When surveyed, tenants consistently choose responsiveness as the top landlord quality they value.
Yet, many good landlords are under-appreciated for one simple reason: they only interact with problem tenants.
A year can fly by, and the landlord has not communicated with their best tenants. As a result, those good tenants move on, which can cost the landlord hundreds of dollars.
By making good tenant retention a top priority, landlords can improve their profits by cutting costs, and enjoy an easier life.
Communication is a key component to retaining tenants. Consider adopting some of these policies:
1. Spell out incentives in the lease for rewarding good tenants. This will remind you to stay in contact with them, and it gives the tenants a goal to work towards. Examples include a point system for timely rent payments that converts to a renewal rebate, or you could offer to provide a Certificate of Satisfactory Tenancy from Tenant Verification Service.
But stay away from situations where a tenant receives incentives for performing work on the property–that strategy is fraught with problems.
2. Develop a system for rental repairs that makes it very easy for a tenant to report a problem. Remember to thank them for a timely repair request–they just saved you money by allowing you to fix a problem before it gets worse. Act diligently to make the repairs, and let the tenant know the status. Follow up after the repair is completed to make sure the tenant is happy with the outcome.
3. Recognize milestones in the lease with a ‘thank-you’ card, or find some other suitable way to communicate with the tenant during the term of the lease. Tenants often feel distant or alienated once they have moved in.
4. Provide a suggestion box and offer rewards–like certificates to local vendors, for good suggestions. This is a fun way to communicate with tenants and find out their concerns.
5. Track a tenant’s move-out date. Make sure you have spoken to them in a positive way before it’s time for them to make a decision on lease renewal.
If you cannot convince the good tenant to renew the lease, conduct an exit interview so you can find out what would have made a difference for them.
This post is provided by Tenant Verification Service, Inc., helping landlords reduce the risks of renting with fraud prevention tools that include Tenant Screening, Tenant Background Checks, (U.S. and Canada), as well as Criminal Background Checks, and Eviction Reports (U.S. only).
Click Here to Receive Landlord Credit Reports.
Disclaimer: The information provided in this post in not intended to be construed as legal advice, nor should it be considered a substitute for obtaining individual legal counsel or consulting your local, state, federal or provincial tenancy laws.
