When you are able to attract the right tenants for your property that are considerate, pay on time, and take the initiative to contact you when necessary, you’re off to a great start! There is a perception that renters will not care for or maintain your home and the community it is located in as much as an owner. On the contrary, quality tenants add value to your property and the Association it is located in; the key is maintaining them as long-term tenants.
High unit turnover is costly for landlords, often resulting in higher property maintenance expenses, advertising costs to attract prospective tenants, irregular rental income, and so much more. Oftentimes tenants move because they find a more affordable property in the same location and/or they find an option with better amenities and services that fit their needs.
While you cannot do much about those that relocate because of work or to be closer to family, you can do some things to ensure that you find and retain those good tenants:
- First impressions are key.
Potential tenants are looking for a property that is well-maintained. They want a place that feels like home. By keeping your property in top condition you will not only be able to attract more tenants, but you will also keep your current tenants happy.
- Incentivize tenants to have extended lease terms.
If your tenant renews yearly, you can ask them to extend it to two years at a lower rate. The reduced rate is an incentive for them while you receive guaranteed rental income.
- Lease renewals are key.
At about 90 days out, remind your tenant that their lease contract is about to expire. By doing this you will not only get a heads up on their plans but it also gives you the opportunity to hear any concerns they may have. If you are able to take action on these concerns, you have the potential to keep a good tenant and help motivate them to sign the new lease before they begin looking at other properties.
- Respond to requests quickly.
Responding to your tenants property maintenance requests promptly encourages them to stay long term. Our best practice is to try to respond to them within one business day as long as they are non-emergency requests. For emergency requests like a leaky toilet, you will want to take care of them as quickly as possible.
- Make safety a priority.
Safety is a top concern of many tenants and it should be of the property owner as well. If they don’t feel safe, they will not stay. Changing locks, installing security cameras, providing ample outdoor lighting can all go a long way giving current and potential tenants peace of mind.
Our team at Mosaic Services specializes in Central Florida Property Management. Let us help you make sure you can attract and retain good, loyal tenants!