3 Quick Tips To Retain Your Tenants
1) Keep Your Rental Price in Line With The Market -
This may seem obvious. However, we have seen instances where an owner will try to get too aggressive at renewal and ask for a price increase that is way out of line with the market. Most often, the tenants will recognize that the proposed rent increase is too much and they will bail. This can result with a loss of a good tenant.
2) Listen to Your Tenant's Concerns-
Again, another obvious one but one would be amazed at the number of owners who do not do this. You can listen and not agree but you can at least consider what they are saying.
We see lack of listening by owners frequently in this situation.
The owner hires a cheap pool vendor to save 10-20 bucks a month. The vendor is terrible at maintaining the pool (frequently not showing up, not communicating with the tenants and letting the water get foul).
The tenants tells us what is going on. We relay this to the owner and let them know we can refer them to a reliable pool service. The owner does nothing and continues to use the same lousy vendor and aggravates the tenants.
3) Respond quickly to a needed repair-
Tenants get frustrated when needed repairs are not addressed quickly.
90% of our owners are great about getting back to us when a large problem needs to be fixed. However, we have managed properties where the owner will delay a repair. Maybe this is due to financial issues or maybe even the owners are thinking if they avoid a response, the problem will magically disappear.
This does nothing but agitate the tenants and these are typically the owners who get upset when the tenants do not renew their lease.