Anyone can become a landlord. While anyone can become a landlord, not everyone knows how to find and keep quality tenants. To help maximize your overall ROI, we have put together some ideas to help improve tenant retention!
By fostering positive relationships, maintaining your property, and offering great incentives, you can ensure that your tenants stay happy and renew their leases, ultimately boosting your profitability.
Put simply, the higher your turnover rate, the longer your property will sit vacant. Each day your property remains unoccupied represents a lost chance to generate income. By implementing the strategies detailed below, you can attract reliable tenants who will lease from you for an extended period!
What Do They Want to See Improved?
Discover what repairs or upgrades they’d like to see. What feature could you add that would make them say, “Wow! I absolutely love living here!” Start with simple improvements, like refreshing the front landscaping with new plants, a fresh coat of paint on the front door, or adding outdoor lighting to enhance curb appeal. If you’re looking to make a bolder statement, consider adding features like a hot tub or an outdoor kitchen in the backyard to create a truly inviting, luxurious space that tenants will love. These upgrades not only improve the property’s appeal but can also help justify a higher rent and improve tenant retention. Create a living space that feels like home, with competitive upgrades and unique features that can’t be found elsewhere
Conjure the Golden Rule
Imagine yourself in their position—how would you want to be treated? In every interaction, prioritize being polite and respectful. While you might technically own the property, it is also the place someone else calls home.Be sure to call ahead if you need to visit the property. When scheduling maintenance, ensure it works for both their schedule and yours
Life Happens
If you are fortunate enough to have an exceptional tenant in your rental property – someone who pays rent on time, takes care of the property, and is a pleasure to have around – it’s important to show appreciation. While unexpected circumstances like job loss or natural disasters can cause temporary financial strain, consider being flexible with late rent payments, waiving late fees, or offering a grace period. However, it’s crucial to differentiate between genuine hardships and recurring excuses. Consistently late payments without valid reasons should not be tolerated. Enforce late fees and proceed with eviction if necessary to protect your investment.
Get Personal
Creating a welcoming atmosphere for your tenants is key to fostering a sense of permanence and comfort in their rental home. Encouraging customization within reasonable limits can help achieve this goal. Consider allowing tenants to paint walls, install shelving, and select fixtures to personalize their living space. For instance, when it comes to replacing appliances like refrigerators, offer options such as white or stainless steel models, ensuring they are similarly priced. This flexibility can improve tenant satisfaction and encourage long-term occupancy.
Don’t Drag Your Feet Making Repairs
What may not seem like a big deal to you, can be perceived as a significant issue by residents actually living in the home. A leaky faucet might not be at the top of your to-do list, but to someone trying to sleep while hearing “drip, drip, drip” from the bathroom, the repair can feel crucial. It can mean the difference between a restful night’s sleep or a sleepless one. Regardless of the issue, prioritize prompt repairs. Your tenant needs to feel valued, knowing their concerns matter. Avoid leaving problems unattended any longer than necessary.
Attracting and retaining high-quality tenants is essential for maximizing the profitability of your rental property. Minimizing turnovers helps cut down on costs associated with listing, showing, repairing, and cleaning the property every time a tenant leaves. This way, you can hold onto more of your earnings!