Being a landlord is a lot of work. Finding new tenants. Paperwork. Dealing with issues that relate to the apartments, and more. But, that’s what being a landlord is all about. You are providing a place to live for people. You owe it to them to give them the best possible experience living there. Yet, how do you increase occupancy lengths as a landlord?
Below are some tips you can use to retain tenants.
Take Care of the Property
Retain tenants by keeping the property tidy
If you really want to retain tenants then you need to have a nice property. It doesn’t need to be a five-star hotel, but it does need to be in tip-top shape. How else are you going to get people to stay there for a long period of time? When the tenant asks for you to get something fixed, get right on it. When someone leaves, get the apartment cleaned right away.
A clean and happy apartment leads to happy tenants. Then, that leads to tenants that you can retain because you take good care of them.
Be Quick with Advertising
There are other competitors out there. Be swift!
As a landlord, you have to expect that tenants will be leaving all the time. Moving away is the most common occurrence. When this happens, put up the advertisement that an apartment is available. Getting the word out quickly is always good as it lets people know that an apartment is available.
Before you put the call out, be sure that the apartment is cleaned and fixed up so that the tenants don’t have to worry about anything. While it may not be retaining tenants, you are at least getting someone in the apartment, thus leading to income for you.
Have Respect for Tenants
Maintaining a relationship is good for retaining tenants.
No matter how long a tenant is staying with you, you have to be courteous and respectful. Remember, they don’t have to lodge with you and can take their business elsewhere. But, how does one be respectful to tenants?
Understand that there are boundaries in place and codes of ethics that need to follow. This is to maintain a good relationship with your tenants. To retain a tenant means to build that relationship up with loyalty, respect, and honesty. Using those traits tells tenants that you care for them. This can lead to your tenants giving good reviews of the apartments. Also, don’t walk into their apartments like you own the place. Well, you do, but you can’t go into other people’s living quarters without being asked.
Take Care of Your Tenants
Know that they are only human, just like you.
Being a good landlord that retains tenants means that you understand them. Everyone goes through life differently and has different ups and downs to it. When this kind of thing happens, it means that you need to step in and be courteous and respectful of what happens in their lives.
For example, if someone just lost their job and rent is due in a few days, find a way to help them. Cut the rent by half or even get rid of rent for that month if possible. The tenant will be extremely grateful and they know that you are doing that because they are are wanting to be helpful.
Life gets in the way, sometimes at the worse times. Just be respectful of your tenants and problem-solve a way to help them. But, this is a relationship built on trust. So, if someone continues to miss payments or other issues, then address it.
Think outside the box.
In towns across the country and the world, there are always tenants moving in and out. In college towns, there will always be an influx of students leaving before and after semesters or breaks.
When these influxes happen, you want to get those students in as quickly as you can. To increase occupancy lengths as a landlord, offer them free rent for the first month. Or, for your tenants that you have retained for a while, raise their pricing up just a smidge (like 1-3%) and then give them an upgrade to utilities.
It has to be a win-win for everyone involved. Think of ideas that you can use to get more tenants into your apartments, but also make your own income as well.