It can be difficult to find good tenants who pay their rent on time, respect the property, and call you if a problem arises. Once you land a high-quality tenant for your rental, you’ll want them to stay for the long term so you can be sure that your property is always taken care of!
You may be wondering what you can do to retain your tenants. We’ve put together a list of strategies that will help you retain your best tenants for the long term!
Respond Quickly to Maintenance and Repair Requests
Maintaining your tenant’s quality of life is essential, especially if you want them to renew their lease! If you take good care of your property, regularly perform property inspections and conduct general maintenance, tenants will be more likely to continue renting from you year after year.
You can ensure your tenants feel their maintenance needs are met by implementing strategies such as hiring a professional cleaning service to do a deep clean of the property once a year.
Offer Quality Amenities
Do you know if your tenants want an open floorplan, fast internet, or a gorgeous yard to entertain in? Understanding which amenities that your renters want in their homes is essential if you want to reduce tenant turnover rates.
Many tenants consider lifestyle preferences while determining whether to stay or move to a new home. You can do many things to create a more individualized environment for your renters, which can persuade them to renew their lease.
For example, university students may look for amenities such as bike racks or peaceful study spaces. Home décor such as air conditioning and hardwood floors can make a rental space feel comfortable and luxurious. These small upgrades could be a critical and profitable investment if you’re trying to draw in new tenants or persuade existing ones to stay longer!
Be Proactive
If you’d like your tenant to renew their lease, we recommend asking them two to three months in advance. Giving them this notice will encourage them to start making plans in advance so that they can notify you sooner as to whether they intend to stay.
Knowing ahead of time whether your tenants will be moving allows you to advertise your property before the renter has moved out if they decide to move.
If you want to offer your renters an incentive to stay, be direct with them! You can always ask what it would take for them to renew the lease. Renters may request a rent decrease, certain home upgrades, or the freedom to make aesthetic changes in the home.
Try to come up with a solution that benefits you both! Whether it’s a small rent decrease or letting your tenants paint the walls, you’ll likely find that complying with a tenant’s request is less expensive than the costs associated with a vacancy.
Legal Compliance
It’s important to ensure that you follow all federal, state and local laws and ordinances as a landlord. Your tenants are more likely to trust you if they know that you take your responsibilities as a landlord seriously!
Whether it’s abiding by the Fair Housing Act or ensuring your rental meets all health and safety codes, being legally compliant will help you build a strong and trusting relationship with your tenants.
Set Clear Boundaries in the Lease Agreement
Before signing the lease, you must ensure your tenant fully understands your policies and expectations. For instance, when crafting a lease you can include information on deposits related with pets in the rental, waterbeds and subletting in the agreement.
We suggest going a step further and detailing the repercussions of breaching these rules. This will ensure your tenant is fully aware of their rights and responsibilities. Before taking any extreme actions, speak with your long-term tenant if you’re concerned that they may be violating the rules or standards you’ve established in the lease.
Even if the neighbors make a noise complaint, you should first get your renters’ perspective on the situation before drawing any conclusions.
Closing Thoughts
Finding and retaining a high-quality tenant who respects your property and adheres to the terms of the lease agreement is critical to your success as a landlord!
Managing a rental property can be a challenging task and requires a significant amount of time, effort and experience. SCUDO Real Estate & Property Management offers detailed property management strategies suitable for every kind of rental property.
Our Kansas City property management team helps investors and landlords achieve their financial goals by protecting the investment using dynamic property management strategies.