Do you own a rental and have been pseudo-successful because all your tenants have never stayed long? While housing is necessary for everyone, it can be inevitable not to find a long-term tenant, especially since the rental market is highly competitive. Even if you got your tenants on a long-term contract, they will leave and look for another landlord if they don’t see or experience any value in your rental anymore —which takes us to our article.
Losing tenants over and over can become a great pain. Surely, you’ve invested your time and money, offered the most up-to-date amenities possible, and double-checked that everything is safe before leasing your property. But what happens when you can’t seem to satisfy each of your tenants? Well, the truth is, you can only do so at a certain point.
And here are six (6) things that you can do to keep them happy.
Take “Care” to The Next Level
Put yourself in your tenant’s shoes; can you visualize yourself living in a home where comfort and safety is only luxury? Who would want to live in a house where they’re terrified that the ceiling might come off any second?
If consistent and quality upkeep and maintenance aren’t in your vocabulary, it’s perhaps time to put it in there. You’d want to show your tenants that taking care of your property is a habit, encouraging them to do the same. In addition, when any of your tenants report an issue, make sure that you address it in the soonest time possible. This will not only keep your tenant happy, but it will save your property from possibly expensive damages.
Your tenants are people who go through difficult times just like you. When your tenants tell you they might not be able to pay rent on time, try to give them the benefit of the doubt. You can even ask them how they are, how things are going, and offer some extra help if you can.
Keep your communication respectful and courteous, and don’t forget empathy. Patience can pay off in the long run, especially when your tenant is a good person as well.
Every year you’ll face the possibility of not having your best tenants renew their leases. To help avoid this, get in touch with your tenants at least 90 days before their lease expires. Ask them how they are and their plans after the contract, and give them an offer for contract renewal. Ninety (90) days will provide them with enough time to think about your request without feeling pressured.
By doing this, your tenants will feel how much you value and respect them, and they will not forget this. They may negotiate a counter-offer, and when this happens, make sure to listen and make them feel that you are genuinely considering their opinions and inputs. If you have the financial flexibility to say yes to their request, try to make it happen. You never know; the cost for saying yes to your tenant’s request may be cheaper than the cost if they leave your rental.
Longer Span on the Lease
Why not take the extra step of offering a more extended period on the lease? Your tenant will be happy; they can make more long-term plans based on the knowledge they won’t be leaving over the extended lease period. After all, retaining quality tenants is the ultimate goal as a landlord.
Property taxes increase, as well as, the price of materials used for maintenance and repair. Other reasons for landlords to increase rental prices include an overall increase in the prices of general goods, transportation, energy, etc. While there’s nothing you can do when all of these happen, it doesn’t always mean that your tenant will have to suffer the costs too.
Find a way to get your additional budget elsewhere and try your best not to charge more to your tenants. If anything, a discount would sound more impressive.
Be Willing to Bend
When it comes to contracts, it is best to be very comprehensive with them. But it doesn’t always mean that you follow it religiously. If your tenants fail to comply or violate any terms in your contracts, stay discerning and see how you can work around the issue without terminating your tenant. If addressing the problem is expensive, you can think about letting your tenants pay for it (or at least a portion) in installments, whichever way is more feasible for them.
The bottom line is, every tenant is in a different situation in their lives, and they all have different changing preferences. Hence, if you’ve come to the brink of not knowing what to do to keep your tenants or rental going, talk to us at Spire. We help homeowners find a way to solve their real estate problems and offer options that could benefit them and their tenants. Reach out to us at (678) 318 – 1801 and let’s see how we can keep your tenants happy.