3 Quick Ways Landlords Can Hold on to Reliable Renters
Recent housing statistics indicate that more than half of all apartments turn over annually. And who knows what damage COVID-19 will cause to those figures...
This isn't great news for landlords. When a tenant does not renew a lease, the apartment may remain vacant for some time. Lost rent, the cost of cleaning and maintaining the apartment for new tenants, and the price of advertising the space can all add up.
On top of that, a landlord can't be certain a new tenant will be as reliable as the last.
Luckily, there are steps you can take to keep your tenants from leaving at the end of the lease. Keep the following tips in mind to ensure your best tenants stick around for as long as possible:
#1 - Respond to Requests
Vigilantly maintaining the property is extremely important if you're interested in keeping your tenants long-term. They won't want to stay in a place where everything from the heating to the plumbing needs constant repairs.
Of course, sometimes repairs will be necessary. No piece of machinery lasts forever. While maintaining the property and replacing old equipment before it breaks down can help, there is a good chance tenants will periodically request service.
Respond to them promptly - perhaps they lost their job due to COVID-19. They'll simply be more likely to stay if they know they can rely on you to address any issues that arise as quickly as possible.
#2 - Emphasize Comfort
It's easy for a landlord to ignore the condition of an apartment if everything is working. While the appliances and decor may be old, as long as everything is still functional, you'll save money by leaving the place as-is, right?
Not necessarily. Remember, the cost of tenant turnover can easily be as high as R10,000. You're better off in the long run if you refurbish or renovate the apartment with new appliances, fixtures, and decor.
This will make existing tenants more comfortable. They won't be eager to leave a place that truly feels like home. Additionally, if existing renters do leave, you can justify increasing the rent for new tenants if the apartment has recently undergone a major remodel.
#3 - Consider Your Tenants' Point-of-View
Maintaining a comfortable property and responding quickly when tenants reach out is important. That said, you can take an extra step by truly considering your tenants' perspective when they contact you.
For example, perhaps a drain is clogged and you need to hire plumbers to fix it. Scheduling the work sooner rather than later is crucial. So is communicating openly with your tenant to determine the ideal time to schedule the repairs.
Some tenants would prefer the work to be done when they aren't home so it won't distract them. Others might feel more comfortable being there while the plumbers are in the apartment; maybe they want to be sure no one invades their privacy while they're out. Taking the extra time to listen to your tenants can make a tremendous difference in their relationship with you.
Your job as a landlord isn't simply to collect rent. You are also responsible for keeping your tenants happy with their living conditions!
Luckily, taking steps to do so benefits both of you. It simply costs a lot of money to find a new tenant. Replacing a reliable tenant with an unreliable one also adds to the overall costs.
Thus, if you put in the effort to please your best tenants now, you can save yourself a lot of money in the long run.