Provided by Rentredi
If you have good tenants who look after your property well, pay the rent on time, and don’t receive any complaints from the neighbors, you’ve won the jackpot!
Great tenants make your life easy but they can be hard to come by. So, it’s no surprise that you want to retain them long-term.
In this article, we will share our Landlord Checklist for high tenant retention rates and demand. We hope that it helps you secure great tenants who stick around for the long term.
The Benefits of High Retention Tenants
Here we’ll cover some of the benefits of high retention tenants.
Reliable Rental Income
Great tenants always pay their rent on time and you can rely on them to meet their tenant responsibilities. This lets you enjoy a steady income, reduce your financial burden, and relax without worrying about next month’s payment.
Lower Expenses
You can enjoy lower expenses when you have great tenants who are happy to stay in your property for the long term.
You know better than anyone how expensive rental turnover rates can be. From property updates and marketing to screening renters and sorting the paperwork, there are a lot of costs associated with securing new tenants.
So, having tenants who stick around for the long term is extremely cost-efficient.
Property Maintenance
Great tenants who look after your property are second to none. And when they’re keen to stay for the long term, they will treat the property as if it were their own by:
- Keeping it clean.
- Doing the garden upkeep.
- Replacing the lightbulbs.
- Fixing leaky taps and more.
This will save you time and money and give you peace of mind that your property is receiving the care and love it deserves.
There are many other benefits to retaining long-term tenants, but these are certainly the most advantageous. Now, the question is, how do you get there?
5 Steps to Improve Tenant Retention and Attract Tenants in the Future
Securing tenants who want to live in your property long-term can feel like an impossible dream. However, by focusing your efforts on the right things you can improve your retention rate and secure tenants you can rely on.
It’s worth noting, of course, that even the best tenants will likely move on eventually. Whether they buy a property of their own, relocate for a job, or simply outgrow the space, losing great tenants through no fault of your own is unfortunate but certainly a possibility.
However, with our tips, you can easily and quickly secure new tenants again. Here’s how:
1. Set a Fair Rent Price on the Property
Landlords often experience the push and pull of securing great tenants while also charging competitive rental prices.
One thing that drives renters away to greener pastures is increasing rent prices. Whether you’re increasing too much, too fast or there are simply better properties out there available for less, you want your tenants to feel satisfied about how much they pay and what they get for that.
To ensure a higher rent is justifiable, look at investing in ways to improve your tenant’s convenience and quality of living. For example, smart home upgrades like keyless smart locks, electric garage doors, and smart thermostats can improve tenant experience while improving security and energy efficiency for your property.
Do your best to charge competitive rent and increase the rent incrementally if you can. You may also opt to thank tenants for their continued loyalty. Some landlords opt to reduce the rent over the Christmas period, for example, or get their tenants a holiday gift.
2. Always Communicate Clearly
Nobody likes being left in the lurch and the same goes for your tenants. One of the biggest frustrations renters face is a lack of communication—particularly when it comes to fixing a problem in the house.
Communication can make or break any relationship. As Forbes rightly shared, “Without strong communication, misunderstandings, and breakdowns can quickly compromise the tenancies you fought so hard to establish.” So, while you don’t want to phone or text your tenants every day, you should be responsive to their communications and keep them in the loop as much as you can.
A few ways you can do this include:
- Reassuring them you can be contacted any time
- Making it clear that communication lines are always open and available
- Responding quickly and professionally to their questions and concerns.
Ultimately, these things will build trust and help tenants feel valued and looked after, resulting in tenants who stick around for longer.
All-in-One Property Management Software For Landlords
Easy to use mobile landlord app with everything you need to manage properties
Rated 4.8 based on 8.7K reviews on iOS
3. Resolve Problems in the Property Quickly
Another big frustration renters face is the responsiveness to household problems. Whether it’s a broken washing machine, leaky faucet, or a malfunctioning oven, if something in the house needs fixing, it’s the landlord’s responsibility to do so.
If you want your tenants to stick around, resolving problems and responding to complaints quickly and professionally are important. If something needs fixing, try to arrange for a same-day repair.
If that’s not possible, keep the tenant in the loop with regards to your progress so they have the reassurance that things are being actioned.
When you are responsive and reactionary, it shows tenants that you can and want them to be comfortable. This builds trust and makes tenants keen to stick around for longer.
4. Reward Tenants for Lease Renewals
Another great way to secure high tenant retention is to reward existing tenants for renewing their rental lease. This could be something as simple as keeping the rent the same price (maybe even reducing it slightly) or allowing your tenants to decorate or get a pet.
Rewarding your existing tenants is a great way to secure their loyalty while also showing how grateful you are for all they do.
5. Ask for Feedback
Asking for feedback can feel scary, however, it’s an excellent way to show your tenants that you care.
You could send out a questionnaire every quarter and encourage feedback from your tenants by offering a voucher to their favorite restaurant or a bit of money off the rent for that month.
When they send their feedback, receive it with professionalism and understanding. Whether they’re keen for you to make some upgrades to the property or they’re asking to decorate, always do your best to respond and take action where possible. This will increase your tenant’s satisfaction and show that you care.
Final Words
Securing great tenants isn’t just about finding the right people, it’s also about being the best landlord you can be and meeting your responsibilities. When your tenants can see that you’re putting in the effort, they’ll be more likely to stick around for longer.
We hope the tips we’ve shared in this article will help you improve your relationship with your tenants and make meaningful changes that secure their continued loyalty.
Did you enjoy this article?
This is an example of what is included on our FREE weekly newsletter, Landlord Weekly.
Subscribers get access to our free forms, email templates, and guides! As well as…
▪️Landlord Tips ▪️ Early Access to Our Blogs ▪️ Landlord Specific Articles by Other Industry Pro’s ▪️ Podcast Links
To check out a sample of our newsletter, click one of the links below👇
Source: Rental Housing Journal
Regarding fire safety, properly operating smoke detectors is one of the most essential tools for alerting property owners and firefighters of dangerous home and apartment fires before they happen.
They are a simple tool that saves lives.
According to the National Fire Protection Association, “Roughly three out of five fire deaths happen in homes with either no smoke alarms or no working smoke alarms.”
This means that the risk of death from a residential or apartment fire is cut in half in homes with operable smoke alarms. In states such as Arizona, where I work, rental property owners must provide smoke detectors to their tenants. However, fire safety requires more than just installing smoke detectors on your property: You must also maintain them. Doing so will keep your property and, more importantly, your tenants better protected against fires.
Here are a few tips from an Arizona fire protection expert on maintaining smoke detectors.
1. Conduct professional inspections annually
The biggest thing a rental property can do to ensure their smoke detectors work is to have them inspected annually by a fire safety professional.
This is especially true of multifamily property owners who must ensure their smoke detectors are connected to the more extensive fire alarm system. A professional is going to do more than just check the batteries.
They will smoke test them, visually inspect them for signs of damage and tampering, and inspect the control panel to ensure your smoke detectors communicate with other devices. A fire safety expert will also document their findings and issue the corrective action you must take.
No one knows the state of your smoke detectors better than fire safety inspectors, and doing an annual inspection protects your property and your tenants while only taking a few hours to conduct. Annual inspections are a baseline for fire safety. Have a fire safety expert inspect your smoke detectors once a year; they will help catch any issues you have.
2. Clean and replace them
A fire safety inspection is great, but you should look at it more as a test you want to pass instead of a checklist of chores the fire inspector gives you.
You can do most of the smoke detector maintenance yourself. You must clean your smoke detector at least once every six months and once every three months if your tenants have pets. Dirt, dust, pet hair, and other home grime accumulate in the smoke detector over time and a dirty smoke detector can either not go off when there is a fire or give you false alarms. The dirtier they get, the less they work correctly.
I recommend removing the head of the smoke detector and using compressed air to blow the dirt and grime off the smoke detector. You can also vacuum the dust out if you don’t have a compressed air canister. Do not clean your smoke detectors with water because it will damage the unit. You should also replace your smoke detectors every ten years, even if they work correctly. After ten years, alarm sensors are on borrowed time, so new smoke detectors are needed.
Replace your smoke detectors ten years from the manufacturing date. You can find the date on the back of your alarm.
A landlords one stop shop for tenant management…for FREE
You can’t beat free and the only time you pay is if you want to purchase a lease or have expedited rent deposits. Most everything else costs zip, zero, zilch.
3. Replace batteries
Everyone knows the annoying beeping sound that comes on when your smoke detector battery is low. Most people change their batteries whenever they hear that beep, but you should replace batteries before that happens.
Replace smoke detector batteries with 9-volt lithium batteries once every six months. This is because you want to replace worn and torn old batteries with fresh ones. It is just an extra safety measure you can put on your calendar twice a year. You can also set a clause in your agreement that the tenant must replace batteries to ensure they do their part to protect against fires.
4. Test smoke alarms yourself
You shouldn’t wait a year for a fire safety inspector to test your smoke detectors.
You can do it yourself. Do a smoke test on your smoke detectors every three months or anytime you do a property inspection. You can see if they work using a can of test smoke alarm tester. You can find them at any home improvement store. Spray a puff of test smoke; if the detector works, it should go off. It is a simple test that only takes a few minutes and gives you peace of mind that your smoke detectors will go off if a fire starts.
Smoke detector maintenance is an easy task and one of the most significant factors in saving lives. Fires happen, and smoke detectors ensure that your tenants are alerted to a fire before it puts them at greater risk. Replace the batteries every six months, replace smoke detectors every ten years, use test smoke, and, most importantly, hire a fire safety professional to inspect them annually. Follow these steps, and you will rest easy knowing your smoke detectors are doing their job.
Did you enjoy this article?
This is an example of what is included on our FREE weekly newsletter, Landlord Weekly.
Subscribers get access to our free forms, email templates, and guides! As well as…
▪️Landlord Tips ▪️ Early Access to Our Blogs ▪️ Landlord Specific Articles by Other Industry Pro’s ▪️ Podcast Links
To check out a sample of our newsletter, click one of the links below👇