Attracting and keeping good tenants is an important goal for any landlord. Good tenants make your life easier in a number of ways, including paying rent on time, maintaining their apartment’s condition, and generally improving the quality of your rental community. Below are five tips that will help you get and keep the tenants you want:
Proper screening procedures will help you ensure that the tenants you accept have good credit and can pay on time. If you see an abnormality on a credit check, it’s a sign that you might have a problematic tenant on your hands.
To attract a desirable tenant in the first place, it’s important to have a clean and well-maintained rental space to offer. Think about renovation projects that can improve your property’s appeal, a factor that can help your potential tenant know you’re a fair and responsible landlord.
Respond to Tenant Needs
It’s important to stay on top of your tenant’s needs. If there's something broken that you’re responsible for fixing, send someone as soon as possible to remedy the problem.
If your tenant has a noisy neighbor, it’s important to address these problems quickly before your tenant starts thinking about moving. Make it easy to for tenants to reach you by phone or email if they have concerns or complaints. If there are certain times you don’t want to be contacted, make sure you’re upfront with your tenant about the best way to contact you from the beginning.
You may have a property manager who handles these issues for you, but ultimately it's your job to ensure that tenants are happy. If good tenants don’t think you’re being responsive, you may lose them.
You should always maintain the appearance of your property. Tenants aren’t just paying for their apartment, but also for a well- maintained apartment building. That means clean hallways, no peeling paint, and a clean landscape if your apartment building includes landscaping.
Adding a few plants or installing an intercom system are just two example of ways you can make a building more enjoyable and aesthetically pleasing to live in.
Although it’s always an issue for landlords if tenants are late with their rent, it’s not unreasonable to provide a five-day grace period after the day the rent is usually due. Let tenants know that if rent is received after that date, there will be a late penalty and inform them how much the late penalty will cost them.
Good tenants usually pay on time. However, having the grace period allows tenants to know that you’re a reasonable landlord who understands that accidents do sometimes happen.
Offer incentives to convince good tenants to sign new leases. Incentives, such as a minimal rent increase when they sign another lease with you or a two-year lease will help you keep good tenants for a longer period of time.
To gain the interest of your tenant, it’s sometimes worth offering something unrelated to the rent, like a new kitchen counter, free paint job or a new bathroom installation. Not only will you be offering an incentive, but you’ll also be reinvesting in your property to improve its value.
Even small offerings such as a box of free light bulbs when your tenant moves in can go a long way to building loyalty. Also think of sending a greeting card during the holidays to build a relationship with the tenants you want to keep.
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