How to Attract and Retain High Quality Tenants
Often times, the value of your investment property is reliant on the quality of tenants you have in it. Ultimately, good tenants treat it as though it’s their own; they take care of it, raise maintenance concerns and pay rent on time. Tenant retention therefore, cannot be undervalued. Once yo’ve got them, you want to do everything in your power to keep them.
Here are 3 ways to retain those superstar tenants, extending their tenancy and your income for longer:
Reduce rent to just below market value
While this may seem counterintuitive to the investment you’ve made in securing your rental property in the first place, think again. Setting your rent just below market value (even a nominal amount of only 2 - 3%) will assist you in attracting quality tenants as your property will represent better value than other available properties.
Keep it low maintenance
Tenants these days are looking for a property that is well maintained and low maintenance which means less responsibility and time spent on their behalf in the upkeep. A well presented property also indicates a caring and responsible landlord which, for some tenants, is a critical factor because it suggests that future maintenance requests will be dealt with promptly.
Be responsive to requests
Sometimes tenants will submit requests to make some minor changes. Sometimes the requested changes will be the last thing you want to do but try to weigh the pro’s and con’s of the situation and gain as much information through your Property Manager as possible to understand why your tenant may want to make this change. Where possible, meet your tenants halfway with their requests, especially if the change will be minimal and won’t affect the property’s value in any way.
The Landlord and tenant relationship is a two way street and by attracting and retaining high quality tenants you will ultimately increase the value of your investment as your efforts in being a reasonable Landlord will likely result in less rental arrears and lower than usual vacancy rates.