|
|
|
How To Retain Good Tenants
b>How to Retain Good
Tenants • Notice when their building
seems to be going downhill
Good tenants are easy to ignore –
until they tell you they are • Recognize when they are being
moving out. Why are they leaving? B.S.ed or treated disrespectfully
Well, it might be because you or dismissively
ignored them. And when tenants
plan to move, it’s very, very On the other hand, YOU may not
difficult to get them to change recognize these feelings in your
their minds. good tenants, simply because they
may be reluctant to share them.
The reason you may ignore good The complaints are more likely to
tenants is that you spend so much come from your poorer tenants,
time working on your not-so-good and you may be more likely to
ones; cajoling them to clean up dismiss them as a result. The
their acts or planning to evict good tenants are more likely to
them. When you are always on the suffer in silence, before
phone with Average or Bad tenants deciding to move on.
A, B, and C, you quickly start
thinking of Good tenant D as It’s vitally important that you
simply a check that comes in the retain your good tenants, not
mail, on time every month, like only because they make your
clockwork. But your good tenants landlording more pleasant, but
are much more than that. They are because they are so hard to
human beings who: replace. Once that unit is
vacant, you may not re-rent it
• Understand that they are paying for months, and you have no idea
good money, and expect good how the next tenant will turn
service in return out. He could be just bad enough
to make your life really concerns, if any, sincerely and
difficult, or so bad that he only quickly. Bear in mind as you do
lasts for a month or two before so that you can’t get into
eviction. trouble for being nicer to your
good tenants than your bad ones.
Since your good tenants are less If a good tenant’s got a
likely to contact you, you have maintenance issue, generally make
to stay in touch with them. Try it your first priority – the only
to get a read on their feelings more important issues will relate
by calling or emailing at least to safety or potential for very
once a month. Here’s a short serious problems, such as fire or
checklist of questions: water damage hazards. If a good
tenant’s got a beef with a
• Does anything need repairs in neighbor, get all the facts and
the unit? deal with it right away – making
sure you get the neighbor’s side
• Are you noticing any of the story before making a
maintenance issues in common judgment. If a good and bad
areas? tenant are having a dispute, and
neither is clearly in the right,
• Do you have any suggestions for it’s okay to side with the good
me? tenant.
• How are your neighbors? While you’re at it, ask your good
tenants if they’re thinking about
Not only have you learned how moving. Yes, that’s shockingly
satisfied your good tenants feel, blunt. But it’s the only way
you’ve made them feel important you’ll ever find out if a tenant
and wanted. Now you need to is planning to move before he or
follow up by addressing their she actually signs a lease for
another unit. Once they sign that much better than painting to get
lease, they’re gone – and no a new tenant. If the money looks
amount of cajoling is going to REALLY serious, ask them to sign
get them back. a new lease. Point out that they
would have to if they moved to a
If a tenant IS planning to move, different building anyway.
ask why and press (nicely!) until
you get an answer. Hopefully You should also make sure your
their decision will be based on a tenant recognizes the cost and
problem you can fix. The unit aggravation of moving. They’ll
feels kind of old and grimy? have to rent a truck, buy or
Offer to repaint it. It’s too hot steal boxes, pack everything,
in the summer? Get them an air arrange for new utilities,
conditioner. It’s too small? physically transport the stuff,
Maybe you have a larger unit and change addresses for all of
vacant, even if it’s in another their mail. Why should they do
building – and you’ll help them all that when you can offer them
move for free. what they want with much less
hassle?
Some of these fixes run into some
serious money. You need to On the other hand, they might be
compare them to the cost of moving for reasons you can’t
finding a new tenant. That is a control, maybe because they’re
certain amount of lost income, getting married or taking a new
plus the cost of marketing the job in a different city or buying
unit, plus any necessary a house. Thank the tenant for
renovations to make it being a great tenant, and ask if
re-rentable. If the unit needs they know anyone else who might
paint anyway, then painting it to be interested in renting the
motivate a good tenant to stay is unit.
definitely worth $5 to make a
You have to be committed to good tenant happy.
keeping your good tenants happy.
That doesn’t include letting them While you’re at it, invest in a
break rules or pay rent late. few emergency items you can have
Instead, look for little things available for tenants if they
you can do to be helpful. For need them. Get a couple of
example, when tenants move out, electric space heaters (for use
they often leave behind one or if the heating system breaks) and
two objects of some value; big coolers (if there’s a power
bookshelves, portable fans, and failure). Now if you get a call
so on. I offer these to my about a heating problem or power
remaining good tenants. I also failure, you can offer some quick
send Christmas cards each year relief until the issue is
with a gift card to a local resolved.
coffee shop in each. It’s
About the Author:
Brendan O’Brien is the founder and president of Property Master Software, a contributing writer to REIP The Rewards® Magazine and an active landlord and real estate investor - pcpropertymaster.com
Read more articles by: Brendan O'Brien
Article Source: www.iSnare.com |
|
