According to statistics, about 44.1 million households in America are renters. Renters spend about $485 billion in rent annually.
To have easy-to-manage and long-term tenants, you must keep them happy. Vacant units in your investment property are time-consuming, inconvenient, and a loss of income.
Knowing what can dissatisfy your rental property tenants will aid you in fostering a positive relationship.
Keep reading to learn these investment property tips to help you keep great tenants.
1. Focus on Repairs and Maintenance
Maintenance is a critical factor in every rental property. Ensure you maintain your property and that all common areas are clean and functioning well.
A well-maintained investment property will also reduce the cost of repairs. You can schedule regular inspections to spot and address any issues early.
Prolonged maintenance issues frustrate your tenants, making them unwilling to renew their lease.
2. Choose the Right Property Manager
Another piece of investment property advice is to do your due diligence when choosing a property manager. Having to deal with tenants first-hand might not be your thing.
Outsourcing investment property management is your solution. Make sure your property manager shares the same ethos on how to care for your property and its tenants.
Your property manager should identify each tenant’s needs and best serve them. For instance, if most of your rental property tenants are university students, you can include quiet study rooms on your property.
3. Have an Open Communication Channel
Tenants should reach you whenever they need assistance. Have a channel where tenants can talk to you or the management regarding the property.
Being absent will be very stressful for your tenants in case of urgent concerns. Tenant retention is high in properties that have a fast response to their issues.
Have multiple communication channels like telephone numbers, email addresses, and social media groups.
4. Incentive Renewals
Offer tenants who renew their contracts a retention bonus. There is no need to offer something huge – a countertop kitchen item can encourage a tenant to stay longer.
Know what your community values, then offer them a bonus or incentive. Make sure you do this early (about three months) before their current lease expires.
A gift will be less costly than looking for new tenants.
5. Treat Tenants with Respect
Your rental property tenants are your business partners. Happy tenants will aid you in driving your investment to success.
Always be professional and treat all your tenants with respect. They will appreciate you more and be willing to remain on your property for long.
Also, when you offer exceptional services, tenants will be willing to refer others to your rental property.
Hire the Best Investment Property Management
Having a suitable tenancy environment is crucial for your investment property's success. But, you can only achieve success through intentional effort.
That’s why you need reputable and reliable investment property management.
At HomeRiver Group, we provide our clients in Southern California with exceptional property management services. We will offer you the best-in-class, fully-integrated property management.
Contact us now to get a professional property manager.