One of the most important factors that can affect your profitability as a rental property owner is your tenants. Finding the right tenants is essential for your rental investment. After all, your tenants are the major source of income for your business.
But not all tenants are good for your rental property—in fact, some landlords may experience added stress due to a lack of tenant screenings. That is why landlords are advised to take precautionary measures and perform an extensive tenant screening before letting anyone sign the lease. Once you find the right tenants, it’s equally important that you find ways to retain them.
High-quality tenants are assets to your investment, and finding good tenants can take time and effort. Every time your property becomes vacant, you need to begin marketing and preparing the property for new tenants. You also need to spend time and money screening applicants to ensure that you end up with the right renters.
Keeping the right tenants and encouraging them to stay at your property for the long term will save you a lot of time, energy, and money. As a landlord, it’s vital that you provide your quality tenants with the best living experience and outstanding service if you want to retain them longer.
To help you encourage tenants to stay for the long term and renew their leases, consider these six effective tips:
1. Keep Yourself Easily Accessible
Being an unresponsive landlord is one of the things that can easily upset good renters. If you want to keep your tenants satisfied, you have to make yourself easily accessible, especially for things that are considered urgent.
Provide tenants with convenient ways to reach out to you, and make sure to respond to them in a timely manner. Also, address their concerns as soon as possible. This way, they will know that you genuinely care for their welfare. Even once you’ve assessed the issue, provide tenants with updates.
2. Screen Your Tenants Thoroughly
Screening your tenants properly will help you find out the renters’ long-term plans. For instance, when screening applicants, you have to determine why they are looking for a new place to rent in the first place.
If the renters are moving to the area due to a temporary work assignment, you can expect that they are not going to stay any longer than their expected work relocation period. On the other hand, if the tenants are moving to the city permanently due to better job opportunities, then you can expect them to need a property to stay in for the long term.
In addition, screening tenants can also help you determine their rent history. Do they usually move from one rental unit to another? If so, this can be a sign that the tenants may not have plans to renew their lease and extend their stay in your property.
When finding tenants, it’s best to ensure that they have a stable job in the area and that they don’t have plans on moving elsewhere any time soon.
3. Maintain the Upkeep of Your Rental Unit
As a landlord, you have the duty to provide a habitable living space for your renters. The physical condition of your rental unit can greatly affect the satisfaction of your renters. To keep your tenants happy and willing to stay longer in your rental home, make sure to keep it in its best condition at all times.
Perform regular inspections, and make the necessary repairs on a timely basis. Remember that one of the reasons why tenants move out of the property is the lack of maintenance, so it’s best to stay on top of your repair requests and perform upgrades to keep tenants satisfied with the rental unit. What’s more, when tenants see that you prioritize their comfort they are more likely to consider renewing their lease agreement.
4. Provide the Right Amenities and Offer Upgrades when Needed
One of the best ways to ensure tenant satisfaction is to provide them with the amenities that they need and want. Do they prefer to cook at home? Provide them with all the necessary kitchen appliances to make this possible.
Other upgrades to consider include:
- Adding fresh coats of paint
- Putting in hardwood flooring
- Adding storage spaces to the unit
- Replacing outdated appliances with modern, energy-efficient ones
Aside from keeping your tenants happy, performing the right upgrades can also increase the value of your rental unit. Tenants are more than willing to pay extra for additional amenities that they find valuable and useful.
5. Be Flexible With Your Lease Terms
To keep your tenants happy, it’s recommended to have some flexibility when it comes to your policies. For instance, you may want to reconsider your no-pet policy if your qualified tenants want to have one. You can charge pet fees and ensure that they are responsible for any damage caused by pets.
6. Ask Your Tenants For Feedback
One effective way to improve your services as a landlord is to know what your tenants think and feel about the way you manage the property. Asking for feedback is a great way to ensure that you are on the right track, and if there is room for improvement in your services.
You may also ask tenants what else they need to make their stay more pleasant for them. Tenant feedback can help you increase your retention rate.
Bottom Line
Retaining tenants is a great way to protect your rental income and overall investment. By applying some of the tips listed above you can increase your chances of keeping tenants happy.
Working with a professional property manager can help also ensure that your rental property and tenants are well taken care of. Make sure to hire a reliable property manager who has sufficient experience in the industry. The team at Taylor Street Property Management can be relied upon to provide quality management services to property owners in and around Phoenix, Arizona!
