How to Keep Good Tenants in Your Properties for the Long Term
One of a rental real estate owner’s worst nightmares is holding on to an empty property – especially if it remains unrented for several months (or longer). Not only do vacancies represent lost income, but they can also cost you a significant amount of money out-of-pocket because affiliated expenses for electricity, water, sewer, and trash will all become your responsibility, too.
So, how can you keep good tenants in your properties for the long term so you can continue to generate positive cash flow?
There are actually several strategies for doing so. These include:
Being easy to reach and responsive to tenants’ needs. When tenants know that their needs will be met quickly, they are much more apt to remain in a property than to take a chance elsewhere.
Offering incentives for renewing the lease. Providing monetary incentives – such as reducing the amount of the monthly rent if a longer-term lease is signed – is another way to lock in good renters.
Asking current tenants for their retention ideas. One of the best ways that you can learn about what will keep good tenants in place is to simply ask them. For instance, if an individual or family opts to extend their lease in your property, inquire about what it is that has kept them there. Alternatively, if you have a good tenant that decides to leave, ask them what could have made your property more appealing to them. The answers that you receive can be priceless as it relates to generating ongoing cash flow from your residential rental property(ies).
Another way to help with keeping tenants in place, along with delegating other time-consuming tasks like maintaining your properties, managing tenants, and responding to emergencies, is to hire an experienced property manager.
Your property management team can take on a long list of duties so that you can focus on other, more profitable or meaningful activities. So, if you own residential rental property in Orlando and/or the Central Florida area, give Central Florida Property Management a call and we will provide you with more details.