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5 Simple Rules for Retaining Good Tenants

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At Tyson Property Management, we make every effort to ensure we contract with tenants that have the ability to make timely payments and take care of a property.

As one of our property owners, you always have the final say on rental price, pets, and major repair issues, and that’s why your response to issues and requests is so important.

We find that landlords who respond to tenant requests with respect and reasonable management retain responsible tenants and attract other good tenants when leases are up.

Whether you’re managing your own property or letting a professional management team such as Tyson Properties field applicants and emergency issues, here are five rules that will help you retain tenants and build a good relationship with them:

 
  1. Understand and follow fair housing laws. We follow these laws every day and find wonderful tenants for our owners. Treating everyone equally lets people know that you care about their welfare and value their role in taking care of your property.
  2. Offer a fair market rental price. The marketplace sets rental prices. If you raise your rental price beyond what is reasonable, your tenants are unlikely to stick around. If you begin looking for tenants at a price that is much higher than properties in the same neighborhood, you could end up with a long vacancy and no income until the rental price comes into a more appropriate range. It’s important to revisit rental prices several times a year.
  3. Provide a clean, well-cared for property. Well-maintained properties are an indication of the owner’s intent. When good tenants view your property and discover broken items and poorly maintained appliances, yards, and interior spaces before they even sign a lease, it’s unlikely they’ll be interested in working with you.
  4. Reward timely rental payments and good tenancy. Keep your tenants happy by renewing leases at the same rental price or with small increases as the market swings in favor of property owners. Long-term tenants appreciate new paint, new carpet, or a new appliance. Upgrades make living in your property a pleasure and give tenants second thoughts about moving.
  5. Respond in a timely manner. Not responding to tenant inquiries or requests that are your responsibility can cause bad feelings to build. A good tenant is far more likely to end their lease when basic issues haven’t been addressed quickly.

Your good tenants will move on at some point, but if you continue to follow these rules, it will be easier for you to attract new ones.

03-05-2015
ML
Landlord Issues and Property Management
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