Renting a house is easy but keeping a good tenant can be a tricky affair. Tenants who pay their rent on time, take care of your property, and keep you updated with any maintenance issues make a property manager and owner happy. Don’t underrate the value of tenant retention. Each time you lose a tenant, you are losing rental income, time— because the property is vacant—and the cost of advertising for new tenants. It’s more sensible to make an effort in maintaining the good tenants that you already have.
Some tips on how to keep good tenants in your property include:
Keep Up with Maintenance
It’s the property manager’s responsibility to provide safe, clean, and well-maintained property for the tenants. Rental marketing in some areas is tough but in spite of this, tenants require quality housing. Overgrown lawns, leaking pipes, and malfunctioning lights are factors that will go against you when the tenant is making a decision of renewing the lease or moving out. Make the tenant happy and feel wanted by being proactive with repair and maintenance. The tenants may not notice everything, so it’s upon you to inspect the housing conditions regularly. This simply keeps smaller issues from becoming larger in the future. Constant maintenance saves you a lot of money when turning over the house to a new a client.
Set Standard Rents
Some landlords set low rates to attract tenants, but this may leave them vulnerable when they decide to increase rent in the future. Instant increase in rent may scare away your tenants. Gradual adjustments to the market value over an extended period may be received better by the tenants than an immediate leap. Charging high rental rates can also dent your tenant retention and may affect your future tenant marketing. When you set the rent too high, good tenants may seek out another property which is more affordable when it pops up. When the time comes to marketing your investment property for sale, buyers will be turned off if the rental yield is below the market value.
Hire a Property Management Company
Every landlord faces the challenge of finding good tenants and keeping them. Property management companies are efficient and offer resources that help you find good and long-term tenants. They provide quality management services and solutions that are built to suit you and your property’s needs. They also keep you stay competitive with other properties in your neighborhood.
Introduce a Reward System
Some creative property management companies have designed a system to reward tenants for good behavior, thus motivating them and reducing tenant turnover. These systems are beneficial to property managers with scores of tenants. If a tenant pays their rent on time or refers a friend who also becomes a tenant, they are rewarded with points or some future benefit. They can redeem the points and get gifts such as kitchen items, movie tickets or property upgrades. You’ll have to be the judge as to whether this system makes sense for you and your properties in Portland, OR. A good property manager can help you assess the best form of executing a reward system with your tenants.
Excellent Communication with Tenants
A tenant is likely to renew a lease if you are easy to deal with and friendly. Good communication is not only the key to the rental industry but also to every personal or professional relationship. Each day you will receive calls, texts, and emails from potential or current tenants regarding different issues. If you don’t answer their calls and don’t make yourself available for important issues, it’s less likely they will renew their leases. A good landlord responds swiftly and efficiently to the needs of their tenants. Provide tenants with your or your property manager’s contact information and working hours. Everyone appreciates honesty, and open communication—tenants included.
Don’t be a stranger who only turns up to collect rent, involve yourself in some of your tenant’s activities. Your tenants are your source of income, so treat them with respect and make their stay in your property worth their while.
We’d love to speak with you about your property and your investment goals in the city. Our goal is to provide quality care for your property portfolio, while increasing its profitability. We look forward to jumping on a call with you.