With top notch tenants in your rental property and Parkville’s best property management company to do most of the work for you, you can enjoy sitting back, relaxing, and watching the rental income roll in.
However, that doesn’t mean you can get rid of the thought of vacant rental properties in the back of your mind.
Why is keeping your mind on that important?
Because high turnover rates and long rental property vacancies can cost you a lot of money.
Each tenant turnover that you experience comes with expenses related to advertising your now vacant property, cleaning and repairing the property for new tenants, tenant screening and lease drafting, and of course, any utilities you pay to have on between tenants.
That’s why today we are going to share with you some simple ways to avoid losing your good tenants, so that you truly can sit back, relax, and enjoy being a property owner.
Great Ways to Prevent Losing Your High Quality Parkville Tenant
But today, we are going to continue exploring how to hang onto good tenants that you want to keep in your rental property as long as possible.
1. Maintain a Friendly Relationship
Whether you self-manage your rental, or enlist the help of a Parkville property management company, customer service should be a priority.
One of the best ways to forge a solid relationship with your tenant is to partake in person-to-person contact with your tenants throughout their lease term.
Your tenant does not want to feel you or your Parkville property manager are the type to lease a rental, and forget about them until lease renewal time.
Here are some great ways you can pop in and say “hello,” without crossing the professional boundary that should stay intact throughout your tenant’s lease term:
- Be the one to personally deliver the tenant welcome package at the start of the lease term, even if your property management company handles the move-in process
- Periodically ask your tenant for feedback via phone (or in person if they have time) to find out what would make them happier, and what (if anything) needs improvement
- Show up to a scheduled maintenance or repair call, and observe how your maintenance crew handles their responsibilities while chatting with your tenant
- Tag along with your property manager to all seasonal inspections to make sure your property is being well cared for, and that your tenants are satisfied
Stopping by every now and then will let your tenants know you really care, especially if you have entrusted your investment property to a property management company.
Putting a face to a name is a great way to build a solid relationship with your tenant, which come lease renewal time, will go a long way.
2. Don’t Violate Your Tenant’s Privacy
Though we just mentioned the importance of regularly interacting with your tenant in an effort to build a good relationship with them, it is equally important you do not violate your tenant’s right to privacy.
Just because you own the rental property your tenant resides in, does not mean you can come and go as you please.
In fact, if you show up unannounced, save for an emergency, you may find yourself guilty of trespassing.
Not to mention, your tenants will not be happy and will not want to stay living in your rental property if they feel like you are watching their every move.
If you are going to pop in for a legitimate reason to your rental property, make sure you provide proper notice to your tenant so they know you, or your property manager, are coming by.
Trust us, your tenants will appreciate this and feel more comfortable continuing to lease from you if you don’t bother them for every little thing.
3. Be Proactive When it Comes to Lease Renewals
If you and your Parkville property management company did things correctly at the beginning of your tenant’s lease term, they should know the process for renewing a lease with you.
However, as time goes by, your tenant may forget when to expect a lease renewal notice, and may begin to feel antsy about whether they will be invited to renew with you or not.
Unfortunately, if your tenants are unsure as to whether they will be invited to sign a lease renewal with you, they may begin to look elsewhere for a place to live, as a backup plan.
And you never know, they might find a place they love just as much as your rental, and decide not to renew with you once the lease renewal comes their way.
The solution to this problem, and one of the best ways to keep ahold of your high quality tenant, is to stay proactive about the lease renewal process. This means giving them ample notice that you wish for them to stay another lease term.
Not only does this give them the assurance you want them to continue leasing your rental property, if they decline you may have enough time to convince them stay.
If your current tenant is a good one, and you want them to stay, despite their declining to sign a lease renewal, ask them what you can to do to get them to change their mind about leaving.
While there may be nothing you can do, this at least opens up the dialogue and can boost your chances of catering to a small need you never knew your tenant had.
Holding onto a good tenant may be worth a small rent decrease, an upgraded appliance, or a bend in a lease provision such as the no pets policy.
4. Offer a Longer Lease Term
Another great way to avoid losing a good tenant is to offer a longer lease term come lease renewal time.
Sometimes your tenant may know they want to continue leasing from you for a long period of time, but fear the dreaded rent increase that is a possibility every time the lease renews.
By offering a longer lease term at a fixed rent rate, you ensure a consistent monthly cash flow, and your tenant benefits from not having to pay more rent every single year.
It’s a win-win situation for both you and your tenant.
There are plenty of ways to cater to your good tenants, and encourage them to continue leasing from you time and again.
It is just a matter of doing your job well, utilizing the help of an experienced property management company such as Bay Management Group, and making sure your tenant is happy throughout their lease term.
If you own rental property in the Parkville area, and want help managing your investment in an effort to decrease the workload of self-managing your property, as well as increase the chances your current tenants will renew their lease from you, get in touch with Bay Management Group today.
We can help place high quality tenants in your rental property from the start by implementing our strict tenant screening process and only accepting the very best tenants from the list of those interested in your property.