I originally published this article a while back in. The challenge of attracting and keeping quality tenants hasn't changed much since then, so I though I would update this timely topic. Happy tenants are long term tenants. Y
ou can still run a profitable business AND have happy tenants. I have 10 tips for being a good landlord that will help you have happy tenants.
So once you finally have a good tenant, just how do you make them never want to leave?
Here are 10 suggestions on how to have happy tenants.
1. Educate your tenants when they first move in. Your tenants can’t follow the rules if they don’t know the rules.
2. Take care of repairs quickly. If you don’t have a maintenance staff, make sure you have reliable trades people that can fix problems quickly. Nothing sours a relationship faster than repairs that go undone.
3. Contact your tenants once a month. Ask them if everything is ok. You can also make it a habit to stop by once a month to change the furnace filter. By doing this you monitor the condition of the property. It’s much easier to correct bad habits when they first begin.
4. Let your tenants know how they can earn “rewards”. Have a policy where they can earn things like a carpet cleaning or the installation of a ceiling fan for signing another 1 year lease. Make them not only want to stay in your property, but give them an incentive to refer other quality tenants.
5. Give your tenants periodic gifts as a way to show appreciation. Something as simple as a birthday card or a $25.00 grocery store gift card around the holidays will go a long way toward having happy tenants. Everyone likes to feel appreciated.
6. Make sure the grass is cut when they move into their new home. They have enough jobs to do when moving. This is something they will really appreciate.
7. You can order a roll of return address labels for just a few dollars to give them when they move in. It's a nice, inexpensive welcome gift to hand them. They probably haven’t thought of doing this. While you are at it, keep labels with your return address on it to hand out to the new tenant for mailing the rent.
8. Include a change of address booklet in your move-in packet. These are free and can be obtained at the post office.
9. Send them a letter after they have moved in telling them how happy you are that they are your new tenants. Let them know once again how they can contact you in if there is a problem. I suggest giving them a magnet with your information on it.
10. “Train” your tenants to pay on time. They will get the idea quickly that they have to pay on time if they get a 7 day letter immediately when they are late on the rent. A happy landlord is more likely to be a good landlord.
As a landlord, taking care of your responsibilities quickly and efficiently benefits everyone especially YOU. It almost always results in having happy tenants. By simply setting the stage for a good experience at the very beginning, this assures them that they have made the right decision moving into your rental.
If you’re not already subscribed to the “Inner Circle”, be sure to do that today so you don’t miss any of the business building tips I have coming your way. I want this year to be your best year ever! And if you enjoyed this article, please share it.
I recently wrote a post about a friend of mine who rented out her basement. She had a terrible experience.
Landord experiences are both good and bad Rick. I have unfortunately had both. That is why is is so important to take the extra time to choose tenants, and when you get a good one try to keep them.