Vacant units are expensive. Not only are you not bringing in rent while a unit is vacant, you also incur costs marketing it and finding new tenants. Instead of losing money to vacant units, work to keep good tenants around. It doesn’t take a lot to keep most tenants happy and it can save you a lot in the long run.
Here are 5 simple ways to keep tenants happy and encourage renewals:
People like rules and they like to know the rules. Your lease needs to be explicit about your expectations so there isn’t any wiggle room. In this situation, you can’t be too clear. Consider providing a separate “rules and expectations” sheet for your tenants so they can reference it easily throughout their time with you. You want to be explicit upfront so that you can reference the lease in conversations with your tenants later if any problems arise.
Tenants want to know that their unit is being well cared for. Communicate with your tenants regarding any potential exterior updates so no one is surprised. The more notice you can give for air filter replacement, landscaping and the like the happier your tenants will be. Remember to reach out before your tenants are required to give notice to leave so they know it’s coming.
Offer longer leases
For good tenants who are interested in staying longer, don’t be afraid to offer an 18 month or longer lease. This ensures your unit will be filled for a longer time. This keeps you safe from vacancy costs and the cost of finding new tenants. Longer leases will also make your tenants feel valued in turn making them want to stay longer.
Maintain the property
It’s no secret that good tenants want to live in a nice property. Keeping tenants happy isn’t hard to do. When tenants submit a maintenance request, complete the fix as quickly as possible. This shows tenants that you care and are listening. Quickly removing snow, maintaining the exterior and other routine projects that you are responsible for based on the lease also help keep tenants happy.
Tenants want to feel at home, and sometimes that means simply painting a wall or changing out a light fixture. Create an incentive program outlined in your lease for tenants who renew. Something as simple as allowing an accent wall after a year, switching out a fixture after two years and other simple projects can encourage tenants to renew year after year.
If you’re in the Denver area and property management is overwhelming you, contact us today.