We’ve all heard the horror stories about bad tenants and difficult evictions, but what about good tenants? How do we keep good tenants happy?
The average tenant turnover rate is about 50% a year. When you consider the cost of advertising for a new tenant, preparing the unit for someone else and the income lost when the property is vacant it becomes clear that it’s desirable to keep a good tenant who pays rent on time rather than re-rent the space.
We’ve seen this in action. One of our clients hired us to manage his father’s properties after his father became unable to work. We evicted several tenants who weren’t paying their rent and made repairs to the property that made them more attractive to better tenants. Today, thanks to good management, those properties bring in regular income.
If you know what your tenants want then it’s easier to encourage them to stay.
Tenants want the property to feel like home
Whether you own residential or commercial space, the renter wants to feel a sense of warmth and security. The property manager can make sure the window and door locks are secure, that the property is well-lit and perhaps including an alarm system.
Residents like to feel that the space is welcoming too. The landlord can encourage this with simple upgrades, like an attractive back splash in the kitchen or upgraded flooring.
Tenants don’t want to be interrupted for maintenance
Tenants don’t like their time at home or the open hours of their business to be interrupted by a landlord or landlord’s agent doing maintenance. The most successful landlords and property managers do their best to communicate and schedule maintenance when it’s convenient for the tenant.
Tenants want reliable communication
Have you ever put in a request with a business and heard nothing back? What about when a utility company turns off the electricity or the water without notice? It’s frustrating!
That’s how tenants feel when the landlord doesn’t communicate with them. They need to be able to rely on that home or commercial space and they feel much more secure when they get a response.
The best way to keep good tenants is to work well with them from the beginning of the relationship. It may be too late when they are thinking of moving, but if you can make your property a place where the tenant is content then they are more likely to stay and you’ll earn more money.
We can help you make your property a place where tenants want to be. Contact us to get started.