Good tenants can sometimes seem like a blue moon, hard to come by, and sometimes even harder to secure long-term. Only a happy renter would want to continue staying at your property. Building a long-term relationship with a good tenant involves developing trust and loyalty. So if you like your tenants and want them to stay, here are five ways to keep them longer.
1. Listen to your tenants and be responsive
Communication is vital in securing long term tenants for your rental. Tenants who consider staying for the long run may make certain requests. These may include planting a mini garden, changing the interior decorations, requesting new appliances, or allowing pets. You as a landlord should give due consideration to these requests. To ease your burdens you can use end-to-end property rental platforms that put the needs of their tenants and landlords first, such as SPEEDHOME. We acknowledge their requests quickly to make sure the residents understand their importance. A resident who knows their voice was heard may be encouraged to stay longer.
2. Maintain your property
A well-maintained property can be beneficial in several ways. It can help motivate your tenants to take better care of your property. It helps maintain the maximal property value and decreases the chances of extra costs on major maintenance and repairs. When you take care of your property, it can make your tenants feel more respected and valued. If you have hired other people, they should work towards having a well-kept and clean property too. When tenants make a maintenance request or if you find issues during routine inspections, take care of it ASAP. This increases the chances of retaining a good renter as they will have an incentive to stay.
3. Keep tenants informed
It is very important to keep your residents informed of anything that is happening in or around your property. Be it via text messages, in person, a newsletter, or email, keep your tenants informed. Keeping your renters well-informed will make them feel more at home and comfortable with you or any third party you hire. Your tenants want to be aware of what is being done in their homes. So make the calls and maintain a good tenant and landlord relationship. Quality tenants will only turn into long term tenants when you show them you care.
4. A reasonable rental price
Listing your property at a reasonable price point can help attract more renters who may stay longer. Property prices are constantly fluctuating so look at your competition’s rentals that are as similar to yours as possible. Consider some important things while setting the price. These include the neighborhood, size of your rental, type of rental, and how new the construction is. It may be tempting to want to ask for a higher monthly rent to attract a more “elite” crowd. But you might end up with problem tenants who have no other options or were screened out by other landlords.
5. Take the help of technology
Embracing technology is among one of the most important property upgrades you should consider. Allocate a fair budget to updating your rentals with the latest technology like smart locks, energy-saving lights, etc. This not only increases your property’s value but also shows your tenants that you are concerned about them. If you leverage on tech-savvy rental platforms like SPEEDHOME, residents will have the option to download the app. They can then contact the company through different means. The majority of Malaysians use mobile apps. Thus, having access to company contacts, the mobile app, and the website on your renter’s phones can help them faster.
If you need some more guidance, check out SPEEDHOME!