As a landlord, your property matters to you. It’s an investment that you take seriously, and as such, finding the right tenants is probably high on your priority list. What do you do when you have great tenants but you’re nervous about losing them? Well, you do your best to ensure lease renewal. Here are a few tips to help you do just that:
Keep rent at a decent rate
While you may live in a time and place where real estate prices are skyrocketing, you may want to consider holding back on raising prices too high if you like the tenants that you have. Solid, reliable tenants can actually save you money in the long run.
Just think about the work involved in trying to find new tenants. From tenant screening reports to advertising your place and then having to make sure that your new tenants are as reliable and solid as you think, well, there’s a lot that goes into finding and keeping new tenants. Talk to your tenants about what they’re able to pay so that you can raise a bit as per your rights but without impacting their living situation, causing them to move.
Stay on top of repairs
Even the most loyal tenant who loves the price and property will not want to stay if repairs have to be done but the landlord doesn’t make it happen. As a landlord, it’s often your responsibility to cover specific damages and repairs as should be stated in your lease agreement. So, if you want to be sure to keep your happy tenants happy and rent your place, make sure you have someone reliable who can help you with the repairs as needed.
Consider remodeling for more comfort
If you want to make sure your tenants continue having a comfortable place to live while also increasing the value of your property, consider speaking to them about any desired remodeling that they’d appreciate.
Maybe you’ve been thinking of enlarging the living room in your unit or home. Perhaps your tenants would also love a larger living room. If you can come to an agreement on how to make it happen, both in terms of pricing and also accommodation during the remodeling, it could make for a happy landlord and happy tenants.
Be easy to reach
If your tenant has a question, it can be very frustrating for them to feel like it’s almost impossible to reach you. Whether it’s repairs or a question about something in your home, provide your tenants with easy access to communicating with you and offer quick replies. You may want to consider a messaging app like Telegram or you could use landlord software designed for easy payment systems and communication between tenants and landlords.
While you own the property, everyone deserves respect and privacy in their living situation. You should never show up to your property unannounced while you have tenants renting it out. They deserve to live comfortably and act as if it were their own place, at least when it comes to having the freedom to move about as they please within their space.
If they’ve been great tenants, treating them with respect in every communication and interaction that you have will certainly go far in helping you to keep them renewing the lease year after year. Also, consider setting up a lease with longer lease terms so that it’s easier for them to feel comfortable living there and better for you to always ensure that income.
Most people want a safe and reliable living situation, just as much as you want to rent out your property to reliable tenants. So, consider these tips above when you want to be sure to keep those tenants that you know will be dependable with rent and keep your property up-to-standard for years to come.