Tips for keeping tenants long term
How do you make tenants stay in your properties for as long as possible? There are quite a few things you can do to increase the chances of your best tenants staying with you.
One of the most important things involves dealing with problems quickly. If something breaks, make sure it gets fixed as soon as possible. Complaints should also be addressed swiftly. You should think about providing good amenities, like high speed internet, and make sure you are respecting your tenants’ privacy.
Let’s explore some top tips for keeping long term tenants in more detail!
1) Address Maintenance Problems
If something breaks, how quickly do you get someone out to fix it? For your tenant, living with broken equipment or issues around the home can be uncomfortable and frustrating, and many landlords are notorious for being slow to handle these issues.
If your tenant reports a problem, put it at the top of the priority list. How quickly can you get someone out to inspect and deal with it? Even fairly minor maintenance issues should be dealt with as promptly as possible so your tenant knows that their comfort matters to you.
They are more likely to trust you if you demonstrate that you are a proactive landlord that gets things done.
2) Deal With Complaints
If your tenant lets you know about an issue, deal with it swiftly. Do they have a problem with noise or another tenant being unpleasant? Mediating isn’t necessarily fun, but step in and address issues before they escalate. Your tenants will appreciate your efforts.
3) Provide Good Amenities
It’s important to make sure your tenants have access to the things they need to feel comfortable. What amenities do you offer? Does your tenant have a parking space? Can they access bike racks? Is there somewhere secure for them to accept mail? Can they get good internet?
You won’t be able to provide everything that your tenant wants, but you can provide some things – and you should make efforts to do so.
4) Respect Their Privacy
Your tenants want to feel like the space they are renting is their home, and it’s really crucial that you respect this. You might own the building, but they live in it, and if they feel you don’t respect that, they will soon move elsewhere.
Go out of your way to respect their space at all times. If you need to schedule inspections, ask them what’s convenient. Give as much notice as you can and make sure your tenant knows what to expect.
That doesn’t mean you should avoid doing inspections altogether. An inspection every 6 months will help you to notice any maintenance issues and check that the property is looking okay. Use it as an opportunity to speak to the tenants about how they’re doing and whether they are happy.
5) Be Proactive About The Lease
Give your tenants plenty of warning when their lease is about to end – a month and a half is often a good period of time. You can be generous about the rent or talk to your tenant about what they would like to see in order to stay. Negotiate until you find something that both parties are happy with.
Consider how long your lease agreement is, too, and decide whether this works for you and the tenant. Long term tenants may be happy with a 1 or 2 year agreement, but others may prefer 6 months.
There are many things that landlords can do to help tenants stay. Most revolve around ensuring the tenant is comfortable and respected, and that any issues are addressed promptly. Being a good landlord is straightforward and will encourage your tenants to stay.