How to Keep Great Tenants in Your Investment Property

How to Keep Great Tenants in Your Investment Property

The average American moves 11.7 times in their life, but if they find a great place, then they're happy to stay. This is a win-win situation for everyone since the renter doesn't have to pack and move, and the landlord doesn't have to vet someone new.

This means that if you've got an investment property, it's in your best interest to retain your tenants. Of course, that's easier said than done, so you may be wondering how you can get those lease renewals up.

Read on to see how you can keep great tenants by mastering leasing management.

Set Fair and Competitive Rental Rates

The average cost of rent and utilities in Bountiful is $1,351 for one person, which puts it in the top 15% of the most expensive cities in the world. Do some more research into local market rents, and if you're under the averages, then you're in good shape. After all, if your property offers good value, tenants are more likely to stay.

You should also avoid frequent and large rent increases, especially if the local market doesn't support them. This is one of the top ways to lose your best renters!

On top of fair rates, offer incentives when a tenant is up for a lease renewal. Something like a discounted first month's rent can entice them to stay.

Have Regular Maintenance and Upkeep

Pricing your units fairly is only one part of the equation; keeping your property clean and safe is the other. Most people are willing to pay extra to have peace of mind, so you may lose tenants to your competition if your rental isn't pristine.

Handle maintenance issues promptly and conduct regular inspections. That way, you can identify and fix any problems before they become large, unsafe, and expensive.

Maintain Clear Communication

Always keep open and clear lines of communication with your tenants. Should they have any inquiries or concerns, respond promptly to show that you respect them.

In addition, provide them with a reliable means of communication. Make sure your renters can reach you through methods such as email or phone.

Hire a Property Manager

Being a landlord isn't an easy job, especially if you've got multiple rental properties. Not only can it be hectic, but it can also ruin your work-life balance.

You can simply solve this issue by hiring a property manager. They can oversee your rental operations, leaving you with more free time. More importantly, they'll do everything in their power to address your renters' needs, which will keep them in your properties.

Focus on Leasing Management for Better Tenant Satisfaction

Quality leasing management is something that'll encourage great tenants to stick around. However, it can be a tough job, and you might spread yourself thin.

Enter property management companies, which can send their best managers to help you out. Their expertise and aid mean you can keep collecting a passive income without doing too much hands-on work yourself.

Get in touch with PMI Mountain West today for expert leasing management services. We've helped clients like you for almost two decades.