A profitable rental home’s secret is attracting and retaining high-quality tenants. This implies finding renters who pay on time, care for the property, and get on well with the neighbors. But just because you’ve filled the vacancy doesn’t actually mean your job is over. One of the biggest mistakes a property owner can make is expelling those same tenants because of negligence or poor communication.
Building Strong Tenant Relationships Through Proactive Communication and Maintenance
The good news is that there is a lot that property owners can do to keep a good renter. Probably the most uncomplicated and vital procedure is to establish good relations with the tenants by checking in on them periodically. Good communication can be of great value toward a contented, satisfied tenant.
This strategy works quite well with a second, equally principal tactic: being proactive about maintenance and repair. Residents want to dwell in a home that is in good condition and adore a landlord who responds promptly to repair requests and performs regular maintenance without being asked for it. A property owner who exhibits good property maintenance practices will additionally better inspire their tenants to do their part.
Boost Tenant Retention with Open Communication and Solutions
Besides regularly scheduled maintenance, owners can enhance tenant retention by presenting them with more direct involvement in caring for the property. Ask the tenant how they like the rental home and if anything needs maintenance or repair. Numerous owners hesitate to ask such questions, anxious that renters will demand expensive or unreasonable repairs or replacement items. Having said that, look into the alternative: if they move out, you’ll spend far more replacing them and preparing the property for a new tenant than acquiring that new dishwasher (or carpet or sprinkler repair) they demanded for.
If a quality renter is looking into a move, try to ask why they are leaving and whether there’s anything you could offer them to stay. Regularly, if a tenant is moving to another rental house in the same area, there’s a special reason that can be countered or a dilemma that can be corrected. Take into account that keeping a quality renter is a considerably more profitable strategy than becoming a revolving door rental house.
Finally, tenant retention is an art that can be taken in and developed as time progresses. The good thing is that the professionals at Real Property Management Greater Madison Metro can help. We perceive what it takes to locate and retain quality renters in the Madison area and nearby. We make healthy tenant relationships look easy and can work on your everyday communication. If you want to find out more contact us or call 608-310-1290.
Originally Published on April 5, 2019
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
