Large companies that own properties all across the country can afford to have a high turnover rate. They're constantly switching out tenants, receiving new ones and losing old ones. This doesn't meant that they're necessarily bad at managing their property, but they may not have as much of an incentive to keep good tenants as a single landlord would. For you as a landlord that owns and manages your own properties, when you receive that notice that your tenant is leaving you are looking at hours and hours of marketing the property, choosing a new tenant, and hoping that the new person doesn't slip something past your screening process that shows up in a painfully expensive way later. Unlike large companies, you likely don't have lawyers on retainer to handle your evictions.
Because of this, if you find a tenant that pays on time, keeps the property clean and tidy, and is respectful to the neighbors, you'll want to hold onto them as best as you can. Some things are always going to be out of your control, such as a tenant moving for a job, but there are things within your control. A happy tenant is much more likely to stay in your property year after year, signing a new lease at the end of the old. That sounds like a dream, right? You already know that the tenant is solid, you have a relationship established with them, and they have a history with you of paying on time. You want to keep this tenant.
There are many ways that you can look to make sure that your tenant is happy. There are the basic ways, of course, like keeping the communication lines open. You don't want your tenant to not call you about an issue because they don't feel like you care about. If they have a maintenance issue make sure that they are aware that you are on top of it and have it handled for them as quickly as possible. A good way to keep the communication lines open for maintenance is to have an online work order system (LandlordStation does provide this as part of our Tenant Portal
to our landlords) so that they may follow the progress online. It also may be a little less daunting for some tenants than picking up the phone and calling the work order in.
You may consider certain perks for your tenants. If they have never paid rent late, consider a gift card or perhaps a percentage off of their next month's rent. Make sure that they are aware that you appreciate that they are a good tenant and that they've kept their end of the bargain.
BiggerPockets has a few great tips on how to keep tenants happy here
. Check them out to see what you could do to keep your fantastic tenants a little longer.