When you have great renters, you want to keep them for the long haul. Units filled with great tenants means a steady rental income and better-maintained rentals.
Keeping your tenants for the long term isn’t rocket science, but it does require a bit of effort. We've put together this article to help you build great relationships with your tenants. Apply the following tips and enjoy strong tenant loyalty.
1. Offer Privacy to Your Renters
Instead of visiting the renters often without notice, notify them beforehand. When proceeding with the property inspections, you’re also required to send a notice.
In fact, entering the premises for property maintenance requires a 24-48 hour notification period from landlords. This is in keeping with most state laws since renters have a right to enjoy their premises in private.
Landlords are allowed to enter the property under specific circumstances, such as:
- To conduct required repairs.
- To renovate the property.
- When a tenant has abandoned the rental.
- During property showings.
- To comply with a court order.
- During emergency situations.
2. Take Time to Offer a Warm Welcome to Renters
Being courteous can create a good landlord-tenant relationship. Start on the right foot and welcome your renters on their first day of moving in. It’s not easy to adjust to a new environment and you can place renters at ease by being friendly.
You can do the following:
- Bring food or thoughtful gifts.
- Show the renter where to find local stores, clinics, and the nearest transport hub.
- Take time to introduce the new renter to other tenants or neighbors.
- Conduct orientation to show renters how things work in your unit, including security systems and appliances.
- Inform renters that you’re available if they need help and leave your contact details.
3. Provide a Quick Response to Tenant Requests
Always be aware of your tenants’ needs. If there are problems encountered, you must find solutions immediately. If they report a pest infestation issue, you should immediately contact an exterminator to make the rental a more comfortable place to stay in.
When you’re a responsive landlord, creating a reliable relationship is easy. If you fail to address the maintenance requests of your renters then dealing with the other side of the coin can be even more challenging.
With tenants not reporting any property issues, repair expenses might grow. Minor problems left unattended can turn major. It’s much easier to tackle the smaller problems early on than be faced with costly repair fees.
4. Give Renters Flexible Options
Being comfortable in rental homes is important. You can consider relaxing your property policies. Your tenants may put in different requests, such as decorating the unit, having a pet, or repainting the rental in their preferred colors.
This can lead to a long-term stay if you make allowance for their preferences. Even if you permit renters with their requests, you can still manage control by making it conditional to retain limits.
Check your property policies and make flexible adjustments for renters. This could result in renters sticking even longer in your rental.
5. Prioritize Safety in Your Rental Business
Every individual deserves to feel safe and secure in their home. Landlords have a duty to keep their rentals secure. Set up security measures or invest in a system. This also leads to less stress for you.
Ensure that you’re compliant with safety codes issued under the law such as having smoke alarms and detectors in your rental home.
The extra ones are left to the landlord’s decision but setting up security cameras, house alarms, and motion sensor lighting protects your rental unit even further. The safer your rental home, the more attractive it becomes to potential tenants.
6. Set up an Online Rent Collection System
Make allowance for people’s busy schedules. Set up a system that makes it convenient for them to pay their rent dues. It’s preferable to have various payment channels, especially electronic ones.
An online payment method provides easy tracking and lets renters and landlords skip bank trips. Transferring and receiving funds is easier, and losing cheques won’t be an issue.
7. Provide Good Deals to Renters Who Renew Their Leases
Tenants who agree to lease renewals save you a lot of money and effort in terms of marketing and screening new renters. With this advantage, you can treat your continuing renters to a rent discount or a free one-month rental fee.
This strategy is a good idea to consider since it can be difficult for tenants to find a new unit and relocate. Using incentives can help keep your renters loyal to you.
Other than rent discounts, you can also provide incentives in the form of providing rental upgrades or new amenities and hiring a professional to clean the unit. No rent price adjustments for a couple of months is also another reward to consider.
Lastly, don’t neglect your rental maintenance since this can be a huge factor in the renter’s decision to renew the lease.
8. Ensure Reasonable Rent Increases
Some landlords increase the rent price every year, especially when market demand grows. If you’ve increased your offerings then adjusting the rental fee can be justified. But ensure that the adjustment in price is reasonable.
If you set the rent price adjustment too high, then renters who are budget-conscious will have no other choice but to move out. If the increase is reasonable, then it’s far easier to convince the renters to stay.
Don’t forget that the most important expense of owning a rental property is securing great tenants.
Attracting renters for the long term requires excellent strategies and being creative. But the standard methods revolve around respecting a tenant’s privacy and being courteous during interactions.
Small things matter and paying to the needs of your renters as well as keeping the rental in its habitable state will oftentimes win loyalty.
To be a good landlord, take time to place yourself in your tenants’ shoes and prioritize their convenience. This is how you continue drawing tenants, new and old to your rental property.
Partner with the property management experts at TE Johnson & Sons. We can help resolve maintenance concerts, respond to tenant requests, set up an efficient rent collection system, and more.
All of our services help to keep your tenants happy and wanting to stay for the long haul. Get in touch with us today!