Owning rental properties can be a lucrative business; however, it can also be overwhelming, frustrating, and time-consuming. If you are currently managing your own properties and just purchased more units you will have to manage, it might be time to hire a property maintenance company to help you with the tasks you must accomplish. With the help of a property maintenance company, you can keep your units well-maintained. This is one of several ways you can keep your tenants happy, which will help you retain the good ones for a longer time.
Why Retaining Good Tenants Is Vital
Retaining tenants is vital for the profitability of your rental property business, but having tenants is not enough. You will need to find good tenants, and then you will need to find ways to keep these tenants. With good tenants, you will have fewer worries and problems. Good tenants tend to pay their rent without being nagged, and they tend to care for the units more than bad tenants. In addition, good tenants cause fewer problems and concerns for you and other tenants.
If you can find good tenants, your job will be easier and will require less time. Your business will have the revenue it needs each month to survive, and your units will need less work. You will also have fewer turnovers, which is vital for the rental property business. These are just a few reasons finding and keeping good tenants should be one of your top goals.
Good Maintenance Encourages Good Tenants To Stay
One of the best ways to keep the good tenants you have is by keeping the units and properties well-maintained. If your tenants are constantly nagging you to fix things, or if you fail to keep up with normal weekly tasks related to the upkeep of the property, these tenants are going to grow tired of this. Good tenants will expect the landlord to be responsive to problems and handle repairs in a timely manner. They will want the properties to be kept up well, and they will be more likely to stay if you make this a priority.
If you are running into problems keeping up with the maintenance on the properties, you could hire it out to a property maintenance company. You could continue handling the management properties for the units if you choose this method, and you could let the property maintenance company handle all the duties related to the upkeep of the units. With this option, your units would be taken care of without you having to worry about it, and this could encourage your tenants to stay living there.
Offering Incentives Is Another Great Way To Keep Your Tenants
The other thing you could do is offer your good tenants incentives to stay. When you see that the leases of your good tenants are about to expire, go and visit the tenants. When you do this, you can ask them what their plans are, and you could offer incentives if they choose to stay. One incentive could be to keep the rent the same price instead of raising it, or you could even lower it by $10 a month. Losing $10 a month on one unit for the next year is worthwhile if you can count on the tenant being a good tenant.
One of the keys to success with rental properties is having good tenants living in the units you have at all times. If you are having problems keeping your units full and would like to find ways to avoid this, you may want to hire a property maintenance company for help.