Between leasing fees, cleaning costs and lost rent, you lose
money when you lose a tenant, so you want to keep good tenants as long as you
can. Here are five tips that will help you retain good tenants once you find
them:
Be Responsive: “I can’t overemphasize how important it is to
be responsive,” says Kevin Conlon, co-founder of Meridian Pacific Properties.
“If the A/C isn’t working, it’s an emergency. Anything related to the comfort
of the tenant is an emergency. Get out there. Everything else needs to be
handled as quickly as possible.”
Listen: Tenants want to be heard. You don’t have to agree
with what they say, and you certainly shouldn’t bend the rules for them, but
you need to listen to them, even when they’re angry. Conlon suggests looking
for those interactions as an opportunity to solve their problem, if you can.
Good tenants will appreciate your efforts.
Inspect the property: Regular inspections can actually help
you retain tenants. Not only do inspections help you identify which tenants are
doing a good job maintaining the property and which ones are not, inspections
can also alert you to issues that bother the tenant but not enough to call you.
By fixing these minor issues, you gain a lot of good will with the tenant.
Reward them: Let tenants know they’re appreciated. Once a
year, maybe before Thanksgiving or Christmas, send a $25 gift card with a note.
“You do something like that, and it goes a long way in developing a good
relationship.” Conlon says.
Don’t raise the rent: If you want to keep a tenant, don’t
raise the rent. Tenants don’t understand- or care- that your taxes, insurance,
or other expenses increased last year. They don’t even necessarily care that
the market rate has gone up. “All they know is they are paying more and not
getting anything extra,” says investor Aimee Elizabeth. “They will instantly
start looking for a new place to live.”
