In a previous blog, we talked about Windsor property management and different ways to attract the best tenants to your rental property. Today, we are discussing how to hold on to a great tenant and keep them in your residential property. To hang on to an excellent tenant, follow these 4 guidelines:
- Understand your tenant as a person. The individual living in your residential property is more than a monthly rent check. This is a person with a family, a job, a life and a complete set of their own priorities. Knowing what is important to your renter and valued will help you meet their needs. Be aware of who they are and how they live. This does not mean you should allow constant rule breaking or bad behavior, but getting a sense of what makes a difference to your renter will help you get a complete picture of how you can be a good landlord.
- Keep your rent fair. If you raise your rent too much after the first year of a lease, you run the risk of losing your tenant. This can be painful and expensive. With a vacant property you incur additional costs, including lost rent, cleaning and preparing the property for new tenants and advertising its availability. If you have a reliable and responsible tenant, be fair. Do not charge a premium every time the lease is up. Make sure your rent increases are reasonable and comparable to what else is renting on the market.
- Do periodic evaluations of the residence. Address any maintenance concerns that your tenant has immediately. If something breaks or needs to be repaired or replaced, take care of the issue immediately. Nothing will chase a renter out of a property faster than an inattentive landlord who does not address maintenance concerns. Any time you are at the property to fix or replace something, take a moment to walk through the place and make sure there are not other problems that you can proactively address.
- Let your tenant know that you care. When a repair is needed or something requires an inspection, take that opportunity to talk to the renter about anything else that is needed in the home. Even if the requests seem minor and inconsequential, it will go a long way in making the tenant feel valued and appreciated. The person renting your home might have some ideas on how to make the place look better, for example. Listen to those ideas and do what you can to meet the needs and requests of your tenants. It will keep them happy and in your home longer.
When you have a great tenant, do not take that person for granted. Get to know what your tenant’s priorities are, keep your rent increases fair and reasonable, and be attentive and proactive whenever a repair is needed or a maintenance issue arises. Your tenant will appreciate your interest and your care, and your landlord/tenant relationship will be much stronger.
As always, if you have any questions, feel free to contact us.