Investing in real estate can be a solid business decision, but comes with its fair share of challenges—finding the right tenants and keeping them, being one of the biggest. There are easy ways you can keep your tenants happy and avoid excessive turnover.
1. Professional from the Start
Your potential tenants are likely looking at a variety of places, which means they’re providing multiple people access to sensitive information, including their social security number, address, and other key tidbits that could have devastating consequences if used for the wrong reasons. It can be a frightening notion to give strangers your most personal information, so make it easy on them with tenant screening for landlords that will keep the aforementioned info safe while giving you all the details you need. Credit score, criminal record, and eviction history are all included with these services, so it will make it easy on you to quickly vet any potential candidates and make the process more professional as a whole. They will appreciate your consideration, and you’ll have yourself a bevy of candidates to choose from.
2. Handle Repairs Promptly
Make sure your home is in pristine condition for your renters at all points of their tenancy, with a clean atmosphere and updated appliances. Should the heater go out in the dead of winter, you’ll need to get over as quickly as possible to fix it. Should the bathroom drain suddenly back up, you’ll need to head on over with that Zip-It drainer cleaner to get the clog fixed promptly. If you aren’t able to fix the problems yourself, make sure you have the numbers to the right services and give your tenants access to them if you will be unavailable. You can also offer discounted rent to tenants who can perform their own repairs, and the repairs of other tenants if you rent out a multiple unit residence. Ask your tenants whether they have any handyman skills that could save you the cost of hiring a costly plumber or carpenter for something that is an easy fix.
3. Rewards System
If you find great tenants, you won’t want to let them go. If this is the case, then help yourself avoid turnover by offering an incentivized rewards system. Renter rewards can be given for “good tasks” including paying rent on time or early, referring friends to your rental properties, or performing maintenance tasks around the property. The rewards themselves could range from a longer lease agreement upon renewal, an upgrade such as paint or a new appliance, or a cut in rent. This will ensure you and your renter have mutually beneficial relationship, and hopefully help you avoid the costs of turnover—they’ll never want to leave.
4. Remain Respectful
If you want your tenants to respect you, you must show them the same courtesy in return. Don’t show up to the property without warning them (going without notice is actually against the law), and be professional and polite in all of your interactions. Part of being respectful means maintaining open lines of communication—letting your tenants come to you with applicable grievances or issues and speaking with them about violations of your lease before involving outside parties or considering eviction. Altering your communication styles to fit your tenant will help you keep both parties happy in a harmonious landlord/renter relationship.
5. Hire a Property Manager
If all of this sounds like too hefty of a responsibility list, consider hiring a property manager. This liaison service could be the thing to improve both your life and the happiness of your tenants. Property managers can be an invaluable resource. They will handle face to face interactions with your tenants, are well-versed in the ins and outs of the rental process, and will be knowledgeable enough to answer any questions your tenants may have. Professional and courteous, property managers are trained to keep both landlord and tenant happy, so they are a wonderful resource to consider.
Tracking down the right tenants is no easy feat, and once you have them you’ll want to hang onto them. With professional practices, airtight agreements, prompt repairs, and a respectful attitude, you can avoid the huge costs of frequent turnover and find tenants that will stay with your rental for years to come.