In order to truly profit from investment property, purchasing the right property – and even locating the right tenant – is really only half the battle. The other half is keeping those great tenants happy so that they continue to renew their lease and remain in your property for the long term. But the question is – how to you do that successfully?
Here are a few good ways of doing so:
Keep Your Property in Tip Top Shape
First, in order to attract good quality tenants who want to stay, you’ll need to make sure that your property is in great shape. Keep in mind that the property may be just an investment to you, but to them, it will be their home.
Therefore, it will need to not only be properly maintained, but also clean and well cared for – both inside and out. This means repainting when it needs to be, and providing updates – or even renovations – that can make it desirable to the type of tenants that you want as long term renters.
Provide Tenant Incentives
Offering incentives can also be an attractive way to keep good tenants. These can include items such as giving them a small discount if they pay their rent early. In some cases, charging just one single amount for the utilities can also be a positive for tenants, as it helps them to know exactly what they will owe each month.
Be Responsive to Tenants’ Needs
You should also be responsive to needs that your tenants have – especially when it comes to any emergencies with the property. This means having a way that they can contact you at all times.
When something does come up such as a broken pipe or appliance, be sure that it gets fixed as soon as possible. A tenant who is inconvenienced will likely remember that when it comes time to renew his or her lease.
Working with a property manager can allow you a way to have someone on call 24 / 7 – even when you’re on vacation. This can give you peace of mind in knowing that your property is taken care of and that your tenants’ needs are being met.
For more information on how to keep tenants happy and renewing their leases; and how you can get the most out of your investment property by using property management services, give us a call.