The only reason most landlords are in business is to keep their rental units filled with quality tenants. While this sounds pretty reasonable, it is not always as easy as it seems. How do you go about attracting and retaining the kind of quality tenants who won’t destroy your properties and plan to continue living in your rental units for an extended period of time? While there are multiple theories covering how to make this happen, here are three simple ideas you can implement that have proven to be quite successful.
In today’s world money always talks the loudest when it comes to attracting the right kind of tenants. Consider offering current tenants a discount on their rent based on their being able to meet certain criteria. For example, those who always pay their rent early or on time or perhaps those whose rentals pass inspection.
For new tenants, consider offering a discount for a set number of months, extend this discount when they opt for signing a longer lease. You can do the same thing with current tenants who agree to sign a new lease rather than go on a month-to-month lease. A reduction in rent is always a good way to let your tenants know you appreciate them.
While cash is always going to be “king”, there are other ways you can let your tenants know just how much you truly appreciate them. For new and current tenants consider offering upgraded carpeting or new flooring. Alternatively, no one can turn down upgraded appliances in the kitchen, especially if they love to cook. If you really want to up the ante, why not add in a membership to a local grocery delivery service. Why not give your tenants a gym membership for the whole family that covers the length of their lease? Rewarding your tenants is another excellent way to hang on to them.
Taking Care of Business
If you were to ask the average tenant what one of their biggest complaints about their rental company or landlord is, most would say substandard maintenance. Far too many landlords rent out their properties and forget them until something major happens or they are getting it ready for a new tenant. If you expect your tenants to stick with you, you have to provide them with a home they want to stay in. Stay on top of any routine maintenance and calls for repairs.
Why not give your tenants permission to make minor changes such as painting the walls or adding other personal touches? Maybe you should provide regular landscaping and lawn care services or give them a gas grille to use. There are so many little “extras” you can do for your tenants that will help retain the good ones and at the same time attract the type of tenants you want to have in your rental units. Be sure to take advantage of them, while they might cost a little extra in the short-term, they will most certainly pay off in the long run.