Tenant turnover is generally one of the most expensive things that landlords have to deal with. These processes involve advertising fees, in addition to cleaning costs, repair expenses, and lost rent. Taking the steps to keep tenants in your rental property can go a long way toward reducing your expenses and protecting your property. Here are a few tips for keeping good tenants in your rental properties.
Few things frustrate tenants more than an unaddressed issue in their rental property. Regular maintenance can minimize the likelihood of issues occurring in the first place. Not only will this keep tenants much happier, but it will also reduce your long-term repair expenses. If you fail to obtain maintenance, repairs are far more likely to become necessary.
Respond quickly to tenants and maintain good communication with them. Always be polite and professional in your interactions with tenants and ensure that they feel like they can come to you whenever they have an issue with your rental property. This can go a long way toward helping to keep tenants long-term.
Upgrades and Renovations
Investing in upgrading and renovating your rental property can keep tenants happy and ensure that they stay on your property. Focus primarily on bathrooms and kitchens. This will improve tenant satisfaction, as well as increase the value of your property.
Reach out to your tenants before renewal time comes, usually 90 days prior to renewal. This will encourage them to consider if they wish to renew the lease. It will also provide you with advance notice if they don’t plan on renewing.
A rewards program can go a long way toward keeping tenants happy. Offer rewards for signing longer leases, providing referrals, or paying rent on time. This can help to keep tenants on your rental property, especially if you reward them for their loyalty.
Taking the steps to keep tenants on your rental property can save you a significant amount of money and maximize your profits. To learn more about how to accomplish this, contact our experts at the Keyrenter in Richmond today!