{"id":19366,"date":"2020-09-24T09:09:39","date_gmt":"2020-09-24T14:09:39","guid":{"rendered":"https:\/\/www.abodo.com\/blog\/?p=19366"},"modified":"2023-07-26T13:42:16","modified_gmt":"2023-07-26T18:42:16","slug":"keeping-good-tenants-in-your-rental","status":"publish","type":"post","link":"https:\/\/www.rentable.co\/blog\/keeping-good-tenants-in-your-rental\/","title":{"rendered":"6 Ways To Make Good Tenants Stay in Your Rental"},"content":{"rendered":"<div>\n<p><i><span style=\"font-weight: 400;\">Your current tenants are the biggest asset you have! You could throw a lot of money into advertising and marketing and repairs for new tenants that will replace the ones that are moving out OR you could influence them stay!<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re an <\/span><a href=\"https:\/\/www.pitthomebuyers.com\/\"><span style=\"font-weight: 400;\">investor<\/span><\/a><span style=\"font-weight: 400;\"> or<\/span><a href=\"https:\/\/www.rentable.co\/blog\/property-management-expecetations-post-covid\/\"> <span style=\"font-weight: 400;\">property manager,<\/span><\/a><span style=\"font-weight: 400;\"> these 6 tips will help you stay on top of your game and help make your good tenants stay!<\/span><\/p>\n<\/div>\n<h2><strong>Local Retailer Discounts<\/strong><\/h2>\n<p><img decoding=\"async\" src=\"https:\/\/images.unsplash.com\/photo-1527264935190-1401c51b5bbc?ixlib=rb-1.2.1&amp;auto=format&amp;fit=crop&amp;w=1000&amp;q=80\" alt=\"man walking inside mall collage\" \/><\/p>\n<div><\/div>\n<h2><strong>Fast, Effective Maintenance Service<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">One great way to entice your tenants to stay for the long term is to provide them some incentives. Discounts at local retailers are a great place to start! Call or visit some brick and mortar stores in your area and talk with the manager on duty. Let them know how many tenants you currently have and that you want to help steer them toward that business.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Most business owners are happy to give a 5-8% discount for their products or services when they know they\u2019re appealing to a larger number of people. Even if you don\u2019t have 100 properties that you\u2019re managing, getting in contact with them is still a great idea. Local businesses are always looking for support and you never know who will agree to work with you!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Once you have a couple, create one page on your web site that outlines all of the vendors who are providing discounts and send that link to your tenants! Keep the URL simple and easy to remember (e.g. www.abcpropertymanagement.com\/discounts). You want your tenants to take full advantage of these incentives because that makes them feel like they\u2019re getting more value when renting from you!\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You may need to work out some way for companies to verify who is your tenant. If you own an apartment community it can be as easy as having them change their driver&#8217;s license address and passing the street names on to that business. You can also purchase cost-effective \u201clive strong\u201d bracelets with your company name on them, which your tenants can wear to that business.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here are a few company types to get you started:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Movie Theaters<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Restaurants (Locally owned is best)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Bowling Alley<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Amusement Parks<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Coffee Shops<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Breweries<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Bars<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Be creative with the companies you choose! Don\u2019t forget to talk with your tenants as well! That\u2019s the best way to find out what discounts would add the most value to their lives. They\u2019ll appreciate you going above and beyond for them!<\/span><\/p>\n<p><img decoding=\"async\" src=\"https:\/\/images.unsplash.com\/photo-1534190239940-9ba8944ea261?ixlib=rb-1.2.1&amp;ixid=eyJhcHBfaWQiOjEyMDd9&amp;auto=format&amp;fit=crop&amp;w=1000&amp;q=80\" alt=\"handheld tool lot\" \/><\/p>\n<div>\n<p><span style=\"font-weight: 400;\">This is probably the single most important way to influence good tenants to continue<\/span><a href=\"https:\/\/www.rentable.co\/blog\/protecting-your-rental-property\/\"> <span style=\"font-weight: 400;\">renting your property<\/span><\/a><span style=\"font-weight: 400;\">. Everyone has maintenance issues come up from time to time and it can be downright annoying, especially when you don\u2019t know how to fix it yourself. What\u2019s even worse is when you put in a maintenance work order and no one responds for several days or weeks!<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Make sure that you have a system in place where tenants can enter work orders on your website. You, or your employee, need to make sure you review all maintenance requests daily, whenever possible. Speaking of which, if there are days that you do not handle maintenance requests, make sure it\u2019s very apparent to your tenant. Let them know when they move in that unless it\u2019s an emergency, you will respond to a maintenance request put in on Saturday on Monday morning.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On your website, create a page that illustrates exactly what maintenance requests qualify as an emergency. Be specific when you\u2019re writing them up! One example of an emergency maintenance work order here in North Carolina is if the Air Conditioning goes off and the outside temperature is above 86\u00b0. The specifics of emergencies may vary by area, but some (clogged toilet or fires) are relatively universal.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Make sure that the \u201cright of entry\u201d for maintenance technicians is in your lease and that a key is readily available for technicians to pick up. That\u2019s going to allow them to respond to your tenant\u2019s work order more quickly, which is crucial. If the key is in a shoebox filled with other keys, it\u2019ll make things very difficult. Also, be sure to label all of your keys! There\u2019s nothing more absurd than having keys lying around and you\u2019re the only one who knows what they\u2019re for. That will waste a lot of your maintenance worker\u2019s time, inconvenience your tenant, and possibly cost you that tenant in the long run.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Some tenants are pickier about when they want someone in their house and would prefer that they be home when a maintenance worker comes by. Make sure they realize that to better serve them, technicians need the ability to enter the home and complete the work promptly. While you\u2019ll do your best to accommodate them, the work needs to get done and you\u2019ll do what you have to and make sure it gets completed. While some tenants may get irritated about this, most will have no issue.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you run into one o those tenants that protest and give your maintenance crew the run-around, it may be in your best interest to part ways with that tenant when the lease-up and assist them in finding other accommodations. While finding them another place to live is extra work on your part, it shows a lot of professionalism and that makes a huge impact on the type of tenants you attract and which ones you keep.\u00a0<\/span><\/p>\n<\/div>\n<h2><strong>Community Events<\/strong><\/h2>\n<div>\n<p><span style=\"font-weight: 400;\">Getting people engaged is a fantastic way to keep good tenants in place! They don\u2019t need to be expensive. Put together something that gets your tenants together and communicating. This is especially crucial if you own a larger apartment community where they\u2019re all living in the same area. Cookouts, wine and cheese events (BYOB, of course), and block parties with music are excellent ways to go. You can do a \u201cTaco Tuesdays\u201d or similar events that require more work but make sure you\u2019re utilizing your time effectively.\u00a0<\/span><\/p>\n<\/div>\n<h2><strong>Renewal Incentives<\/strong><\/h2>\n<div>\n<p><a href=\"https:\/\/www.rentable.co\/blog\/the-basics-of-a-lease\/\"><span style=\"font-weight: 400;\">Lease renewal<\/span><\/a><span style=\"font-weight: 400;\"> incentives are a fantastic way to make good tenants stay because they provide three big benefits if you use them correctly! Your tenants renew for another year, you may be able to raise rents AND you can increase the rental value of your property!\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Some owners prefer to allow the tenant to rent month to month after the lease is up, but there\u2019s so much hidden potential with renewals I just can\u2019t understand why! Remember. Before your tenant gets an incentive, they have to sign a renewal for the next year.<\/span><\/p>\n<\/div>\n<h3><span data-en-paragraph=\"true\" data-en-has-metadata=\"true\">Unit Upgrades<\/span><\/h3>\n<div>\n<p><span style=\"font-weight: 400;\">Unit upgrades are a big hit with tenants! Who wouldn\u2019t want their home to be improved, as far as they\u2019re concerned, for free! When I say \u201cupgrades\u201d what I mean is making small, cost-effective additions to your property that improve its aesthetics or functionality. Two things that can have a positive effect on your rental value!\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Keep in mind that you don\u2019t want to break the bank or do a complete renovation. Adding a ceiling fan to a bedroom that just has a light fixture or changing the doorknobs throughout the home are two simple, cost-effective things you can do that will add value to your tenants&#8217; life and your property. As a side note, I recommend staying away from incentives like televisions, iPods, and all that other good stuff. The best incentives, as mentioned earlier, add value to both your tenants&#8217; life and your rental value.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Unit Upgrades are best used in combination with rent increases. What you\u2019re saying to your tenant is, \u201cYes, you\u2019ll be paying an additional $15\/month, but you\u2019ll get a brand new a ceiling fan in your master bedroom!\u201d Check out our article on <\/span><a href=\"https:\/\/www.rentable.co\/blog\/bathroom-upgrades-for-tenants\/\"><span style=\"font-weight: 400;\">bathroom upgrades<\/span><\/a><span style=\"font-weight: 400;\"> to get more upgrade ideas!<\/span><\/p>\n<\/div>\n<h3><strong>Renew Years Eve Party<\/strong><\/h3>\n<div>\n<p><span style=\"font-weight: 400;\">Remember the last time you were invited to an exclusive party or gathering? It felt great, right? It makes you feel like the person inviting you values your company and wants to spend time with you and other people you may relate to. Tenants love this feeling too! Enter the Renew Years Eve Party!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Let me make this clear from the get-go. You don\u2019t need to wait until your tenant\u2019s lease is almost up before you ask them to renew. That being the case, make sure the only people who attend this party have renewed for another year and signed the lease! Keep a few more leases on hand for the tenants that decide to \u201cdrop-in\u201d and renew on the spot!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Keep the party simple and fun. Grill out or provide catering from a local restaurant. <a href=\"https:\/\/www.musicianauthority.com\/easy-guitar-songs\/\">Play fun guitar songs<\/a> and maybe have a few games spread throughout the venue. You can even do door prizes and have a local band play! The sky is the limit, but always make sure you\u2019re staying true to your budget. Events like this can be a big \u201cmoney suck\u201d so be objective when you\u2019re decorating and hosting the party.\u00a0<\/span><\/p>\n<\/div>\n<h2><span data-en-paragraph=\"true\" data-en-has-metadata=\"true\">Conduct Regular Inspections<\/span><\/h2>\n<p><img decoding=\"async\" src=\"https:\/\/images.unsplash.com\/photo-1484480974693-6ca0a78fb36b?ixlib=rb-1.2.1&amp;ixid=eyJhcHBfaWQiOjEyMDd9&amp;auto=format&amp;fit=crop&amp;w=1000&amp;q=80\" alt=\"person writing bucket list on book\" \/><\/p>\n<div>\n<p><span style=\"font-weight: 400;\">Conducting regular inspections is a great practice that is often overlooked. It provides two main benefits:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">It reminds your tenant to take care of your property (because you\u2019re watching\u2026)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">It shows them you care about their concerns<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">When you\u2019re walking your property, we recommend at least twice each year, have a conversation with your tenant, and get to know them. Ask them about work and their family. Just make a conversation.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">During that conversation, ask about any concerns they may have. This could be maintenance concerns that haven\u2019t been put in and what\u2019s happening in the neighborhood. If they have a maintenance concern, ask them to show you and review it together. Create a plan on the spot for how you\u2019re going to handle that issue and ask them to remind you in a day or so. This will keep them engaged, improve their impression of you as a professional, and ultimately influence them to stay.<\/span><\/p>\n<\/div>\n<h2><strong>Don\u2019t Jack Up The Rent<\/strong><\/h2>\n<div>\n<p><span style=\"font-weight: 400;\">We all want to make sure that we\u2019re as close to market rent as soon as possible. That maximizes our profit margins and keeps us in the game! But if there\u2019s already a tenant in your property, and they want to renew for another year, make sure you don\u2019t scare them away by increasing the rent by a large amount.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Increasing rent needs to be methodical and not come out of nowhere. When your tenant moves in, keep them on the up and up. Let them know that rents tend to increase over time, but you\u2019ll do your best to price them out of the market.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Send a letter to your tenant a month or two before renewal to let them know about the increase and tell them why it\u2019s increasing. Going up by $5 to $20 per month should be fine, but any more than that and you may be getting close to pricing them out.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s best to pair a rent increase with a unit upgrade, mentioned above. Let\u2019s say you\u2019re raising your rent by $15\/m for the next year since market rents are at that level. That\u2019s going to mean a total increase of $180 for that year. Take $50 of that money and entice them with an upgrade. That leaves you with a net rent increase of $10.83\/month.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Alternatively, if you want them to move out, for whatever reason, increasing the rent by a substantial margin is a good way to do it.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These are just a handful of ways to make good tenants stay and continue renting your properties. Remember, it costs a lot more to find a new tenant than keep the current one. Put these 6 steps into action today and keep those rents rolling in!<\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Your current tenants are the biggest asset you have! You could throw a lot of money into advertising and marketing and repairs for new tenants that will replace the ones that are moving out OR &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"6 Ways To Make Good Tenants Stay in Your Rental\" class=\"read-more button\" href=\"https:\/\/www.rentable.co\/blog\/keeping-good-tenants-in-your-rental\/#more-19366\" aria-label=\"More on 6 Ways To Make Good Tenants Stay in Your Rental\">Read more<\/a><\/p>\n","protected":false},"author":23,"featured_media":17839,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[461],"tags":[],"_links":{"self":[{"href":"https:\/\/www.rentable.co\/blog\/wp-json\/wp\/v2\/posts\/19366"}],"collection":[{"href":"https:\/\/www.rentable.co\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rentable.co\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rentable.co\/blog\/wp-json\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rentable.co\/blog\/wp-json\/wp\/v2\/comments?post=19366"}],"version-history":[{"count":5,"href":"https:\/\/www.rentable.co\/blog\/wp-json\/wp\/v2\/posts\/19366\/revisions"}],"predecessor-version":[{"id":21362,"href":"https:\/\/www.rentable.co\/blog\/wp-json\/wp\/v2\/posts\/19366\/revisions\/21362"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.rentable.co\/blog\/wp-json\/wp\/v2\/media\/17839"}],"wp:attachment":[{"href":"https:\/\/www.rentable.co\/blog\/wp-json\/wp\/v2\/media?parent=19366"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rentable.co\/blog\/wp-json\/wp\/v2\/categories?post=19366"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rentable.co\/blog\/wp-json\/wp\/v2\/tags?post=19366"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}