Tenant Retention Tips for New Landlords
Did you know that one of the most expensive parts of renting is retaining tenants?
Imagine how much more time and money you would spend looking for new tenants every single time when you can find someone who can stay long-term and pay rent consistently.
Here are the best tips for new landlords to ensure that you never have tenant retention issues again.
Establish a Relationship
When a tenant moves in, it is necessary to establish a good relationship. You need to build trust and maintain excellent communication to ensure that everything runs smoothly.
You should also have an open mind to allow some leniencies from time to time, especially if your tenant is in between jobs. Thoughtful gestures like a welcome gift basket will also go a long way.
A gift basket does not have to be fancy. You can include some fresh food that they will appreciate.
When you organize a home inspection, you should build rapport and get to know them. This will pay off when they stay longer and save you money.
It is essential to keep the property in excellent condition so that people will want to renew their lease. Always respond to maintenance requests for your property to keep tenants happy.
This will also help you maintain the value of your property. There are many tracking tools to make the process easier.
Alternatively, check out these property management services to have an expert navigate repairs and lease renewals with your tenant to ensure that nothing gets delayed.
Accept Electronic Payments
This is one of the best tenant retention tips because many people struggle to deal with checks. By allowing your tenants to pay their rent online, you are making the payment process more efficient for them.
This way, your tenants can also enjoy perks like credit card points to boost their credit score when they pay their rent. Rent payments can also be set up in advance for you to accept payments via bank account, credit, or debit cards.
Lease Renewal Incentives
Offering renewal incentive programs to tenants is a great way to keep them renewing their leases. You can offer to maintain the current rent rate and agree to make updates to the property.
You can also waive some fees like parking. Alternatively, you can also incentivize tenants to stay in the property by discounting their monthly rent.
If you have tenants comfortable in your property, it is always worth going the extra mile to ensure that they want to stay longer to help save you money.
Master These Tips for New Landlords
Now that you know the best tips for new landlords, it is time to make your tenants the happiest people. The key to retaining tenants is to be communicative and responsive.
You should also make the renting process easy with incentives that make renting better for tenants to keep renewing their lease. If you enjoyed reading this renting guide, check out some of our other posts for more information.