A Landlords's Life: Keeping your Top Tenants as Long as Possible
A good tenant can make a landlord’s life so much easier. The best tenant's pay their rent on time, keep the place clean and look after your property. When you’re lucky enough to find a tenant like this, you’ll want to hold on to them as long as possible. Obviously, you can’t force them to stay, but here are a few simple things you can to do ensure your tenants will be happy right where they are.
Make Regular Repairs and Do Maintenance
No one wants to live in a house where things are broken or damaged. A good way to keep your tenants happy is by staying on top of repairs and maintenance to make your property as liveable as possible. So, make sure you stay on top of the following things:
- Lawn and Garden Maintenance: Depending on what kind of agreement you have with your tenants, some landlords will mow their tenant's lawn, or pay for someone to come in and perform basic gardening every so often.
- Critical Repairs: When something like the plumbing, gas or electricity breaks down, you need to make sure you fix it as quickly as possible. If you’re unable to organise it yourself, then let your tenants know who your preferred repair technicians are. They can organise the repairs themselves and you can reimburse them later.
- Basic Repairs: This could be doors that don’t close properly, broken doorknobs or leaky taps. This is stuff that a lot of tenants will just put up with, but if you want to keep your tenant, then pay attention to the little bits and pieces. It won’t cost you much to fix a doorknob, especially if you’re handy and can replace it yourself, but it will be worth a lot more to your tenant in gratitude and loyalty.
Upgrade the Property Consistently
Upgrading your property can help to increase the value and your tenant will love having a nicer place to live. Just make sure your upgrades don’t cause them too much disruption. A few nice upgrades you can do include:
Repainting Walls: This can be done in a weekend while your tenants are away or during the week while they’re at work.
Redoing the Floors. Again, this can be done quite quickly in the course of a day or a couple of days.
New Appliances: If the stove is old, hard to light and heats unevenly, it might be worth just replacing it. This only takes an hour or so and your tenant will love you for it.
Practice Good Communication and Be Open to Negotiation
Keeping a good tenant can end up paying for itself. Always be open to negotiation around rent increases. A small rent increase could drive out a good tenant and will only cover a week or two of a vacant property. A few other tips for keeping a good tenant are:
Be Responsive: Follow up on communication from tenants as quickly as you can. A good tenant might feel unappreciated if a legitimate request to have a broken air conditioner repaired isn’t approved for weeks.
Show Your Appreciation: Small gestures or thank you cards can go a long way towards making a tenant feel you appreciate and welcome them.
It can be well worth spending a little extra time and energy to keep a good tenant. Having someone who looks after and cares about your property is an invaluable asset. You should do everything you can to nurture that. With good communication, timely repairs and upgrades and a little bit of appreciation, you could keep that great tenant for years to come.