It’s one thing to land a great tenant, but another to ensure they keep renewing the lease as the months and years go by.
Securing ongoing tenants means not having to worry about missed rent and property damage, and allows you to devote your time and effort to other things like, organising maintenance, planning and completing inspections, and the multitude of other tasks that occupy a property manager’s and landlord’s time.
Losing a quality tenant is a blow for two main reasons.
Firstly, you may not be so lucky with future tenants.
And secondly, and perhaps more pertinently, it means once again going through the arduous process of securing a new tenancy, not to mention the missed rent and added overhead that comes with it.
A good tenant is worth their weight in gold. Treating your tenants with respect and appreciation will go a long way towards developing a positive relationship, and thus promoting tenant retention.
Although tenants do not own the property, it is their home and we have to respect that the same way we would like our homes to be respected. Showing them respect, courtesy, and privacy in all dealings will encourage the tenant to stay longer.
More material actions may cost more money, but could pay dividends in the long run when it comes to keeping good tenants. Items such as air-conditioning, internet, a dishwasher, and fresh paint will make a property more desirable over the long term and significantly reduce turnover rates.
While it provides a touch of luxury for some, for others these items are a necessity. But maintaining a positive tenant/property manager relationship goes even further than an ability to retain their current tenancy.
Even when tenants do move out of a property, many search for a new home among properties that are also managed by our agency. The main reason for this is communication. Not just template emails, but real communication, like calling them after a major maintenance issue like a flooded house or burst hot water system, and checking in with them to make sure everything was sorted.
Extra little gifts like lollies left at routine inspections or Christmas text messages all go a long way towards building a good relationship with tenants.
One obvious way to hold on to tenants is to ensure maintenance is completed promptly. Beyond that, we suggest some simple yet thoughtful gestures to make your tenants feel the love.
Regardless of the specifics, ensuring great tenants stick around starts with nailing the fundamentals, like open communication and timely maintenance, but continues with personalised, thoughtful acts of customer service that make tenants feel wanted and appreciated.
If you would like to know more about how we reward and keep our great tenant give Selena a call on 0427 154 966
Disclaimer: The opinions posted within this blog are those of the writer and do not necessarily reflect the views of Better Homes and Gardens® Real Estate, others employed by Better Homes and Gardens® Real Estate or the organisations with which the network is affiliated. The author takes full responsibility for his opinions and does not hold Better Homes and Gardens® Real Estate or any third party responsible for anything in the posted content. The author freely admits that his views may not be the same as those of his colleagues, or third parties associated with the Better Homes and Gardens® Real Estate network.