Vacancies are often the bane of a landlord’s existence. The landlord is still responsible for mortgage payments, maintenance, and upkeep, but the rental property isn’t bringing in any income! Tenant retention can go a long way toward preventing vacancies and maximizing the profits of your rental business. Here are some things that you can do to help keep tenants in your rental property long term.
A tenant that has a positive relationship with you is far more likely to communicate clearly and remain satisfied with their tenancy. Make an effort to regularly check in with your tenants. Write important dates on your calendar, like birthdays or move-in anniversaries, and reach out to tenants or send them a small gift on those dates. Respond quickly to any requests that they have and ensure that they feel valued by you.
Upgrades, Repairs, and Maintenance
A building that is in need of repair is not going to keep tenants in the property long term. Make repairs as soon as they arise and ensure that regular maintenance is performed on the property. Periodically make upgrades to the property to help tenants to feel more satisfied with their apartment. An upgraded appliance may be the deciding factor when it comes time for lease renewal.
Reward Good Tenants
A tenant that pays their rent on time, keeps the property in good condition, and never bothers neighbors is a tenant that should be rewarded. Consider giving them gift certificates or movie tickets to ensure that they know that you appreciate their efforts. Tenants that feel appreciated are much more likely to renew when the lease is up.
Keeping tenants on your rental property long term is an incredibly beneficial investment of your time and money. Small steps can go a long way toward keeping your tenants satisfied. To learn more about how to keep tenants in your property long term, contact us at the Keyrenter in San Diego today.