In this article, we will go over several tips to help you keep the people you want in your property.
One of the most important things a landlord can do when trying to maximize profits is to retain tenants. It’s costly to have to find tenants as each rental contract expires. It’s also a profit killer to have a property that sits empty for periods of the year. Then there is the fact that a long-term tenant will usually take better care of the property which saves you money in maintenance and repairs.
There are a number of strategies that you can use to retain tenants. It’s not a matter of luck, it’s a matter of doing things a certain way as a landlord to make sure your good tenants stick around. In this article, we will go over several tips to help you keep the people you want in your property.
1. Find good tenants
Finding good tenants from the start is your best bet for keeping a rental business profitable. It’s important to carefully check potential renters as they apply for a property to see if they are likely to be the type of tenant you want to keep. Running a credit check is a good first step, as it shows a tenant’s financial responsibility and ability to pay rent on time.
Working with a professional property management company can also be a big help. For instance, DelRentals property management in Etobicoke handles finding, vetting, and managing tenants, which is particularly useful for landlords of multifamily properties. Hiring a property manager not only makes the process of getting tenants easier but also ensures that everything is done professionally and meets all legal requirements.
2. Maintain the property
Keeping your property well-maintained and regularly updated is key to keeping tenants happy and encouraging them to stay longer. Regular maintenance stops small problems from turning into big ones and shows tenants that you care about their comfort. A good maintenance plan includes checking and fixing things like common areas, heating systems, and appliances.
Making updates to your property can also make a big difference. Even small changes, like a new coat of paint, updated light fixtures, or new appliances, can make the property more attractive and comfortable. These improvements not only keep current tenants pleased but also make your property appealing to new renters.
3. Give some rewards
Offering incentives and being flexible can greatly increase your chances of keeping tenants. Consider setting up a loyalty program that rewards tenants for renewing their leases. Rewards could be discounts on rent, unit upgrades, or gift cards to local shops. These kinds of rewards make tenants feel appreciated and more likely to stay.
Being flexible with lease terms is also key to tenant retention. Offering options like longer leases for multiple years or allowing tenants to sublet gives them the flexibility to adapt to life changes without needing to move. You can also attract tenants to renew by offering incentives, such as lower rent for longer lease commitments or waiving certain fees.
