How To Keep Your Best Tenants – Here’s 4 Ideas…
As a landlord / property manager, do you know how to keep your best tenants? Are you aware it’s a lot cheaper to keep a tenant than find new ones? However, the only exception to this rule is when you need to evict a tenant for nonpayment of rent.
So, how do you keep your best tenants? These 4 tenant retention strategies will help keep tenants longer and help you become a more profitable landlord and a better property manager. In fact, any of these suggestions have a guaranteed return on investment.
1. Be SMART
Modernize your rental property with smart home gadgets to attract great tenants. In fact, Smart technology is no longer a nice to have, it’s a must-have! With Smart Technology tenants can unlock doors, control music and lights, set the temperature with their mobile device and/or voice control. Which hopefully will keep them happy and renting from you for a long time.
2. Property Upgrades
Property upgrades make a rental unit more desirable and they’ll significantly reduce your turnover rates. So, why not add a fresh coat of paint when the tenant asks, and let them choose the color? Another upgrade you could provide is a washer/dryer. This is a tremendous advantage when comparing your property to others.
3. Invest in Energy Efficiency
Landlords and property managers should be a big fan of energy efficiency. Why? Because the number one complaint from tenants is the cost of electric and water utilities. So, why not consider installing energy-efficient lighting and appliances? Or how about installing water, efficient toilets, and faucets? It’s a win-win!
4. Stellar Customer Service
Respond to all the tenant requests promptly. Determine if the request is a safety issue, if so resolve it immediately. Otherwise, within 24-hours. If you respond positively to tenant requests, then your tenants are more likely to respect your investment, pay rent on time and extend their lease.
The Value of A Lifetime Tenant
Whether these suggestions make it easier for you to manage your rentals, or more attractive to potential tenants, or more fun and convenient for those tenants you want to keep in your rental property, consider the value of a lifetime tenant. Keeping your tenants happy is an excellent way to protect your property investment.
Need help with your property management in South Florida? Contact us, today.