As you probably know, the most expensive part of owning an investment property is having a tenant move out. It’s not necessarily because your tenant has caused damage, but because there are a lot of expenses involved in making the property look great for your next tenants. You want your tenants to stay as long as possible in your property so you can avoid those expenses.
We have a few tips!
Make Regular Improvements
Instead of just making repairs when they are necessary, make constant improvements to your property. Things come up, and even though the renters are there, they appreciate you upgrading the light fixtures or painting a room. It might cost you a little more to have it done while your tenants are in place, but they will be more willing to commit to leasing your house for longer.
Be Responsive to Tenants
When your renters call or email, be responsive to what they need. Listen to them. They may ask you to do something that you’re not willing to do or that you don’t want to do, but sometimes they just want to be heard.
Be Accessible to Tenants
You have to be easy to contact. No one wants calls at 2:00 in the morning, but your renters need to know that you are responsive and available. Make sure you answer your phone and respond to emails and messages.
Run This Like a Business
Don’t be best friends with your renters. Enforce late fees when they don’t pay rent on time, and hold them accountable to following the lease. Your renters will appreciate that you are running the property like a business because you’ll be consistent and they will know what to expect.
These are four tips that will help you keep your renters past their initial one-year lease. These tips will also make you more money by avoiding turnover. If you have any questions about this topic or anything pertaining to Overland Park property management, please contact us at Home Rental Services.