Most landlords have heard tenant horror stories from time to time. The tenant won't answer the phone when you inquire about their unpaid rent or the tenant who managed to leave burn marks over that new carpet.
So when you experience the other end of the spectrum and find a fantastic tenant, it's natural that you want to keep hold of them for as long as possible. Here are some leasing management tips to help you do that.
Understand Your Competition
To keep great tenants, you must ensure your property stands out from the rest of the rental market.
First, do some local research. Focus on nearby neighborhoods to understand why tenants like to live there. Next, look at rental prices and property features. After that, look at the demographics for your rental.
All this will help you get a feel for the average property versus what tenants demand. All you need to do is look for ways to make yours better than the average to meet the needs of your tenants better.
Run a Thorough Screening Process
The best way to understand if you have a good tenant is to check before they sign the lease. This means running a comprehensive tenant screening process.
Check their credit history and employment details to ensure they can afford your property and will pay the rent on time. Ensure your screening process is fair and transparent, too. It will help start the relationship off on the right foot.
Keep Your Property in Excellent Condition
Tenants want a property they enjoy, meaning they want something hassle-free. A tenant will leave if they have to face another cold shower or call you repeatedly about a broken door lock.
Stay on top of rental property maintenance by keeping things in good working order. Be prompt with repairs. If parts of your property seem old or are prone to problems, invest in an upgrade.
Tenants are likelier to remain in a property with a state-of-the-art kitchen, modern bathroom suite, and clean floors and walls.
Build a Trusted Relationship With Your Tenant
If you want to retain an excellent tenant, you need a good relationship with them. This comes down to tenant communication.
Be open and available and ensure you contact your tenant by phone, email, or text. For example, if your tenant requests a repair, speak to them promptly to reassure them about timescales.
All of this will show you in a good light and generate loyalty with a tenant.
Offer a Fair and Flexible Lease Renewal
Tenants need flexibility, so don't be afraid to offer it. It doesn't mean you'll lose that tenant if you provide them with an exit plan in the lease agreement.
On the contrary, it will help you build a relationship with that tenant. They will value a landlord who takes a fair approach to leasing arrangements.
Leasing Management: Investing in the Long-Term
Good leasing management is a financially wise approach because it means having a reliable, paying tenant instead of repeatedly putting your property back on the market.
Our team at Flagship Realty Group can oversee this on your behalf as part of our property management services in Greenville and Goldsboro. Chat with us today to find out what we can offer you.