Owning a rental home can be a rewarding and lucrative experience. Some of the advantages are tax breaks, home appreciation and having someone else pay off your mortgage. One of the challenging aspects of property management is finding the best tenants for your home and retaining them. Here are 9 helpful tips to pave the way for maintaining the best tenant relations possible.
- Communication-keeping an open line of communication with your tenants is a key component for tenant retention. Never assume that your tenants should know better. Make your expectations clear to avoid misunderstandings.
- Be Approachable-Many tenants avoid their landlords like the plague. If they don’t feel comfortable contacting you, maintenance issues can go unreported and lead to costly repairs in the future. Make sure to check in regularly with email or a phone call to see if everything is working properly in your home.
- Boundaries- Set and maintain the boundaries of your lease agreement from day one. Being lax can lead to tenants taking advantage of your kindness. Be kind and firm with your interactions.
- Screen, Screen, Screen- Screen your tenants well. Do criminal, previous eviction and credit checks as well as checking previous rental references, employment and adequate income. If you are still unsure, drive by their present residence to see the condition of their yard. The yard is a good indicator of how they will treat the rest of the home.
- Thorough Lease Review- Carefully reviewing your lease with your tenant can help with misunderstandings in the future. One of the tenant’s biggest complaints is that they weren’t aware of what they were agreeing to in the lease agreement. Lease enforcement is much easier if the tenant is already aware of the terms.
- Tenants are clients- keep in mind that tenants are paying for a service and should be treated with care and respect. A tenant who feels valued is more likely to maintain a longer tenancy and less turnover means more profit for you.
- Maintain Your Home- Show your home the same respect that you would want your tenants to. Make sure your do regular maintenance and keep the home looking pleasing to the eye.
- Do The Extras- You are competing with other landlords. Make sure you set yourself apart, whether you offer a welcoming package, handle maintenance issues quickly or remembering their children’s names, take the extra steps to be a superb landlord.
- Hire a Property Manager- Consider hiring a property manager to be a buffer between you and your tenant. Proper property management can be time consuming, and with juggling work and family life, who has the time to devote to it? Let a professional handle all of the stress and reap the benefits of your rental home.