High tenant turnover rate is one of the biggest issues landlords have to face. You will reap many benefits when your tenants stay long-term. If you have great tenants who take care of your home and always pay their rent on time, you don’t want them to move out.
There are many advantages to having your tenants stay including spending less time and money preparing the home for new tenants. By reducing time and costs spent on turnovers, you can increase your overall net operating income. Here are some of the areas you can focus on if you want to keep your tenants happy.
Be proactive about maintenance
Tenants will become extremely frustrated if their maintenance requests are ignored. No one wants to live with faulty plumbing or electrics. Staying on top of property maintenance can play a big part in the decision to renew or not. Yearly inspections of the property and preventative maintenance can reduce the type of costs that occur when small issues become large ones.
AffordableProperty Management (APM) provides property management services to help owners rent their residential homes in most cities in Northern California. Tenants contact them directly to take care of maintenance and they use trusted repair vendors.
Respect tenants’ privacy
There is nothing worse for tenants than landlords who constantly visit the property on the flimsiest of excuses. Unless tenants have a problem, they do not want to hear from you. When you want to inspect the property, which you should do on a regular basis, be sure to give them good notice and try not to do this more than twice a year.
If you need to do repairs, consider having them done while tenants are at work so you don’t disturb their peace and quiet. Although you own the home, tenants should feel as though it is their home. If they don’t, they’re unlikely to take good care of it or to stick around for long.
Consider strategic upgrades
Upgrades come at a cost but they may be worth doing if they are good, long–term investments. Find out what upgrades tenants would value most as this could attract better long-term tenants and give them an incentive to renew their lease.
Some strategic upgrades include stainless steel appliances, central air conditioning, updated kitchen cabinets and hardwood flooring. Upgrades of this kind could be good investments that help to attract new tenants or encourage existing tenants to stay longer.
Stay on top of lease renewals
As a landlord, you need to give your tenants ample time to think about their future plans and whether they want to renew their lease. Consider letting them know 90 days in advance that the lease is ending. This gives them time to think about their plans and give notice if they don’t want to renew. If you can start advertising early, you may find a tenant to move in when they leave and avoid losing a month of rent.
Set expectations upfront
The property rules and the consequences of not following them need to be clearly stated in the lease. This helps to set expectations and allows tenants to understand their obligations.
No tenant should ever feel targeted by a landlord and landlords need to be consistent in how they treat people who rent from them.
If you get complaints about your tenants from neighbors, you should always talk to your tenants before you jump to conclusions. Any rules must be fair and should help to promote the safety and welfare of tenants. Treating tenants fairly means always being responsive to their concerns.