binders with all the necessary information (including the Lead pamphlet).
3. Let Them Enjoy The Rental Homes
As a property manager, it is your responsibility to conduct inspections on the rental homes every once in a while. This will give you an opportunity to see the condition of the property… letting you see if it’s being taken good care of. Also, the tenants will also be able to raise some concerns about the property if they have any.
However, before you proceed in doing the inspections of your rental homes, see to it that you give a 24-hour notice. Notifying them earlier will give them an idea to prepare for your visit. Also, try to keep the inspections not to be done very frequently. Tenants have their own lives too so giving them the time of their own on the rental homes will make them more comfortable to stay in it.
4. Be Quick On Providing Solutions To Problems
Problems arise. It’s inevitable for every rental property business. When these problems happen, be sure to be reliable when tenants confided their problems regarding the rental homes. Having a handyman or a licensed contractor for them to contact or for you to approve to go out and fix the rental is essential in getting the property fixed quickly. If the problem cannot be fixed right away or if you don’t have solutions at the moment that the tenants notified you, just let them know right away that you received their message. Tell them that you will get back to them as soon as you have the solution for their problem on the rental homes.
Being reliable in answering every concern that your tenants have will grow your tenant’s trust in you. Also by staying in communication with the tenant until the problem is solved. It will show the tenant that you care about their issues and make them more comfortable in staying at the rental home as a long-term tenant.
5. Consider Allowing Pets
Normally, when tenants have pets, you’ll get more worried about the possibility that these pets might cause damage to your rental homes. Surely, you will have to replace carpets at the end of the leasing term of the tenant. But consider this thought, most of the other property managers don’t allow pets on their rental property. With this in mind, there is a greater possibility that your tenant wouldn’t want to leave at all since it will surely give them a hard time on searching for the next pet-friendly rental.
If you would like to extend allowing pets at your property, you can ask for a pet security deposit to cover any additional expenses the pet could cause. This additional deposit can be stated in the contract as offsetting replacing carpets or fixing fences etc that the pet could damage. Just make sure you provide guidelines for the tenants to follow when allowing them to have pets at your property. Let them know that they should be responsible for their pets and in taking care of the rental homes. Knowing that rentals which allow pets are rare, tenants who have pets will surely be happy that you allowed them to have a pet and would traditionally be more responsible in living in your rental homes.
6. Provide High-Quality Furnishings
Many home rentals are unfurnished allowing the tenant to bring in their own furniture and items for the home. If you choose to rent the home as furnished, then often times the tendency is to choose cheap furnishings for the rental homes. However, if your goal is to keep tenants long term and get the most rental fees from your properties, then you may be more practical and choose furnishings and other appliances which are a bit more expensive. Spending money wisely on higher quality furniture and appliances ensures that these items will surely last longer compared to the lifespan of cheap furnishings and appliances. In this case, you won’t have to keep on replacing damaged items since your furnishings are sturdy and reliable.
Plus, tenants appreciate having high-quality items at home because they are better to use. They will tend to take good care of them and be more connected to staying at a higher quality rental home.
7. Offer A Renewal Incentive
When a tenant is in their last two months of their leasing term on your property, provide extra incentive to renew or extend their previous lease. A tempting offer would be to keep the rental fees the same for the next year. Even if you don’t increase your fees, you will still be able to save money and time from another round of letting fees or tenant screening of new applicants, or the risk of having a period where your rental property is vacant.
If you really can’t avoid increasing your rental fees, you could still convince tenants to stay by purchasing some new furnishings or giving the rental homes new paint or refurbishing parts of the home for them.
Final Thoughts On 7 Tips On Keeping Tenants Happy On Rental Homes
The key to running a successful rental property business relies on the way the property managers manage their tenants and the rental homes. When you treat your tenants and take extra time to make sure there are no problems with the rental homes, your tenants will probably enjoy staying in your rental homes and would think twice before leaving.
Keeping good tenants in your rental homes is much more convenient and can save time and effort from the process it will take in searching and screening for next tenants. When you choose to keep good paying and responsible tenants, you will avoid the risk of having a period where your rental property is vacant.
I hope this article gives you enough idea on how you can keep tenants happy in your rental homes.
Be sure to add any comments or questions below in the comment section.
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