There are ways to treat people and unless you find them and put them into action, your property will always be an unpleasing arena. Keeping good tenants in your property starts with knowing the responsibilities of a landlord.
The first steps to keeping good tenants in your rental property is to understand the psychology of human beings. Landlord is not all about showing differences and intimidation. Bear in mind that people are very observant and sensitive to care taking. I don’t mean you have to greet your tenants as they go to and from work because that is actual waste of your time.
Think for a minute and ask yourself. If you‘re living in a place that is well maintained. If the management company of that property or you as a landlord attend to the concern of the people living in your property. How long (if it were to be you) will you live in this kind of property? I think there is a positive answer as long as you will continue to pay for it. Everyone want good things in life.
By the way, who is a good tenant? There are various descriptions of a good tenant. Some of which are: he is the kind of person who pays his rent on time. He lives peacefully with his neighbours. He is security conscious. He take care of the property which he lives by making little efforts. He gives some useful information that will enable you know about a problem or a potential problem before it becomes a disaster. He is also that person who will make effort to keep things under control until you or your team of management arrives (in cases of emergency). The list continues to go on.
The big question is how do you keep this kind of tenant?
Let’s look at the 6 possible ways that can help in keeping good tenants in your rental property.
#1. Always do proper screen before accepting a tenant to live in your property.
This is the beginning. The first way of keeping good tenant in your property. The problem with most property owners is that there eyes are fixed on the money. They seems not to care about the person who they are really bring into their property. It is better to be safe than sorry. The solution is to make sure you conduct screening or hire someone to do the screening for you. You have to qualify people to live in your property because bad eggs have every potentials to affect the good ones.
Individual’s identity must be verified. If not, soon you’ll discovery that you have a criminal, a terrorist or something worse living in your property. What will happen next? The good tenants you have will begin to flee for their life and property. Which is never a good scenario.
Prevent this by doing proper investigations (which don’t have to last for long because a tenant is waiting to move in). Get facts and document them. Remember your documentation may protect you as well as your tenants from potential crime in the near future.
#2. Give everyone the same treatment
In this case have your tenant sign a strong agreement. But make sure you give him the time to read thoroughly before signing. So as to know what they are committing themselves into. Don’t forget to do this legally(draft your agreement according to law). It is better if you will consult an attorney. Whatever rules or polices that you’ve come up with, make sure you enforce them. Don’t favorite any tenant. It will affect your relationship with them later. Treat business as business. If you are lenient with a tenant for not paying his rent, others might slack(especially those who usually pay rent on time) at this time you’ve probable shot yourself on the foot.
#3. Consistently seek out ways to improve your property
As the No.3 way of keeping good tenant in your property, Remember that a better property means increase in rent. Find out innovative ways to improve the living experience of your tenant on your property. Try to identify and solve problems. Look at what is lacking on your property or the neighbouring properties. Make them available on your property. This will not only make life and living better but will also increase the value and income of the your property. Your tenants will never value another rental property than yours and will continue to renew their rent.
#4. Make useful and effective changes or repair
There are things that can be expensive to change but they are not expensive as to have a vacant unit(s) on your rental property. The fourth way in keeping good tenant in your property is to make changes that will make life easier for people living in your property. Some of which are changing malfunctioned doors(or better adjust the faults they have), replacing dead light bulbs, replacing the ceilings and attending to the other little things that will keep your property in a healthy condition at all times. Be cost conscious. Budget out funds from your cashflow to take care of the replacements and repairs.
#5. Listen to your tenants and do what you can
There is a fact the satisfaction of human want is impossible and been a good listener is better than talking. Have an open door to discus challenges related to your property. Remember that when you move towards a solution to the concern of your tenants, your cashflow may go up. Listen to your tenants opinion that relates to you’re the place they live. That doesn’t mean you should do all what they tell you. By doing this you will find yourself keeping good tenants in your property.
#6. Take action when it is required
Taking action is very important in this business. Taking action is part of keeping good tenant in your property. Learn from other peoples experience. Although you will make mistakes sometimes but use those experience as a learning medium. Do the necessary thing that a landlord need to get done. Don’t forget to do it with the respect of other people(your tenant). Tenants likes landlords who takes action. That will be a helpful way in keeping good tenants in your property.
Resolving a problem and returning security and orderliness in the environment could give tenants a reason to remain a loyal tenant all through there stay.
One last thing
You may not have to do thing all on your own. Try to hire a property management company. But if you want to undertake the adventure, then I hope you will learn a lot from people.
Don’t forget, if the first step of keeping good tenant in your property is missed then that exactly could be the genesis of the problem you will have. Keeping good tenants in your property means minimal vacancy rate and maximizing cashflow.