Securing a qualified tenant is step in ensuring the success of your rental business. When it comes to finding the right tenant, landlords and property owners need to implement an extensive screening process. This helps them to identify the prospective tenants that they would be comfortable having in their properties.
Though the process might seem time-consuming, it goes a long way in securing the longevity of their investment. Ideally, a great tenant would not only pass the screening, but also pay their rent on time and take care of the property.
Tenant turnover can be quite expensive when considering the cost of repair and the risk of losing rent. For such reasons, a landlord must also work hard to keep a great tenant for as long as possible.
In this article, we will discuss some techniques that landlords can use to keep their tenants happy so they can stay on a more long-term basis.
Be a Friendly Landlord
People tend to respond better when they are treated with respect and this also applies to the landlord and tenant relationship.
Being a friendly landlord doesn’t mean being lax in enforcing the terms of the lease. It means being more considerate and maintaining an open channel of communication. In doing so, you can effectively strengthen your landlord and tenant relationship and make the tenant more comfortable renting from you long term.
You can achieve this by taking simple steps such as responding to calls and messages quickly and using a friendly tone when speaking to tenants. Additionally, making yourself available to genuinely listen to and consider a tenants concerns of complaints can go a long way.
Handle the Repair Requests Promptly
Tenants find it frustrating when their maintenance requests remain unaddressed. This is one of the reasons why tenants start looking for a different place to live. By taking prompt action when property maintenance is needed, you show your tenants that their concerns are heard.
Maintaining your property in good condition makes it a more comfortable place to live. Tenants are less likely to lease a property where they feel more at home. You can also offer incentives such as periodic deep cleaning services to long-term tenants to make them feel appreciated.
Be Fair to Your Tenants
As a landlord, you need to be consistent in how you treat your tenants. How you approach tenant issues should not be affected by the tenant’s race, sexual orientation, religious beliefs, or physical abilities. Tenant discrimination not only makes them want to leave, but it can also result in the landlord facing legal liability.
Showing fairness to your tenants is part of treating them with respect. In addition, you need to familiarize yourself with the local and national housing regulations. This would help you to become more knowledgeable in how you should relate to your tenants.
Be Intentional About Lease Renewals
When the tenancy period is about to end, you need to take some proactive steps to show your tenants that you want them to stay.
For example, you can reach out to them about 90 days before their lease expires to find out how they intend to proceed. This would cause them to consider their options and should they decide to move out, you can start advertising the premises much earlier.
You may also want to consider incentives that encourage lease renewal. For example, you can offer not to increase the rent for the next year if they choose to renew the lease. Additionally, you can try to find out what a tenant needs and negotiate a deal that would benefit both of you.
Implement a Diplomatic Approach When Enforcing the Rules
As a landlord, you must have your rules of tenancy in writing along with the consequences of not adhering to them. Having these rules in writing in the lease agreement provides the tenants with a much clearer picture of what you expect from them.
The rules of tenancy are not only meant to protect your property but to also protect the welfare of other tenants. If an issue occurs, it’s best to hear the whole story before taking action so you can find an amicable solution.
A firm but fair approach to rule-breaking can help manage tenant expectations and make them feel safer.
Research the Popular Amenities
A great way to keep your tenants happy is by offering them access to amenities that they actually want and need.
Some popular amenities include access to an in-unit washer and dryer, high-speed internet, and beautiful outdoor spaces. You can also consider providing property upgrades to bathroom and/ or kitchen.
Amenities provide comfort and help to improve the quality of life. They can also help to set your property apart from competitors in the neighborhood. The right amenities provide much-needed convenience to your tenants and that would encourage them to stay longer.
The main idea behind keeping your tenants happy is to find ways to enhance their comfort and convenience as well as improve your landlord and tenant relationship.
The golden rule of treating others how you would have them treat you also applies in how you communicate with them and in dispute resolution. By keeping tenants happy, you can reduce turnover and therefore protect you investment.
At Cressman Realty and Property Management, we understand what it takes to manage properties in Regina, SK. Our qualified professionals have the knowledge and experience needed to minimize tenant turnover and maximize your returns. Contact us today to learn more about property management services!
CRESSMAN REALTY & PROPERTY MANAGEMENT
155 Leonard St. N.
SK, S4N 5X5