Once you’ve accomplished landing a quality tenant, your next goal is keeping them for the long-term. Perpetually occupied rental units assures landlords of consistent earnings. Aside from generating regular income, your rental home will also be well-kept since quality renters are staying in it.
To experience the benefits of having long-term tenants in your rental property, this article will provide tips you can follow to keep them loyal and improve your landlord-tenant relationship.
If you have more questions about how to attract quality tenants that will stay in your property for the long run, contact Pillar Property Management today!
Provide tenants with privacy
Dropping by a rental unit unannounced can cause anxiety to tenants. Even if inspecting the property is part of your landlord duties, it’s still essential to notify the tenant. Try to provide notice at least 24-48 hours before you enter the rental home. Follow Manitoba landlord-tenant laws to determine the proper amount of notice.
Normally, landlords enter the property for the following reasons:
- To conduct necessary repairs
- To perform property upgrades
- If tenant has abandoned the unit
- For property showings
- In compliance with a court order
- Emergency situations
Warmly welcome your tenants
Little courtesies and thoughtful considerations go a long way. One way to show your tenants you appreciate them is to find time to welcome them on the day of move in. Being in a new environment can be nerve wracking and having a friendly face around can offer comfort.
Some gestures that will be appreciated are:
- Orienting the tenant on places they’d find convenient (bus stops, bakery, grocery mart)
- Showing the tenant how appliances or switches and alarm controls are operated
- Assuring the tenant of your availability and providing your contact information
- Offer coupons or discounts for local businesses or services
Promptly respond to tenant requests
Cultivate a good relationship with your tenant by being attuned to their needs. When they contact you for certain issues, find ways to resolve the problems right away. For example, if they discovered a termite’s nest, you could schedule an exterminator immediately. By paying attention, you’re building trust between you and the tenant.
If you think that requests for maintenance are annoying, then consider the reverse. If your tenants won’t report issues, then your costs of repair might soar. The minor problem can quickly escalate. It’s much better to respond and find solutions to the little things than face a much bigger concern with the corresponding huge expense.
Offer flexible options
Renters stay longer in properties where they feel at home. You can practice becoming more open-minded with your rental policies. Your tenants may desire to have a pet and allowing them to do so can be the gateway to their long-term stay. At the very least, you can try the new policy, adjust, and set limits as needed.
Another thing that tenants will appreciate is being able to alter or decorate in the rental unit. This can mean painting the walls with their favorite colors. If a tenant has been a resident in your property for a while, turning down this request might result in them moving out. Study your policies and create more flexible options for your renters.
Make safety a part of your rental business
We all want to feel secure while living in our homes. Be it safety from fire and intruders, our need for safety is ingrained. As a landlord, you want to offer a safe environment to your tenants. If you want them to keep renewing their leases, invest in security features.
Some safety amenities are required by law such as smoke alarms and detectors. Others like installation of cameras, house alarms and motion sensor lighting are up to the landlord. Just remember that the safer your rental home is, the more attractive it becomes to prospects.
Use an online rent collection system
People are busy and the more convenient your payment channel is, the less excuse they have not to pay on time. You can still accept other modes of payment but it’s important to add an electronic payment channel.
The advantage of online payments is it makes monitoring easier. There’s also less footwork involved since you don’t have to go to the bank to cash a cheque or deposit it. Losing a cheque won't also be an issue here.
Sweeten renewals with incentives
Since acquiring quality tenants can be painstaking work given the marketing and tenant screening aspect, consider incentives. You can give a rent discount or offer a month’s free rent. This is a good strategy since moving can be tedious. Incentives encourage tenants to stay longer.
There are a lot of ways to offer incentives apart from rent promotions. You can also hire professional cleaners or upgrade the rental. You can also choose not to raise the rent for a couple of months. A rental unit that’s in a great condition can be enough reason for tenants to consider a lease renewal.
Reasonable rent increases
Owning a rental property allows you to increase the rent especially if rental demand is strong. If you’ve added newer and better amenities, it’s also reasonable to raise the rent. But do note that the increase should never go beyond the acceptable average rate.
If the rental rate is set too high, the tenants will be left with no choice but to consider other alternatives in line with their budgets. If the increase is slight and fair, then you can enjoy continued patronage of your rental unit. Remember that it costs far less to keep tenants than to look for new ones.
Keeping a tenant for a long time requires you to be more creative with incentives. You’d also need to foster a good relationship by honoring a tenant’s privacy and being hospitable. This can be noticed by tenants when you notify them prior to entering the rental unit. While some tips can be considered as small acts of courtesy, this can vastly improve your relations. Thus, leading to having long-term renters.
Become a good landlord and always think about the convenience of your tenants. This creates an environment where renters prefer to stay longer in a rental property. For more information, contact a Pillar Property Management today to find out how we can help you!