The most important factor in maximizing rental property returns is long term tenants. Long term tenants means fewer property turnovers saving money on repairs and maintenance to prepare the property for new tenants and consistency of cash flow.
Keeping your tenants happy means more chance of keeping the in the property for a longer period of time. There are different ways to keep happy and loyal tenants. Let’s take a look at a few ways.
Be attentive to your tenants. When an issue arises, attend to it. Quick response to issues and requests is one sure way to keep tenants happy.
When a repair is needed have qualified contractors get the work done. Unprofessional workers and work shows a lack of concern on the part of landlords.
Keep rental increases to a minimum. Not hiking the rent when it is time for a rent increase is one great way to appreciate your tenants and one of the best ways to keep long term tenants.
Allow the tenants some freedom. Many tenants wish to paint the interior of their homes and to add their own personal touches. If the tenant’s rental contract will be up before you are responsible for repainting the home or unit, consider stipulating that they can paint the interior provided they repaint the property prior to leaving or pay “X” amount of dollars.
Long term tenants are the best tenants and many times think of the property as their own. The benefit to landlords is not just a tenant that cares about their property, but often a tenant that upgrades the property.