With being in the rental business for some time, you see the benefit of having a solid set of long-term tenants. The income is consistent, and you can carefully plan and allot enough budgets for new housing projects and renovations. Over time, you can also grow your investments since the returns are predictable.
Before you can gain tenant loyalty, you need to know what drives tenants to keep renewing their leases. If you know the techniques, then retention is easier. Moreover, your rental business will stand a good chance of succeeding.
Here are some recommendations you can apply to encourage tenants to stay longer in your rental home:
1. Mind the details in terms of property maintenance.
You receive a call from a tenant, and he says that he’s experiencing a water leak coming through the roof when it rains. Damages caused by water leaks can be aggravating in the long run. It’s best to respond promptly and fix the maintenance issue.
Being responsive rewards you in two ways. The tenant will appreciate the immediate resolution, and you prevent further property damage. In the long run, this lessens your repair expenses.
Property maintenance is constant. If you have regular property inspections, you’ll avoid future exorbitant costs for damages. You also preserve the value of your home, in return, earning tenant loyalty.
Who wants to move out when the house you’re staying in is in tip-top shape? If you see that the landlord is constantly improving the property, it makes you value where you’re residing even more.
2. Prioritize safety.
Your rental price may be cheaper than similar properties. However, if security is poor, it leaves a lot to be desired. For example, the lighting being dim makes renters anxious when they go home late from their work.
Theft is possible since the area is quiet, as well as lacks CCTVs to monitor the coming and going of people. Would you sacrifice your safety just to pay a small rent? Chances are you won’t.
Safety is always a primary concern. It’s one of the first things a prospective tenant heavily considers. If you’re a landlord who assigns high priority on this vital need, then your renters will stay longer in your property.
People are willing to pay a bit more to make sure their place is well-guarded, and priority is on their wellbeing. Who wants to have a traumatic encounter with a criminal while walking home from an exhausting day? If your rental place is secure, then tenants can rest easy knowing they’re safe any time of the day or night.
3. Learn how to build a long-term professional relationship.
A good landlord-tenant relationship is the hallmark of long-term tenancy. If you want to enjoy the benefits of stable rental income, be the best landlord you can be. This manifests in your attitude towards your renters. Be open-minded and listen when they have suggestions and complaints. When made aware of their needs, you can serve them as swiftly as possible.
Having a great relationship with a landlord also makes renters quickly decide to renew their tenancy agreement. After all, who wants to pack up, look for new rental spaces, spend on move-out expenses and start a new tenancy relationship? It takes much time and effort, so if you can develop a good relationship with your tenants, it’s a win-win situation for both parties.
4. Respect tenant privacy.
Under state laws, part of the landlord’s duty is to inform a tenant about a scheduled property inspection. It’s inappropriate to arrive unannounced.
Remember that your tenants can also be busy with their errands and personal lives. Springing a sudden inspection on them will not bear a good foreboding. Chances are, they’ll feel their personal space invaded.
Strive to practice a tactful approach. Communicate beforehand, so the renter is ready to receive you. Follow the agreed-upon schedule to avoid inconveniences.
In cases of emergency only, you’re allowed to access the rental property. Tenants have a right to privacy just as you do. Before acting, place yourself in the tenant’s shoes.
5. Develop your communication skills.
Being a landlord, you’re required to keep constant contact with your tenants. You need to check how they’re faring. If you have new renters, it’s essential to ask them if they’re adjusting okay and if they need any assistance.
This reflects your concern and helps build a sense of ease between you. It’s how you establish a good rapport and build superior customer service skills.
Over time, conflicts and disagreements will arise, but if your communication skills are stellar, then it will be easy with which to deal. Good communication entails listening to your tenants, valuing their needs and trying your best to reach a compromise.
To be an effective landlord, you also need to be clear and reach mutual understanding. This will eliminate stress and pave the way for immediate conflict resolution.
6. Present a genuinely warm welcome to new tenants.
The first impression often lasts. When moving to a new rental space, incoming renters will have an adjustment period. Make it easier for them by being helpful.
Provide restaurant recommendations and other recreational tips so they can meet new people and adapt better. This friendly approach will go a long way.
You can even take it a step further by offering a welcome gift. You don’t need to splurge for this. You can hand out baked goods, gift cards, vouchers and local produce as a kind gesture. This is a great way to set a friendly tone and start your landlord-tenant relationship.
If you treat your current tenants right, staying longer in your rental unit won’t be a hard decision for them. You simply need to pay attention to your responsibilities by being consistent in property maintenance, designing safety measures and honoring your renters’ privacy. If you succeed in treating them with respect and professionalism, then gaining long-term tenants will be a breeze.