For most landlords, the number-one concern is tenant turnover. Tenants can be challenging to find, and it’s expensive to advertise your properties.
Are there any practical steps you could take to increase the chances your tenants will stick around? This article will explore six dependable strategies you can employ to keep your tenants from moving on.
1. Work with a Reliable Property Manager
Your first move would be to work with a friendly and reliable Katy property management firm. An excellent management company will handle most of the day-to-day operations for you, such as vetting potential tenants, showing the property, performing background checks, and handling repairs.
With a good property manager in your corner, you’ll never have to leave your office or home because you’ll have people who can immediately take care of any issues that arise.
2. Offer Conveniences and Extra Amenities in your Renters
One of the main reasons tenants leave is because they feel inconvenienced by the location or general conditions of the property. To be a good landlord, therefore, you should invest in conveniences and additional amenities that would make your properties more appealing.
Research shows that, on average, tenants will stay in the same rental property twice as long if they can have a washer and dryer on site. In addition, you may want to consider installing a security system if you want to invest in features that heighten the appeal of your rentals. A security system will give you peace of mind about your tenants’ safety and increase the overall value of your property.
3. Establish a Support Network for your Tenants
One of the best ways to retain renters is by establishing a genuine partnership with your closest ones. You must take time to get to know them personally.
The key is to become truly acquainted by regularly asking them about their lives. After you’ve gotten to know them, you can connect with your tenants by inviting them over for a barbecue or attending community events with them.
If you’re renting through Airbnb, think about hosting weekly meetups for guests so they can enjoy the benefits of local businesses and become more engaged with the neighborhood.
4. Ensure your Tenants Feel Safe
The last thing that you want is for your tenants to feel unsafe in your rental properties. You can raise the likelihood of their safety by screening applicants fully and performing background checks.
5. Cultivate a Good Reputation in the Community
Tenants will stay longer if they don’t have any reason to fear eviction or unfair treatment. You can earn a good reputation by engaging in consistent and professional communication with your tenants. Hiring the right property manager can help you establish a consistent system for communicating with potential tenants, maintenance workers, and other parties.
6. Invest in a Quality Lease Agreement
A competitive lease agreement will encourage your tenants to reside longer because it creates a stronger incentive for them to stay. A lease agreement is also vital because it clearly outlines how much rent is to be paid and the tenants’ responsibilities (or it should!).
When you create your lease agreement, you ought to include the address and the total rent for each month of the contract. If you are open to negotiation, you may set a start date for rental payments.
Include a description of the rental agreement and anything you are excluding. Be clear about the expectations concerning noise levels, pet behavior, parking availability, and other items that might be of concern to your tenants.
You should also include a lease termination clause. This detail will protect you from a potential lawsuit if a disagreement should ever surface between you and the renter.
When you’re a landlord, you have to be realistic about your rental’s challenges, and plan to deal with some of the common tenancy issues. By following the steps outlined above, you will create a solid foundation and reduce tenant turnover.