How to Keep Great Tenants in Your Investment Property

How to Keep Great Tenants in Your Investment Property

Did you know that U.S. landlords file 3.6 million eviction cases each year? These expensive and frustrating events can happen when tenants don't follow requirements, from missing payments to ignoring pet policies to causing excessive noise complaints.

In other words, avoiding these tenants while retaining good ones is crucial for your investment property. Good tenants are likely to follow the rules, pay on time, and respect your property. However, it's not always clear how to keep them around.

If you're hoping to keep your good tenants happy, here are a few key tips.

Make Your Expectations Clear

During the tenant screening process, make sure you're clear about your expectations for the property. This includes things like the length of the lease, the maximum number of occupants, pet policies, and more. These expectations should also be clear in the listing and all of your property marketing.

When you're clear about your expectations up front, it makes it easier for potential tenants to decide whether their rental goals align with yours. Have conversations early in the marketing and tenant vetting process to ensure that there are no surprises. This helps you attract the right tenants on the front end!

Consider a Longer Lease Term

If you're hoping your tenants will stick around, consider offering reduced rates on a longer lease term. Slight monthly discounts on a 24-month lease may prompt tenants to renew instead of a standard 12-month lease. Often, the cost of trying to fill a vacancy would be much more than the minor profit loss you'll incur.

Stay on Top of Lease Renewals

Be sure to give your tenants early notice when they need to renew their lease. Not only does this help you know in advance whether tenants will stick around, but it also gives you a chance to negotiate if they're on the fence. Minor adjustments and property upgrades, for example, may make renewal more attractive to them.

You may also want to offer discounts for the first month as an incentive to renew.

Tackle Maintenance Requests Fast

Good property management is the key to good tenant relationships, as no one wants to live in a poorly maintained home or apartment. If you take too long to tackle repair and maintenance issues, your tenants may grow frustrated.

Make sure you have good relationships with local contractors in your area. Know who you can call for fast service on things like plumbing and HVAC emergencies.

If you struggle to take care of these things on your own, consider working with a property management company.

Manage Your Investment Property

When you're hoping to attract and retain good tenants for the long term, it's crucial to manage your investment property well. Respectful, considerate strategies encourage your tenants to stick around, ensuring that your business grows and thrives.

If you struggle to keep tenants around, it might be time for a change. PMI River Region is proud to help property owners with marketing, tenant screening and retention, property maintenance, and more. Contact us with questions today or reach out for a free rental analysis.