How to Retain Tenants
/Retaining good tenants for many years is the best case scenario you can have when renting your apartments. Most people don’t like going through the tenant application process and filling vacancies (I know we certainly don’t), so what can you do to keep good tenants?
Out of our 13 units, we have 8 tenants who have been there over two years who have told us they have no plans to go anywhere. Two of those tenants actually want to purchase the property they are in. Over the years we have listened to tenants complaints about previous landlords and have done our best to be different. We have put together a couple ideas that have worked for us that might help you keep tenants for years to come.
Respond promptly to maintenance issues
It sounds obvious, but this is probably the biggest complaint we have heard from tenants about previous landlords. A lot of what helped them make the decision to move is ongoing unaddressed issues. From the perspective of a tenant, if you keep the apartment nice and pay your rent on time you would expect issues to be addressed. When issues are not addressed, we have seen two things happen: people either take it upon themselves to do it (which may not be the way you would have wanted it done) causing resentment towards the landlord, or the tenant stops caring about the property because they don’t feel the landlord cares. Either way, it doesn't make a good tenant want to stay. So stay on top of maintenance issues and I know it will keep your tenants happy.
Provide a nice place to live at a fair price
I know I have talked about this before in previous posts, but I think it’s important to provide a nice place to live. If Vince or I wouldn’t live in an apartment we are renting due to its condition, we wouldn’t offer it to our tenants. And if a tenant has a nice place to live, they will be less likely to want to move.
Easy communication
Maintaining an open line of communication is necessary to maintaining good tenants. We still personally manage all of our units. At some point we will have to get a property manager, but I am just worried how they will interact with the tenants and if they will give as much attention as we do. We respond promptly to requests and follow up to make sure things were completed and I think this is important to keeping tenants happy.
Just be a good person
This one is pretty straightforward. Just be a good person. Yes you are running a business, but at the end of the day everyone is human. Sometimes doing something a little extra will go a long way. For example, we were doing work on the empty side of a duplex and making a lot more noise than I thought we would. I felt really bad about the whole thing and cringed every time someone hammered the floor. So I decided to send the tenant next door flowers. She didn’t complain about it at all, but the noise was bad in my opinion and it started at 8AM on a Saturday. She was very appreciative, and she’s been a long term tenant. We’ve always had a good working relationship.
Other things to consider may be providing a welcome packet for new tenants, holiday cards, or a deep cleaning to the apartment every couple of months. We personally have started thinking about doing a deep cleaning for our properties. Sure it will be an expense, but not that much. It would definitely make the tenants happy and it would help ensure our property is taken care of. Not to mention if a tenant did happen to move out, having regular cleanings would reduce the amount of work on our end to get it re-rented.
So overall, maintaining good tenants doesn’t have to be costly. You just need to be involved or have a property manager who can be involved for you. People just want to know that you care more than just receiving your rent every month. And if you put the time in and take pride in your property, your tenants will more than likely follow suite.
