A rental property makes money when someone is living in it. Every turnover costs you: a month or two of lost rent, cleaning, repairs, advertising and the time it takes to screen someone new. Some turnover can’t be avoided, especially in a college town. Most of the rest comes down to how you treat the people who live there.
Good tenants stay with good landlords. Here are three simple ways to be one.
1. Do the maintenance without being asked
If the lease says you mow the lawn, trim the hedges and clear the snow, do those things on schedule. A landlord who cuts the grass twice a summer, or only after a tenant complains, is telling that tenant to start looking elsewhere.
Tenants are paying for a home that’s looked after. When the basics slide, they notice, and they remember it when the lease comes up for renewal.
If you don’t have the time, hire a property management company. The fee is usually smaller than the cost of a vacancy.
2. Check in every month or every quarter
Think of your tenants as customers. A short message asking whether anything needs attention goes a long way.
Plenty of tenants won’t report small problems. A toilet that keeps running or a loose handrail may not seem worth a phone call to them. If you ask, they’ll tell you, and you get to fix it while it’s still cheap. They’ll also remember that you asked.
3. Send a birthday card
This one costs almost nothing. A card on a tenant’s birthday, maybe with a $25 gift card inside, shows that you see them as a person and not only as a rent check.
A lease is a business arrangement, but people renew with landlords they like. Small gestures are part of that.
Why it’s worth the effort
Keeping a good tenant protects the property as much as the income. Long-term tenants tend to take better care of a place, and steady rent makes it easier to plan repairs, refinance or buy your next building. If you’re still deciding whether rentals are for you, read our post on the advantages of owning a rental property.
Buying your next rental?
Sachem Lending makes short-term loans to real estate investors, whether you plan to renovate a property before renting it, fix and flip, or build something new. Take a look at our loan programs or contact us about your next purchase.
