Retaining Tenants for Long Time Periods

Property Management Blog

Good tenants are like a gold mine for a landlord. They are well behaved and keep on paying monthly rent on time. No landlord wants to deal with vacancies and its associated expenses. You also need to work hard to find new tenants. Therefore, it is necessary to hold on to your tenants. You can do so if you make your tenants feel as if they are living in their own homes. Here are some top tips to develop a strong relationship with your tenants so that they continue to live in your rental property.

Keep your property well maintained

One way to increase chances of long term tenants is to maintain your property in a very good condition. Tenants hate living in a place where they must keep waiting for minor repairs. On the other hand, tenants hate to leave a place where everything is well maintained as they are not sure of what they will get in a new property. If you prove to be a good landlord always listening to the grievances of your tenants, you can be sure that your tenants will not decide to leave your place in a hurry.

Be responsive

Your tenants love it when you are there to listen to their problems. They appreciate it when you are there to resolve the issue when it arises in your property. If you answer the phone calls of your tenants and reply to their misusages on chat, they know they are taken well care of. Being open and accessible to your tenants is a good way of ensuring they live for long time periods in your property.

Give tenants their due respect

Tenants are human beings who expect respect from their landlords. You cannot barge in the property where your tenant is living without giving him notice in advance. Do give a call even when you are going to your property on a routine inspection. Your behavior will tell them that you respect their privacy and ask for permission to prove that you are a through gentleman.

Appreciate tenants if they are well behaved

You own the property, but you do not own your tenants. You can win the hearts of your tenants by treating them as equals. Tenants hate it when their landlord is authoritarian and keeps a close eye on all their movements. You must give up on your snooping activities and give respect to your tenants. In fact, try to become the guardian of your tenants. It will make them feel happy and blessed. You can send them greetings on important festivals and birthdays to make them feel at home in your property. Appreciate good habits of your tenants. They will reciprocate your gestures and love to live in your property for long time periods.

Make your tenants feel they are living in their own homes

Most tenants remain nervous when they are questioned frequently by their landlords. But you can make them feel good by behaving in a dignified manner. Your job is done if you can make them feel at home in your property. Happy tenants rarely leave the property where they are living.

If you are planning to invest in a rental property, these tips will help you in retaining your tenants for long time periods.

You can enter rental market without any worries as sales figures of properties are quite healthy in recent times.

As an investor, there are always doubts about good tenants and the ability to sell when rental income goes down. But if you look at the pros and cons, you will find rental market to be very promising at present.

If you’d like to talk more about the value of inspections, or you need help with Everest Property Management, please contact us at Everest Realty. 

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