6 Ways to Keep Good Tenants

It is every property owner's wish to find and keep the best possible tenants for their property. Finding tenants is one thing, making them stay is another. Keeping your tenants for the long haul is just as challenging and important as finding them. Why? Well first of all it costs you about a thousand dollars or more every time your tenants move out because of the advertising costs of finding a new tenant and the loss of rent while the property is vacant. It also spares you the stress involved during vacancy and the tedious process of trying to find suitable tenants.

Here are 6 quick tips on getting your ideal tenants to stay for the long term.

1. Keep your property well-maintained

Attracting good tenants in a run down property is hard but keeping them is impossible.

With the amount of poorly maintained rental properties out there right now, people who have been renting for years will tell you how frustrating it is to live in a home that is not cared for by the owner. But there is an upside to this; if you keep your property in good condition your tenants will not want to leave and they will also be more inclined to work hard at maintaining the property themselves.

2. Set your price just below market value

If you think this is silly, think again... By keeping your rental price a fraction below the market (2-3% is enough) you will attract and retain better tenants for longer. You will attract them more easily and quickly because your property will represent better value than other properties on the market. You will also retain your tenants for longer because they will have no need to move to a better valued property.

3. Give small rent adjustments

Give your tenants consistent small rent increases of about 2-3% each year. Tenants prefer this as opposed to being stung with large increases every 2 years because smaller increments are much more manageable for their budget.

4. Consider your tenants’ requests

Let’s say your tenants wish to build a garden bed in the backyard and this is something you don’t particularly want. Instead of declining their request right away consider their reasons for wanting to build it and be fair and reasonable when arriving at a decision. Remember, more than anything else you want to maintain a good working relationship with your tenants and the key to that is good communication. This does not mean you need to bow at every request but perhaps meet half way and make a small compromise, I bet your tenants will be very grateful.

5. Pay attention to maintenance issues

Another way to keep your tenants happy is to make sure you pay attention to all issues relating to repairs and maintenance, however small they may seem. A leaking tap for example is a minor issue in the whole scheme of things but to a tenant, the frustration builds and builds each day the the problem is not fixed in a reasonable time frame.

6. Surprise them

Lastly, a good strategy that is sure to make your tenants feel special and stay for the long haul is by giving them a nice little Christmas present at the end of each year. A small note thanking them for looking after your property and paying the rent followed up with a gift voucher to the cinemas for them to go see their favorite movie. This is inexpensive, effortless and might even turn out to be a major payoff.

In keeping your tenants happy, always remember the golden rule. Put yourself in the tenants' shoes and think about the things that would make you want to stay in the property. Follow each of the above 6 tips and keep your lines of communication open with the tenants and you are sure to keep your tenants for years to come.