1. Conduct Thorough Tenant Screening
Without a meticulous tenant screening procedure in place, you’re bound to experience tenant turnover and potentially even evictions. Tenant screening protects landlords from renters who skip rent payments or cause excessive property damage.
Review every candidate’s rental history, financial capability and past eviction records. Check their credit score and income and verify the tenant’s employment.
If a renter shows a good history of paying rent regularly and on time, they’re probably trustworthy as a tenant for your property. A record of no eviction is another great sign. If a tenant has employment stability, they’re not likely to move around a lot. Tenant screening will help you find a quality tenant that’s likely to stick around long-term.
2. Ask For Feedback From Current Renters
We suggest checking in with your renters to see how you might improve. Ask if they’re satisfied with their current rental conditions and what improvements they might want. No matter how great your rental home and services, there’s always room for improvement.
Collecting tenant reviews through simple surveys or by meeting with renters in person will help you find out how likely they are to renew their leases and what you might be able to do to encourage them to stay.
Apart from your current tenants, you can also ask for feedback from those who decided not to sign a lease renewal. Conduct an exit interview and use the information you gather to improve your processes and services for future tenants.
During the exit interview, you might ask a tenant:
- Their reasons for leaving
- The type of rental space they’re transferring to
- What incentives a landlord can provide for the renter to renew the lease
3. Nurture Friendly Relations With Your Tenants
It’s easy for your renters to be more upfront and open when you’re on friendly terms. However, you still need to respect your tenant’s space and be professional.
Tenants value landlords who are accessible and available when they need answers or assistance. Being a responsive landlord means replying to all tenant messages or phone calls. You also need to call back if ever you miss their call. When emergencies happen in the rental, tenants look to landlords to guide them on what to do.
You can also show appreciation towards your renters by sending cards to them on special occasions or holidays. A few heartwarming words reflect your gratitude and show how much you value your renters. Simple gestures like this can strengthen the landlord-tenant relationship.
4. Develop a Proactive Approach Towards Property Maintenance
Inspect your property regularly and arrange for repairs when needed. If you maintain great conditions in your rental space, you can win the loyalty of your renters. Budget for property maintenance so you can fix any property issues right away. Make sure to also be attentive with even minor things, especially if your tenant has complained about the issue.
5. Consider Renovating Your Property
Property renovations can increase your real estate investment’s value and attract more tenant interest in your unit. Property upgrades don’t have to be super expensive either. Simple updates like a fresh coat of paint or modern lighting can make your rental space more appealing to renters and encourage them to stay long-term.
6. Be Flexible With Rental Policies
Some renters might request to redecorate your unit while others might want to bring in a pet. You don’t have to always turn down these requests with a definite no. You can allow conditional agreements in order to retain quality tenants. For example, you might allow a tenant to have a pet if they pass a pet screening. By being flexible in this way, you can avoid vacant units.
Bottom Line: The Benefits of Retaining Tenants
Once you’ve attracted and selected quality renters, you want to retain them. To do this, you can ask for tenant feedback, build good relations with your tenants, prioritize property maintenance, consider renovating your rental unit and be flexible with rental policies.
If you’re searching for a reliable property manager to take care of your tenants and your rental space, contact River City Rentals today! You can reach us by dialing (904) 321-9020.
