Having good tenants who pay the rent on time, look after your property, and quickly let you know of any issues that need addressing are worth their weight in gold. Wouldn’t it be great if they could stay forever?
5 Ways to Help Keep Good Tenants
No matter how tough the rental property market is, tenants can still decide to move out at the end of their tenancy. As a landlord, you will appreciate the time, effort and expense that goes into attracting the right tenant. Thankfully there are many things you can do to encourage your tenant to stay, and we’ve got five suggestions to get you started.
- Be responsive to requests from your tenants
Whether it is to report a leaking toilet or ask for an additional electrical point to be installed in the kitchen, it is important to respond to your tenants promptly. Thank them for contacting you, let them know what your next steps will be and give a proposed timeframe for the job. Once the issue has been resolved, follow up to check that they are happy with the outcome and encourage them to be in contact again if they have any future requests or concerns.
- Undertake regular and preventative property maintenance
A well-maintained rental property is ideal for both retaining and attracting the right tenants. Encouraging good tenants to stay can be as simple as organising a decorator to repaint an outdated kitchen, booking a landscaper to prune overgrown trees and hedges, and taking care of repairs in a timely manner. Your property inspections are a good time to identify the current and future issues that will need to be addressed, in conjunction with your tenant.
- Communicate regularly with your tenants
Great communication between landlords and tenants is key to developing a long term and successful relationship. Give plenty of notice regarding property inspections and when tradespeople will require access. Be considerate when contacting your tenant, asking them when and how they would prefer to hear from you. Clearly share your expectations with your tenants regarding rent payment,
- Keep the rent at the market rate
Here is where a great property manager can help. Use their experience and knowledge of the local rental market to identify the appropriate rent for your property. While it may seem like a good idea to offer lower rent to good tenants, this can be counterintuitive. Instead provide them with a well-maintained and updated property, and a responsive landlord.
- Show good tenants you appreciate them
A small gift to show your appreciation for the effort your tenants have made in caring for your property is a nice touch for an anniversary or during the holidays. Some landlords even start a tenancy with a gift basket to welcome new tenants, laying the groundwork for a positive relationship.
While attracting the right tenant rightly remains a key issue for property owners, remember that the job is only half done. By building positive relationships, responding to requests promptly and keeping the rental property well maintained, you are more likely to retain tenants for longer, which in turn benefits both parties.