You have put in a lot of effort in screening high-quality tenants and have finally chosen a quality tenant. Now, what?
As a landlord, you have to keep your tenants satisfied and secure while they live in your property. Their satisfaction is part of the agreement when they sign the rental agreement.
If you want to keep your great tenants long term, you can check out these practical tips:
Write a Clear Rental Contract or Lease Agreement
Writing a clear rental or lease agreement is important so that your renters know what you expect from them. It is essential that you highlight details that they may already know like rent collection, rent price, and reporting maintenance issues. More than that, an effective rental agreement also includes your responsibilities as a landlord.
Having a clear agreement is useful if ever you find yourself in a situation where your renters break the rules in place. It is easier to deal with the specifics and have a direct conversation when everything is put into writing. You can refer to the contract and handle the situation logically rather than emotionally.
Having well-defined terms and conditions makes it easier for your tenants to do what is expected of them. Clearly discuss all the terms and conditions with them before they sign so there is no confusion.
Put Yourself in Your Tenants’ Position
When your tenants reach out, it’s most likely because they are having a problem. Make sure that you set clear directions on how they can reach you and when they can expect a response when they do. Put yourself in their position and make sure to address it as soon as you can.
Respect their space and ask their consent before sending a contractor to check on a damaged dishwasher or clogged sink. The more that a tenant feels comfortable in the unit, the more likely they are to renew their lease.
Keeping your lines of communication open and responding in a timely manner is a great way to establish trust between you and your tenants. Once they know you are there to help them, they are going to be more comfortable communicating their concerns to you.
Treat All Your Tenants Equally
Policies and rules must be applied to all your tenants fairly. As per the Fair Housing Act, all tenants must be treated equally regardless of race, sex, gender, or orientation. Your terms and conditions must be nondiscriminatory and apply consistently to all renters.
Create a positive environment by always going back to what the contract says when enforcing rules or explaining the repercussions to tenants. Avoid playing favorites and giving exceptions. By being fair to your renters, you can easily deal with any issues that might arise.
Address Repair and Maintenance Issues in a Timely Manner
Creating a maintenance plan could prevent further damage to your property. It also helps build a good business relationship with your renters.
Maintenance issues are best addressed before they become serious problems. Addressing them in a timely manner can prevent your renters from doing the repairs themselves and possibly causing further issues. Addressing maintenance requests in a timely manner shows you care for your tenants. This encourages them to renew their lease.
Incorporate Amenities That Tenants Want
While you are the owner of the property, tenants will still be the one using the furniture and amenities in your house. Staying up to date with new technology and amenities is a great way to make smart upgrades to your units. This can be a deciding factor for the tenant when lease renewal is up.
During and after the pandemic, for example, a lot of people have been working from home and internet connection has become a necessity. Making sure that you have high-speed internet installed in the house and beautifying the dedicated home office space can make it easy for them to renew their lease.
Upgrading the coffee maker and tea set, changing the carpet and adding some beautiful paintings can also help sway them into signing that lease renewal contract.
Be Proactive When Asking Tenants to Renew Their Lease
Keep a schedule of when your tenants’ lease is up for renewal. When you’ve found good tenants who treat your house as their own, keep them by taking the initiative of asking them to renew their lease.
Give them an early notice so they can think about their plans on whether to renew or not. If they decide to stay, then there will be minimal to no adjustments needed since you and your renter already know the dynamics of maintaining the house. If they decide to move out, by asking them early you have given yourself enough time to start the process over again.
Motivate Your Tenants to Sign a Longer Lease
Look at your finances and strategize on whether you can provide some incentives to encourage a tenant to sign a longer lease. These incentives can include better amenities, allowing them to have a pet, or providing more services for the unit.
Offering a longer lease at a reduced rate could mean reduced profits as well. However, keeping a high-quality tenant is far better than having an increased turnover rate and unnecessary marketing costs.
Work With a Property Manager
The duties of a landlord can be quite demanding. To prevent unnecessary stress and exhaustion, it’s best to hire a property manager who can perform responsibilities on your behalf. Experienced property managers know how to find and keep good tenants.
Plus, experienced property management companies know a lot of contractors that can effectively maintain your house and upgrade your amenities. This takes a lot off of your maintenance responsibilities.
For more information, contact Blue Door Realty at +1 505-389-4316 and we’ll be happy to assist you!