Retaining existing tenants is a prime consideration for home owners who are interested in maintaining consistent cash flow. Tenants are likely to stay in a rental if they get desired services, facilities and amenities. It is important for the property owner to make some thoughtful effort towards achieving this goal.
Listed below are ways in which a property owner can retain existing tenants for a longer period of time:
- Effective Communication: Tenants love property owners who are easily available for communication as and when needed. To retain existing tenants, you may have to go an extra mile and contact a tenant yourself in case you missed a call or are late to respond. Such gestures show that you care and are aware of your responsibilities towards your tenants.
- Quick Response To Requests: If a tenant has a request of any nature e.g. a request for repairs or maintenance, be sure to respond to it as fast as you can. The rule of thumb is to be credible and trust-worthy; mean every word you say and make promises only when you can keep them.
- Property Maintenance: If the lease agreement states that you have certain duties towards the maintenance of property, be sure to follow up with it. Consider hiring professionals to do the maintenance jobs to perfection and keep your tenants happy. You can also seek help from a property management company like Lone Star Realty & Property Management, Inc. to ensure quality services.
- Property Updates: To retain tenants, show them you care by updating your property from time to time. Note that by investing in an upgrade, you are securing a constant flow of rental income from satisfied tenants. Examples of upgrades that make a difference are kitchen appliances, bathroom fixtures, modern light fixtures, changing the flooring, etc.
- Tenant Surveys: If you want to know and understand your tenants better in order to provide them with better accommodation, you can initiate a survey amongst them. This strategy is particularly effective in multi-unit and apartment complexes. Surveys help in knowing whether you are up to mark with your tenant’s expectations and what you should do for improvement.
- Rewards And Incentives: Reward tenants who are worth keeping with gestures such as gift cards, thank you notes, restaurant coupons, property upgrades, movie tickets and even renewal incentives when the date for renewal of the lease is approaching.
Lone Star Realty & Property Management, Inc. helps its clients in renting out their property and maintain a high ROI from their rentals in Killeen. To know more about retaining your tenants, call at (254)699-7003 or visit the team at 1020 W Jasper Dr. Killeen, TX-76542.