As a property owner, keeping your tenants can significantly increase your profits over time. Renting your property to a reliable tenant is generally a good practice to have. For one thing, a good tenant can be hard to find. Not all tenants can be trusted to maintain the property in good condition and pay their bills on time. If lucky enough to find a good tenant, you should do what you can to keep them. Otherwise, you will have to find a new one, and risk the chance of getting a bad tenant.
Long term tenants are also more likely to get renters insurance. Renters insurance protects you as the property manager. On one hand, if the tenants have insurance of their own, they will be less likely file lawsuits against you as a landlord. On the other hand, it will also be a benefit if there happens to be significant damage to the property or tenants’ property.
In the time between tenants, when no one is renting the property, the result is a loss of revenue. With no one paying rent, the property- which still costs money to maintain- counts as a loss. Keeping tenants for a longer amount of time decreases the frequencies at which these periods of loss occur. Instead, there is a constant influx of rent being paid. Advertising the property to find new tenants is also expensive, and the expense only grows with time.
There are many ways to keep good tenants, and maximize profits. One way to keep tenants happy is respond to problems quickly. Though the problems may seem minor, taking a long time to respond to issues can prevent a tenant from staying in the property. Similarly, as a property owner it is your duty to be responsive. Keep an open line of communication with your tenants and respond quickly to emails, calls, and text messages. Consider being open to renting property to pet owners. Not only does that open you up to a wider audience of potential tenants, it gives the option to tenants without pets. Another option is offering a grace period on rent collection. By extending it a few days, you come off as more lenient and personable. Privacy is another important factor that can dramatically impact the length of time a tenant spends in your property.
Perhaps the most important element of keeping you tenants happy comes before they even inhabit the property. Screening your tenants before renting property out to them is crucial. The step can help reduce the chances of getting tenants with a history of missing payments, damaging property, or getting evicted for various reasons. In shared apartments, or property blocks a bad tenant can prevent neighboring good tenants from renting the property longer term.