Our company stresses the importance of keeping the tenant happy. There is a higher propensity for renters to renew/stay longer, and care for the house and property, if they are happy with the residence and delivery of service.
Aim for Long-Term Tenants
One of our policies is to apply the Golden Rule in every relationship and transaction. By treating our tenants right and doing right, we are in actuality placing ourselves and our owners in first position.
Think about the importance of a tenant. They are the primary source of our income stream. In many cases their rent pays for the entire mortgage payment for the landlord and is often an owner’s main source of his retirement income.
It doesn’t always work, but treating a tenant with respect and as though they are the most important person on earth, goes a long way toward making the landlord more income, resulted by reduced expense in leasing fees, income instead of vacancy time, and no make-ready costs. In other words, treating tenants well is a bid for renewal.
Every time a rental unit turns over, it’s going to cost money. That’s why we try to keep tenants as long as possible, by treating them really well. It starts by acting toward them the way we would like to be treated.
A Suggestion to Owners
In order to keep tenants a long time, maintain your cash flow, avoid angry tenants, or having to re-lease the unit:
- Keep your properties well-maintained and fix any issues in a reasonable period of time.
- Don’t try to charge your tenants for items like plumbing or repairs for which you should be responsible. Just pay for it.
- Ask reasonable rents, maybe even a bit under market, so that you have a large pool of applicants and can select the best qualified resident for your home.
- If there are problems, like a broken water pipe causing a flood, deal fairly with your tenants and compensate them a reasonable amount if it ends up being a big stress for them. If they are happy, they stay longer and keep paying you rent.
- If they pay on time, take care of your property and are good tenants, reward them with minimal rent increases, if any at all.
Keeping these tips in mind should help you minimize vacancy and costs, plus have reasonable people in your property that will take care of it. And you’ll learn over time why treating your tenants well — the ones who are paying for your golden years — is just a good idea!
Until next time,