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A happy tenant often means a happy landlord. When a landlord has a good relationship with their tenant, issues such as property damage, late or no payment of rent can be reduced to a certain level. - Establish a good relationship with a clear agreement: A clear rental agreement sets the stage for a stress-free landlord/tenant relationship. An agreement must mention the monthly rents, utilities and responsibilities of the tenant clearly, particularly in the event that repairs or replacement required.
- Be professional: As a landlord, you want a tenant who is reliable, responsible and respectful. Your tenants expect the same things from you as well. Be flexible and courteous with your tenants and they will likely return the favor.
- Take care of repairs in a timely manner: Make sure you let your tenants know that they are important to you by resolving their issues in a timely and efficient manner. Avoid unnecessary delays and call professionals to get the repair or replacement job done, if you can't do it.
- Make cosmetic improvements on a reasonable schedule: If you have been fortunate to acquire long-term tenants, make sure you provide them a well-maintained house with fresh paint and professional carpet cleaning jobs. Remember, the condition of your rental home will determine the quality of your tenant.
- Go easy when raising rents: It can be tempting for landlords to increase the rents by the maximum legal amount. However, if you keep the rent slightly below than market rates for good tenants, it can prove to be a powerful retention tool. This way you can save hundreds of dollars in turnover costs.
- Offer incentives for tenants to help you fill vacancies: If you are looking for additional tenants for your other rental property, you can ask your tenants to help you fill the vacancies. This way, you will increase your chances of retaining your existing tenants if you end up placing their friends in your property. You can offer them incentives as a token of appreciation.
- Send them a welcome letter – Let your tenants know that you are glad to have them in your rental home. A small gift or a welcome card with a personal note can go a long way toward encouraging tenant's loyalty to you and your property.
- Be respectful of their privacy – Don't turn up unannounced. Unless they have a problem, your tenants may not want you to be around. Respect that fact! If you want to access your property, make sure you inform them in advance and try to do that only twice a year.
Happy tenants tend to stay on for longer periods and take care of your property more than unhappy tenants. You just need to be friendly, polite and human with them.
Rental Home Financing provides effective solutions to owners looking to finance their rental property. Our blanket loan mortgages are tailor made to offer you the right blend of terms and rates. Our asset based lending products are ideal to refinance rental properties. Full appraised value and 75% LTV are the prime characteristics of our loans.
If you want more information about how can you manage your property to keep your tenants happy, make our professional a call at Rental Home Financing Today. Call us NOW at 888-375-7977 to know more about your lending, mortgage and refinance options.