It’s every landlord’s dream: tenants who pay on time and take care of the property as if it were their own.
They take off their shoes.
They plant flowers.
They even handle small repairs without reaching out to the landlord.
They always pay by the 1st.
So if you have tenants like this, how can you keep them in the property? Well, the truth is, tenants like this usually move on and buy a house eventually. Still… you can keep them as long as possible by following these guidelines.
- If there is a repair, respond IMMEDIATELY. Let your tenants know you’re on it, show empathy, get a good contractor out to the property quickly.
- If the repair involves heat, and it’s cold out, get your tenant’s space heaters while they are awaiting the repair.
- Start the renewal process early – 60 to 90 days before the lease ends. If your tenants are happy and you communicate with them well ahead of lease renewal, they are more likely to stay another year.
- Don’t increase the rent, even if you think you can. Getting market rent is always the goal, but if you’re within $100 of the market, don’t rock the boat. Tenants usually know the rental market pretty well, too, and will appreciate a break. It shows them you value keeping them in the property more than squeezing every penny out of them.
- Consider a capital improvement to the property that isn’t required. Exterior paint, a new fence, possibly some work on the interior if your tenants would appreciate the work being done. With tenants who take great care of your property, you can rest assured that something like a freshly painted living room or an upgraded kitchen will be taken care of and appreciated.
- If an appliance goes out, replace it with a better one. Most landlords shop for the cheapest deal they can find on a major appliance. Buying a quality appliance, however, is not only good for your relationship with your tenants, but it also improves the overall value of your home.
There you have it! A short list of ways to keep those great tenants in your rental property. As always, quality property management ensures your rental property has the best tenants and that they stick around for as long as possible.