More and more frequently rental turnover has steadily declined, as more renters are choosing to stay in their leases for longer periods of time in recent years. 

Renting an apartment has several drawing factors, and people rent their home instead of buying for a variety of reasons. Some of the benefits are reasons such as; possible job relocation, ensuring you like the area, just starting out after college, or saving money for that down payment on your first house.

It costs landlords a large amount of time and money every time one of their tenants decides to end the lease and move out. These costs are incurred as the unit needs to have housekeeping come in to clean, maintenance needs to touch up paint and make small repairs, not to mention the expense of needing to advertise the rental unit and possible pay commission to a leasing agent for showing the property and writing a lease for the next tenant.

In most cases, retaining your current long term tenant is the most ideal scenario. If they pay their rent and do not nitpick the small things, then doing all you can to keep them happy is your best financial interest in the long run.

The following suggestions are good ideas to keep in mind as you handle the everyday dealings of managing or owning a rental property. Follow these suggestions to retain your long term tenants.

It is critical that your unit is in the turnover phase for the shortest time period possible. Every day that you do not have a tenant occupying the space, is immediately revenue lost.

Having the unit professionally cleaned between tenants is key to the success of the rental unit being leased quickly. Prospective tenants want to live in a home that looks, feels, and smells clean. Often a thorough cleaning will be required, along with a deep cleaning of the carpets.

If your property is managed by a property management company there may be fees for time spent processing any paperwork or billing. You will need to advertise the unit on popular websites or advertisements, so that apartment hunter can find out that it is available. Quality descriptions and high resolution photos are essential to marketing success. 

All of these factors to consider will affect your profit and the bottom line. If you want to keep costs low and keep the dollars rolling in, try executing these ideas to retain your tenants long term.

If you want to know how to retain your long term tenants, it’s important to remember that quality tenants want to live in a place that isn’t falling apart. They want to know that their hard-earned money, that they pay in rent each month is for good reason. If a maintenance problem arises, make sure to address it in a timely manner. Treat your tenant with the same courtesy which you would want to be treated with.  

Additionally, addressing the maintenance requests as they come, not only will save your tenant the frustration of waiting, but it will also save you from having to do all of the repairs at once and potentially having to take a bigger hit to the wallet.

Your tenant wants to know that their voice and thoughts are not only listened to, but that they are truly heard. Make it a priority to be available to your tenant. If they reach out to you by phone or email, always be sure to respond or get back with them as soon as possible. If they know they can reach you with their concerns, a trust bond will start to be formed.

Sometimes it can be hard for anyone to hear that there is a way they could be doing a better job, but opening yourself or your property up to constructive criticism is really a growth opportunity to help make your business better and more profitable. All of the tenants’ requests may not be able to be addressed due to budgets or even reasonability, but you may be surprised to find out that a particular item would be easily addressed. The tenant will appreciate that their idea has been heard, and they will remember that you went out of your way for them, when it comes time to sign the lease again. This is another great way to keep an open line of communication and retain your long term tenant.

Being available to respond to the tenants needs, and also hearing their suggestions is a great start to a good tenant-landlord relationship. Find small ways to make them feel welcome and at home. Send a Christmas or birthday card, drop off some cookies around the holidays, or ask about their kids when you see them. These are the small details that will leave a big and lasting impression. 

 

If you would like help learning more about how to retain your long term tenants in your rental property, contact Thousand Hills Realty at (417) 337-8081 and discuss how our property management service benefits both you and your tenants.