Follow these Three R’s to Keep Tenants in Your Property

Posted on 18. May, 2011 by in General

Diligent property management is one of the most important element of being a successful real estate investor.  Vacancy is your number 1 enemy – avoid it at all costs. You and I know it can be incredibly expensive and time consuming to lose a tenant – mortgages still need to be paid and with no money coming in from a vacant unit, it will be coming out of your pocket until you can successfully fill the vacancy.  It is in your best interest as an investor to try to hold onto your existing tenant for as long as possible.

So, what’s the magic formula for retaining tenants?  We have had great success with tenant retention, maybe that’s a bit of luck on our side, maybe not.  But, here are the 3 strategies that we have in place for looking after and holding onto our tenants.  It’s worked so far……….

1. Respect: Tenants will respect Landlords that are fair to them.  Treat your tenants with respect and make every effort to build up a good client relationship with them.  They would much rather stay with a Landlord that has proven themselves to be fair and honest than take a chance on a Landlord that may not be so understanding.

2. Repairs :  Make the property as safe and attractive as possible. Regular maintenance will help keep the property in good repair. Be sure to  handle all repair requests as promptly as possible – tenants are more likely to leave a property if the landlord is not hearing their complaint and taking action to remedy the problem.  By handling repairs quickly and efficiently, you are more likely to have your tenant renewing their lease at the end of the term.

3. Responsibility: Learn your responsibilites as a Landlord. Identify what you expect from your tenant and what they can expect from you.  Once you have agreed to rent your property -  it is time to give your tenants responsibility and the autonomy of looking after it.  Trust that they will uphold their responsibilities in the lease as you uphold yours. Lead by example – be proud to be the Landlord of such a great property – this responsibility will rub off on the tenant who will enjoy living in the unit.

Happy tenants = more money in your pocket = happy landlord!

To your investing success!

Jane 

 

 

  
 
 
 

 

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