A profitable rental home’s secret is attracting and retaining high-quality tenants. This states finding renters who pay on time, care for the property, and are on the same wavelength as the neighbors. But just because you’ve filled the vacancy doesn’t denote your job is over. One of the biggest mistakes a property owner can make is chasing off those same tenants for the reason of negligence or poor communication.
Building Strong Tenant Relationships Through Proactive Communication and Maintenance
Happily, there is a lot that property owners can do to keep a good renter. Perhaps the most simple and most necessary approach is to establish good relations with the tenants by checking in on them every now and then. Good communication can count a lot toward a glad, satisfied tenant.
This strategy works absolutely fine with a second, equally effective and criticall way: being proactive about maintenance and repair. Residents want to dwell in a home that is in good condition and want a landlord who responds promptly to repair requests and performs regular maintenance without being called upon. A property owner who presents good property maintenance practices will, in like manner, better inspire their tenants to do their part.
Boost Tenant Retention with Open Communication and Solutions
On top of regularly scheduled maintenance, owners can enhance tenant retention by extending them a more direct involvement in caring for the property. Ask the tenant how they actually like the rental home and if anything needs maintenance or repair. Plenty of owners hesitate to ask such questions, scared that renters will require expensive or unreasonable repairs or replacement items. That being said, take into account the alternative: if they move out, you’ll spend far more replacing them and preparing the property for a new tenant than purchasing that new dishwasher (or carpet or sprinkler repair) they desired.
If a quality renter is taking into consideration a move, try to check why they are leaving and whether there’s anything you could offer them to stay. Commonly, if a tenant is moving to another rental house in the same area, there’s an explicit reason that can be countered or a complication that can be mended. Always remember, keeping a quality renter is a whole lot more profitable strategy than actually operating a revolving door rental house.
Eventually, tenant retention is an art that can be comprehended and developed through time. The great news is that the professionals at Real Property Management Investor’s Choice can help. We comprehend what it takes to attract and retain quality renters in the Franklin area and nearby. We make developing and maintaining healthy tenant relationships look uncomplicated and can take care of your usual, daily communication. If you want to know more contact us or call 615-810-9578.
Originally Published on April 5, 2019
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
