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When you’ve invested in property to become a landlord, one of the worst things that can happen to jeopardise your profits is an extended period with nobody in there paying rent. Keeping vacancies down by installing quality tenants in the first place is one of the most compelling reasons to enlist the professional help of a property management company. Not only will they vet potential tenants, using reliable, legal methods, they’ll also be able to advise on things you, as the owner, can do to keep them happy so they will want to stay for a second lease term and beyond. Every time a tenant moves out and a new one needs to be found it costs you money in admin, marketing, advertising, and property management company fees – and that’s not to mention loss of income and possible financial stress during the downtime. Here are some tips from the experts to keep your quality tenants happy. Keep Up the Regular Maintenance – With Extras If you work with a good property management company, they’ll advise you to set aside a budget for a regular schedule of maintenance. As a landlord it’s your responsibility to keep the property habitable and safe, and this includes making sure heating, cooling, plumbing, and all appliances are in working order, as well as any structural issues. But beyond that, if you want to keep good tenants happy, you should show you care by making it as pleasant and appealing as possible, as well – this could mean cosmetic updates, upgrading appliances and furnishings, and fresh paintwork. Offer Flexible Lease Terms Once a tenant has established they’re reliable and respectful of your property, offering some flexibility in the terms of their lease can be a great incentive to make them re-sign. For instance, you could allow them to have pets, redecorate to their taste, offer longer or shorter lease terms (depending on their situation and needs), pay for a gardener, or agree to upgrades. You can also do things that make a financial difference, by holding off on rent increases for a period of time. The point is to show the tenant they’re valued, and if you can do this by slightly adjusting lease terms, you’ve nothing to lose and everything to gain. Make Sure Communication Lines Are Kept Open Communication between a landlord and tenant is key to keeping both parties happy. When your investment is in the hands of a property management company, they are effectively your representative – so there’s usually no need for you to have any dealings with the tenant yourself. But that’s why your choice of representative is so important. Before you sign with a property management company, research them thoroughly to make sure they are professional, responsive, and fully qualified, so your tenants will feel confident any issues will be dealt with in a timely manner. Having a happy tenant can equate to fewer vacant periods for your investment property, because they’re more likely to renew their lease. Even if holding on to a tenant means foregoing a rental increase or spending a bit of money on upgrades or extras, the peace of mind and the money you’ll save on finding a new tenant more than tips the balance. Author Plate Danny Torres is from Torres Turn Key, a property management company in Rochester NY with more than ten years’ experience dealing with both domestic and international investors. Providing a holistic service for both commercial and residential properties, when you’re looking for a property management company in Rochester, NY, Torres Turn Key brings together a host of experience and specialist knowledge to build long-term relationships and create maximum value and benefit for their customers.
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