10 Effective Ways to Retain Best Tenants
When your tenants leave your place, it is not a very favorable situation. It will then create a burning hole in your pocket, as a landowner because you have to spend money again on repairs, renovation, marketing and advertising , shortlisting few tenants and selecting the best one amongst them etc., which you had done earlier to acquire the tenant. You have to take care of the tenants and provide them reasons to stay in your place. Future is uncertain so you don’t know that if you lose your present tenant you might or might not get one after that. Your property might remain vacant for a longer period of time.
So, it is very imperative and essential to retain current tenants. This article deals with some effective ways as to how the best tenants will continue to live in the same place and you will be benefited by that. Here are some few key points or factors which are essential for retaining good tenants and keeping your rental homes in Maryland occupied.
10 tips to keep your tenants for longer
Inculcate interactive attitude
Communicate with the tenants as if they are your family members. Attend to all their grievances and pay heed to their problems both big and small ones and redress their grievances if possible. This will give them an impression that you are trustful and a genuine owner. If it is convenient for you then go for surprise visits to make sure that they are happy in your house.
Inculcate proactive and responsive attitude
Respond and redress any requests and grievances of your tenant. And most important of all, never neglect your tenant’s phone calls ever. In case, you are very busy, just let them know that you will pick their call whenever you are free. If you find that some of their grievances are beyond your control, just sit with them and discuss the issue. And if possible, provide them with resources or solve the problem by yourself only.
Keep your units (rental houses) up-to-date
Your rental houses should be renovated in accordance with the current home and décor standards. It will go a very long way in retaining existing tenants.
Respond instantly to crime and noise objections
If your tenant is constantly complaining about their noisy neighbors then it should be your duty to redress their problem as soon as possible. Moreover, those neighbors who don’t respect your tenant’s individuality will not ever respect your rental home also.
Maintain competitive rental rates
It is essential for any owner to follow standard rates which are prevalent in that particular area. By doing that, you can acquire and attract more tenants for your units. If you initially put your rental units at a higher price then you will not be able to get any tenant for your rental homes.
Reward punctual tenants
It has been seen that some tenant who pay late fee, damage property, disturb their neighbor etc., cause havoc in the house as well as in the life of the owner. You should reward punctual tenants by providing them with movie tickets, presents etc. This will also encourage the other tenants to maintain the decorum.
Invite your tenants
Invite your tenants for charity functions. Personally call them and visit their place for the invitation. This consequently will lead a budding friendship and the tenant will be less likely to move out from the house.
Advice the tenant for fair rules and at a uniform basis. You should explain them to follow parking rules, if they are keeping pets then tell them to maintain cleanliness, as keeping pets create mess in the house. Also enforce smoking rules and noise rules if you have any.
Negotiation of special deals
Negotiate deals with your tenants like some tenants purchase units for official or commercial purpose like opening a salon, pizza outlets, spas etc. Try providing them with some discounts as they would be advertising your property, which is likely to attract more tenants for your other properties.
Advance notice for potential problem
Provide notice in advance to your tenant if you are making any changes in your house like changing the roofs of the house, painting the walls etc., like doing whole renovation to the house. Providing advance notice period will give them time to get ready and it will help you to maintain good relations with your tenants.