As a property owner, after successfully finding an ideal tenant for your rental property, retention becomes an important aspect. Long term tenant ensures that you have consistent flow of income from the property by minimizing vacancy periods.
Important tips to retain tenants for your rental property are:
- Clear Rental Agreement: A healthy tenant and property owner relationship thrives on a clear rental agreement. The agreement should offer complete transparency regarding responsibility for repairs, monthly rent, utilities, yard maintenance and other important aspects.
- Welcome Gifts: Present your tenant with a welcome gift upon moving in to make him comfortable.
- Flexibility: Depending on tenants, a property owner should try to be flexible with the terms and conditions. He should also try to maintain a friendly disposition with the tenants.
- Practice Professionalism: A good property owner understands the importance of being professional with tenants. Tenants appreciate a property owner who is quick to respond to issues of repairs and maintenance. You can also offer tenants an online tenant portal to skim through important information related to the property, communicate with you and schedule requests for maintenance.
- Offer Renewal Incentives: Be proactive about planning your course of action for the next lease term. Consider offering incentives to your existing tenants for renewing their lease. In case they have to move out, request them to refer your property to their friends and family.
- Conduct Annual Surveys: Such surveys are a great way of understanding what your tenants want from a rental. This gives you an idea for upgrading your property to meet their requirements.
- Appreciate: Offer appreciation in the form of gifts or cards to your tenants for completing surveys, on birthdays and other special occasions. You may also offer incentives for timely rent payments and proper maintenance of the property.
- Offer Good Lifestyle Quality: For most tenants, the quality of lifestyle provided in a rental makes a huge difference to their liking for the property. To keep your tenants happy, offer features that improve the aesthetics and comfort of the rental property.
Lone Star Realty & Property Management, Inc. offers various facilities for property owners to keep their tenants happy. We look after various aspects of property management on owner’s behalf to ensure tenant retention. To know more about ways to keep your tenants happy, visit: 1020 West Jasper Drive, Killeen, TX – 76542. You can also call at: (254) 699 – 7003.