As a landlord, you rely on your rental units to bring you income. How to retain good tenants is how you get long-term cash flow. If you stop to think about it, though, it isn’t just the properties that provide income. It’s the tenants. They’re the ones with the money. You need both. To find success as a landlord, you need to find good tenants and retain them. So how can you do that?
How to Retain Good Tenants: Keep Up On Maintenance
It’s your responsibility as a landlord to provide your tenants with a place to live that is in a habitable condition. Part of that means keeping up on maintenance. This goes beyond just your legal responsibilities as a landlord though. No one wants to live somewhere that feels or looks like it’s falling apart. Keeping up on basic property maintenance will reduce the need for expensive repairs and help keep your tenants happy because they won’t have to deal with things that are broken or in disrepair.
Being transparent and communicative with your tenants is very important as a landlord. When you are open with your renters they will feel more secure, take better care of the property, and stay longer. That open communication starts with your lease. You should have your expectations and any rules for your property explicitly stated in the lease agreement. Beyond that, maintaining open channels of communication is essential to transparency. Make sure that you are available and responsive to them when they reach out so you can have that transparent relationship with them.
How to Retain Good Tenants: Work with Them
Life happens. Things go wrong, and unexpected circumstances crop up. 2020 was a perfect example. Lots of people found their income significantly reduced, or even lost altogether. That put both tenants and landlords alike in difficult positions. These difficult circumstances can be a great opportunity to build those landlord-tenant relationships. When you are willing to work with your tenants during difficult situations, they are more likely to feel positively towards you as their landlord. The better they feel about your relationship and the place where they live, the more likely you are to retain them.
Retaining good tenants takes work, but the result you get from it is worth your while. Keeping up on maintenance, being transparent with your tenants, and working with them when problems come up are some of the things you can do to build a positive relationship with them. The better your relationship, the more likely you’ll be to retain them.
Read this next: Exterior Home Elements That Require Maintenance
See you at a meeting soon!
The Southwest Florida Real Estate Investment Association is the leading source of SWFL real estate investing events that provide investment education and networking in southwest Florida. We analyze the housing market and foreclosures and provide information, education and networking events in order to build a network and knowledge base for investors and potential investors. Our members include real estate agent, brokers, investors, hedge fund managers, rehabbers, wholesalers and more.
Our SWFL REIA General Meeting is held in Fort Myers where we provide education on hot topics in investing and an opportunity to enjoy the camaraderie of your fellow investors. You’ll get a chance to ask for advice from successful real estate professionals and even make a few deals on your latest projects.
To become a member, anyone can register as an individual, a couple, or a corporation. Being a member opens the doors for endless networking opportunities, advice from members with decades of experience, new ideas from entrepreneurs, camaraderie with those just beginning, and deals and contracts done in the meeting room. For those interested in Cape Coral rental property investment and/or Fort Myers rental property investment, SWFL REIA will be able to provide a network to help launch a successful investment career.
The SWFL REIA is known and respected as a source of current, actionable and useful information about the housing market in the area that we meet.
We meet twice a month.
One of the premier sources for real estate investing networking and education is the SWFL REIA. In the real estate world, the SWFL REIA is different in that they do not do information product sales. Their meetings are focusing on the best ways of investing in real estate by collaborating with other property investors who are sharing their experiences.
We look forward to meeting you at a meeting soon!
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