How To Keep Good Tenants For As Long As Possible

How to keep good tenants for as long as possible

When you have good tenants, you rarely need to worry about rent being paid on time or whether your property is still in excellent condition. From staying on top of routine inspections to keeping communication open, there are several ways you can make sure you’re being a great landlord and keeping your tenants happy and willing to live in your property long term. This article outlines how, so keep reading below.

Be proactive about repairs and maintenance

High-quality tenants want to live in a high-quality home. Being proactive about maintenance and repairs shows your tenants that you care and respect them. It starts with ensuring that your property manager promptly responds to requests, even if it’s just an acknowledgement to say they are on it and will provide further updates soon. Similarly, being proactive by conducting regular inspections will ensure your property is always in excellent condition. Make sure any requests raised before or at the inspection are addressed quickly. When tenants know they’ll get a response and things will be actioned quickly, they’re more likely to report things promptly in the future.

Communicate effectively

As mentioned above, sending a quick response acknowledging a tenant’s communication is vital in maintaining a positive relationship with your tenants. Your property manager should have systems and processes to manage their workflow, allowing them to respond promptly and effectively.

Install and maintain high-quality features

There are certain fixtures and fittings that good tenants expect from a property. These may include hardwood flooring, air-conditioning, stainless steel appliances, a modern bathroom, high-quality kitchen backsplash and updated cabinetry and hardware. Of course, these items do come with a price tag, but making updates to include high-quality fixtures and fittings can increase your rental yield, too. Further, the rental income you may lose from vacancy due to your property having undesirable features could be the amount you would spend on updating some of the fixtures and finishes at your property.

Be proactive about lease renewals

Being one step ahead with lease renewals and offering incentives can be an intelligent way to keep good tenants. Firstly, give your tenants sufficient time to consider whether they want to renew their lease or move on. Like prompt responses to repair requests, it shows the tenant that you care about them. Similarly, you could offer incentives such as a reduced rate for longer-term leases. And if you’re going to increase the rent, make sure you speak to your property manager about making this fair and justifiable.

Keeping good tenants can have a significant impact on the success of your property portfolio. By maintaining proactive communication, ensuring repairs are completed on time, and keeping your property modern and updated, you can maximise your chances of having a great tenant over the long term. Having this stability reduces the risk of financial loss due to vacancy and ensures your property is looked after by a tenant who treats the property as if it were their own.

Remember, this article is general in nature and is not financial or legal advice. Please consult your professional financial and legal advisors before making any decisions for yourself