As a rental property owner, turnovers are expensive. From preparing the property for rental and advertising the vacancy to showing the property and screening tenants, it can be costly and rigorous. Not to mention, finding the ideal tenant is only half the job, as you have to implement effective strategies to retain them. At 3 Options Realty, we leverage our extensive industry knowledge and expertise to keep your tenants happy and grow your investment. Let’s delve into the different ways our property managers can help you achieve that.
The most effective way to set the stage for a seamless landlord-tenant relationship is to create a clear rental agreement. Beyond monthly utilities and rent, ensure the lease spells out who is responsible for what in case repairs are needed. Additionally, properties that have yards or green spaces should stipulate who is responsible for their maintenance. This goes a long way in preventing frustration and inconveniences down the line. If the tenant wants to amend the lease, engage them and reach an agreement that benefits both parties.
Another proven strategy to keep tenants happy is addressing maintenance concerns promptly. By taking a proactive approach when it comes to routine inspections and maintenance, your tenants will likely renew their leases. Nothing is more frustrating for tenants than unaddressed maintenance requests, especially after following up several times. If you don’t have the time to address issues quickly, consider hiring a property management company to ensure you stay on top of tenants’ requests.
Tenants appreciate amenities that improve the quality of life, such as open floor plans, high-speed internet, and a well-maintained yard. With this in mind, having knowledge of which features today’s tenants are looking for in rental property can give a competitive edge. Most young tenants prioritize lifestyle quality when deciding where to stay or go. You may own the property, but creating a more tailored atmosphere can encourage tenants to stay. Additionally, other strategic ways to make tenants happy involve upgrading aged appliances and other features that encourage current tenants to stay and minimize downtime in case of a vacancy.
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Read MoreProperty managers should notify tenants in advance who are interested in renewing their lease with them, preferably 90 days before the expiration date. This early notice can encourage current tenants to think about their plans so they can provide more notice. If a tenant decides to move, you can start preparations before they officially move out to avoid losing a month’s rent. In some situations, it may be wise to forgo a rent increase or keep it lower than usual for the following year if they renew.
A reputable property management company can encourage a longer lease by reducing the rates. If a tenant renews their lease semi-annually, then the property manager can extend the agreement to a year at a reduced rate. While this method could potentially lose you money on rent increases, it pays off in the long run, knowing you have a reliable tenant. Professionals can calculate the difference in your rental revenue to ensure they make informed financial decisions that boost your Return On Investment (ROI).
Tenants don’t want to feel targeted by their landlord, which is why property managers comply with and practice federal and local housing laws. This ensures that tenants are not discriminated against due to religion, race, physical disability, or sexual orientation. Additionally, treating tenants fairly involves responding to and addressing their concerns without charging too much rent. Even if you have the freedom to set the rental rates, raising rent too high for protected groups could lead to legal action.
Contact 3 Options Realty to book an appointment with our experts and learn ways you can implement these strategies to grow your investment. We leverage extensive expertise and knowledge to maintain loyal tenants while achieving the bottom line.
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