9 Effective Ways to Retain Your Best Tenants
Finding tenants who pay on time and will not vandalize your property can be challenging. So once you are confident that you have the best tenants, you need to ensure that they will stay.
Here are nine practical ways to retain your best tenants:
1) Keep your property clean.
According to Cleaning Exec Maid Service NYC, keeping the property clean can help you attract the best tenants and keep them as well. For example, when you’re taking potential tenants on tours around your rental property, you want to make sure that the space is clean. This can help highlight what it would be like to live in this property and the features that come with it.
Even in online listings of your rental property, you want to make sure that the photos perfectly highlight the cleanliness of the space.
You may not dictate how your tenants keep your apartments clean. Nonetheless, you can manage the common areas in your rental property. Thus, it would be best to remember to keep up the overall maintenance of those areas.
2) Make seasonal maintenance.
When you find a great tenant, you should do everything you can to make their stay as warm as possible so that they stay with you for as long as possible.
It would be best if you treated them with care and respect to keep them for a long time. However, this also means doing your due diligence and conducting regular maintenance checks.
You are likely to spend on the repair anyway; you might as well ensure that you won’t incur that much. In addition, by doing consistent and seasonal maintenance, your tenants will appreciate it and want to stay in your rental property for a lot longer.
3) Have routine inspections.
A part of the seasonal maintenance should be your routine inspections.
Instead of fixing things only when a tenant brings up an issue, it would be best to conduct a regular maintenance check. That way, you determine if your property needs fixing and prevent further damage. This initiative can also help encourage your tenants to stay with you for a long time.
Just because a tenant is willing to put up with specific issues in the rental doesn’t mean that they’re happy campers. Therefore, doing your routine inspections can help you fix the problem before it gets worse & retain your best tenants.
4) Provide amenities.
Providing amenities is a great way to increase the rental yield of your property. If someone is willing to live in a place filled with all sorts of amenities, then they are willing to pay the price as well. Aside from that, you get more ideal tenants living in your rental that way since many people who need these amenities are usually more agreeable.
Amenities like parking lots are a great way to stand out from the rest of the rental properties in the area. To streamline your parking space management, you can use parking technology like ParqEx. That’s because this app allows property owners or tenants to reserve a secured parking space for their visitors and guests without hassle. Furthermore, among other benefits, ParqEx’s technologies can enable transient external renters access to these parking spaces, thus increasing the property’s revenue. ParqEx will help you retain your best tenants & make more money!
Mind you, this technology is helpful if you own multiple rental properties with parking spaces.
5) Enforce reasonable rules.
Since you’re the rental property owner, you will have to set some rules in place. As long as they’re pretty reasonable, any good tenant will be willing to comply with them. But, of course, you have to ensure that you enforce these rules and indicate beforehand the consequences of failing to abide by the rules.
Also, you shouldn’t bring up arbitrary rules on the fly if they weren’t indicated in the contract in the first place. When you emphasize clear and actionable rules, it becomes easier for your tenants to fulfill their responsibilities.
Thus, you are less likely to have issues in the long run.
6) Improve the security and retain your best tenants.
Improved security is a great way to attract the best tenants to rent your property. Hence, it would help to let potential tenants know that you have security features in place.
What would make people rent your place? Well, security will give them peace of mind, knowing that they are safe.
Some security features you can install include a CCTV that your tenants can monitor through a mobile app. A motion sensor light can also come in handy. Or, if you are looking to up your security, ParqEx’s access control system or license plate recognition technology can bring great peace of mind for property owners and tenants alike.
7) Be responsive and proactive.
Many bad rental property owners aren’t proactive and don’t reach out to their tenants even when they are contacted. Therefore, if you want your good tenants to stay with you, make sure you are as responsive and proactive as possible. A prompt response is always appreciated, but a proactive approach is going to take that one step further for your tenants. Be responsive and retain your best tenants!
8) Keep your property updated to retain your best tenants.
Make sure that your property is updated so that it’s, at the very least, equal in quality to the rest of the properties in the neighborhood. That way, your tenants are compelled to stay in it because all the appliances are up to date.
In addition, your rental property can increase in value, and you can increase the rental fee as well.
Of course, you shouldn’t be unreasonable with the updates and make sure that your updates are not too extravagant and wasteful.
9) Spruce up the exterior.
Aside from taking care of the interiors of your rental property, it would help if you didn’t forget about the exteriors. After all, if the exterior doesn’t look inviting, appealing, or even well-maintained, it can make people not want to go in it.
That means that you can discourage tenants from living in it, and you might not be attracting the right kind of tenants when you have a shoddy exterior.
It doesn’t even have to be extravagant to do a good job. It simply needs to be clean, well-maintained, and minimally decorated to elevate the look.
Being a proactive, attentive, and kind rental property owner is what it all comes down to when retaining the best tenants. Therefore, make sure that you follow the tips on this list to help you maintain your best tenants and have them rent your property for a long time.
Let ParqEx help you retain your best tenants! Book your demo with us here.
Guest author: Andi Croft