How to Keep Great Tenants in Your Investment Property

How to Keep Great Tenants in Your Investment Property

Shrouding every belonging in protective bubble wrap. Taping and labeling boxes. Driving across the city to unload and unpack in a new home.

For your renters, this process is an annual task. Moving every year can become stressful, expensive, and time-consuming. With proper leasing management, you can help your valuable tenants by encouraging them to stay longer.

Struggling to keep great tenants (who pay on time!) in your investment property? Use these tips to improve tenant relations today!

Address Concerns

Under most local and state laws, landlords must maintain housing that meets basic habitability requirements. Your tenants have several options if you don't complete maintenance requests on time, including:

  • Paying less rent
  • Withholding their entire rent
  • Calling a building inspector
  • Breaking their lease and moving out
  • Suing their landlord for a partial refund

They can even hire someone to make the repairs and deduct the cost from their next month's rent.

Instead of frustrating tenants, address their concerns promptly. Completing maintenance requests quickly will show that you care. It will also help you maintain your investment property.

You can avoid frustrated tenants and expensive renovation costs.

When tenants first move in, show them how to submit a request. Let them know how often you'll provide updates and when they can expect a solution. Before receiving requests, vet local contractors and find competitive rates.

Meet Their Needs

Know what local tenants are looking for from long-term rentals. For example, your valuable tenants may prefer:

  • Upgraded appliances
  • Upgraded countertops and cabinets
  • Outdoor parking
  • Fenced backyards

Updating your investment property can help you boost tenant satisfaction. Happy tenants may want to stay in the property longer.

Improve Tenant Relations

Strengthen tenant relations long before it's time for tenants to consider their lease renewal options. If tenants like you as their landlord, they may want to stay.

Make it easy for tenants to communicate with you. For example, you can use a tenant portal to simplify communications. Always be kind, patient, and responsive.

Be friendly! Ask how they're doing, discuss shared interests, or listen to their concerns.

Discuss Lease Renewal

Give your tenants a heads-up when it's time for them to consider their lease renewal. Giving them time to consider their options will give you time. If they decide not to stay, you'll have a chance to find new renters.

The rental vacancy rate in the US is over 6%. The longer the unit remains vacant, the more money you'll lose.

Propose longer lease terms. Your tenants may feel more comfortable securing a rental rate and a place to live for two years instead of one. Make sure to keep rental rates fair.

Improve Your Leasing Management

A strong leasing management strategy will help you retain tenants. Use these tips to improve tenant relations and increase retention rates. Otherwise, consider working with a property management company.

PMI Wasatch Front LC has over 20 years of industry experience. We can help improve tenant relations on your behalf. Remember, happy tenants are more likely to stay.

Contact us today to discover how we can increase the value of your investment properties and decrease your vacancy rates!