So you finally found great renters who contact you when there are issues, pay on time, and respect the property. They’re the very model of great renters! As a landlord eliminating tenant turnover can help reduce cost and help profit. Here are some actionable tips landlords swear by to keep good renters renting.
Simplify Your Renters’ Lives & They Will Stay Longer
- Be Transparent
- Make sure you are very clear with your expectations before your renters sign a lease. If you want to have a good relationship with your renters, be honest and clear about your expectations from the start.
- Deliver Amenities that Renters Want
- Your clients might be happy right now, but there are always bigger and better places out there. Be consistent in making sure you not only maintain but, whenever possible, update and upgrade. The better you make your rental; the more likely your renters will renew their lease.
- Honor Your Renters’ Privacy
- Renters are paying you for a space that they can call home, and privacy is essential. Don’t be aloof, and don’t cross boundaries. If you need to access the tenant’s space, make sure you give them notice before you access their space.
- Be Proactive at Renewal Time
- Engage your tenants proactively, and be sure to thank them for being great renters. A little graciousness goes a long way, and by proactively engaging your renters you’re in control of the timing and nature of renewal-related talks.
- Answer Your Phone
As a landlord, you might be responsible for many different tasks on any given day. However, being busy is not an excuse to be unresponsive to your renters. Again, the proactive discussion goes a long way. Let your renters know your “office hours”—when you’re most often available to connect. Respond to renter calls as soon as possible, and always within 24 hours.
The Bottom Line
Finding great renters is difficult, so it’s essential to take deliberate steps to keep them. Stay transparent and professional, honor their privacy, continue to upgrade your property, and be proactive at renewal time.