One of the biggest lessons learned as a property manager is that it’s significantly less costly to maintain a lessee than it is to find a brand-new one. The only exception to this policy is when you need to terminate a tenancy due to an interruption in rent payments. Yet when it comes to your best tenants, they deserve keeping.
A lot of beginner property managers make the mistake of driving renters away by constantly raising the rental price, however this can often be counter-intuitive.
This article will outline 6 ways to keep a good tenant and save you money, time and hassle.
Remember important dates
Make a note of your tenant’s birthday celebrations and any other important dates. Even a straightforward e-mail or text recognising those dates can considerably improve your connection, small gifts at Christmas, Birthdays etc. can significantly improve the connection.
Many property managers don’t take the time to remember special dates, so tenants are sure to notice and appreciate the gesture.
When new tenants move in, especially if they aren’t from the area, consider making a list of any favourite local stores, cafes and restaurants - preparing them for life in a new suburb with a ‘local guide’ of sorts might help foster an enduring relationship.
In addition to this, you could also provide new tenants with a local coupon book. Tenants tend to appreciate this and it could help you build stronger relationships within the trades and retail community.
Upgrade the property
Residential property upgrades make a rental more desirable and also they’ll dramatically reduce your turn over rates. For tenants that are looking for longer-term leases, applying a new coat of paint to the property can significantly improve tenant satisfaction. Extra points when you let the tenant choose a preferred colour (provided it isn’t too crazy).
Invest in energy efficiency
Energy efficiency is something to take note of, especially in older properties. Money invested in increasing energy efficiency usually pays off quickly.
Many people suggest energy-efficient lighting. Considering that tenants can be particular with their lighting preferences, this isn’t necessarily the best upgrade. Instead improving insulation is cheap, noticeable and almost guarantees a prompt return on investment.
Smart locks are an important product that are likely to be present in most properties in the near future. The best thing about these locks is that they’re useful for when someone needs to gain temporary access to the property, like a tradesman or cleaner. The locks can have temporary codes that will work once-off, ensuring convenience and security.
Improve the landscape design
Landscaping can provide a very high return on investment, particularly when the landlord is able to do it themselves and it can dramatically alter the ambience and liveability of the property - a great landscaping job could see an instant uplift in potential tenant interest and also ensure that your tenants would like to live there for the long term.
Recommended landscaping jobs:
- Tidy rain gutters
- Trim hedges
- Splash the lawn with herbicide and fertiliser
- Buy flowers for window boxes
- Buy a welcome mat
Tenants recognise a landlord that puts in the extra effort and this is often rewarded with reduced tenant turnover. Any time and money spent on the practices will greatly help landlords to stand out from their competition.