Whether you’re just getting started with real estate investing, or you’re already looking to purchase your 3rd rental property, it’s important to find tenants that want to stay for the long-term. Now if your rental property is in a college town, then higher tenant turnover is to be expected; however, to avoid as many transitions as possible, you need to establish a good give and take relationship. To keep tenants around, you need to be a good landlord. Have you ever heard the term “slum lord?” Well, that’s not a nickname that you want. Tenants leave slum lords; Follow these 3 tips to ensure that you never get labeled as one.
Keep Up with Property Maintenance Without Being Asked
If the lease says that you’re responsible for mowing the lawn, trimming the hedges, and shoveling the snow, then do it! If you only mow the lawn every 3 – 6 months–or worse–when your tenant asks you to, then you need to step up your game. While tenants don’t get the same type of return on investment as you do, they are paying you for certain services, and if you’re not performing the services that you said you would, then there’s a good chance that they’ll look for a landlord who will. If you don’t want to maintain the property yourself, then consider hiring a property management company.
Check In With Your Tenants On a Monthly or Quarterly Basis
In a way, your tenants are your clients; and the secret to any client relationship is by being attentive. Checking in with your tenants to see if there’s anything they need can go a long way. Maybe they are having issues with their toilet; maybe they noticed that the handrails are getting loose; now you might be thinking: why don’t they just tell me that these things need to be addressed? They might not think it’s that big of a deal, which is great; however, if they tell you after you reach out, then they’ll remember that as an example of superb customer service.
Send Them a Birthday Card
Whether you put money in it is up to you, but we encourage it. Even a $25 amazon gift card can say a lot. While it is a business arrangement, birthday cards are a nice personal touch. Not only does it show that you remember something about them, it also shows that you value them as a tenant and as a person.
Ready To Invest In Your Next Rental Property? We Can Help!
Sachem Lending provides private loans to all kinds of landlords. Whether you’re looking to buy and hold, fix and flip, or build something from the ground up, we can provide the capital.