How can you keep your Boca Raton tenants?
Once you are able to fill the vacancy you have, your next goal is how do you make sure you are able to keep the tenant for as long as possible and paying the highest possible rent. As a landlord, you know the turnover cost, vacancies, and possible leasing fees are some of the biggest factors that will impact your cash flow at the end of the year.
When you place a good tenant, you want that tenant to stay in the property for as long as possible. Today, we’re sharing a list of things you can do to keep your tenants in place and avoid the expense of vacancy.
Keep the Property Clean
One thing we recommend no matter what the situation is with the property is that you keep it clean. Whatever you are responsible for as the landlord, make sure you get it done and keep the home clean. If you have a smaller property where you are responsible for the common areas of the building, make sure the area is clean so people feel welcome when they come home. You also want your tenants to feel like they can have family and friends over and not feel embarrassed about where they live.
Respond to Tenant Issues
Respond promptly to all requests, especially maintenance requests. One of the worst things that can happen for a tenant is that they are having some sort of problem with your property and you are not being responsive or communicating with them. This makes them feel like you don’t really care about them. This will make the relationship difficult. If you don’t have time to be accessible and available to your tenants, consider working with a Boca Raton property management company. Responsiveness is important to retention.
Maintain the Property’s Exterior
Make sure you keep the exterior of the building looking clean and fresh. If there is major maintenance that needs to be done, get it taken care of. You always want to make sure you are doing preventative maintenance. If the building needs to be repainted or pressure-washed or if there is mold growing on the outside, it will not look as nice. If the property doesn’t appear clean, the tenants will not be happy or want to live there.
Understand the Local Rental Market
A good property manager can help you understand the local rental market and its rental values. It’s important for you to measure your asking rent against the competition. If you’re having trouble getting tenants to stay for more than a year, it might be due to your rental rate. Sometimes, tenants will rent a property that’s priced higher than they want for a year, and then spend that year looking around for something that costs a little less. If you want to retain tenants, analyze your rental rate and consider the exchange of rent versus value.
Programs to Reward Tenants
Once you have those good tenants in place, you should reward them. Be mindful of the fact they always pay their rent on time, and tell them you appreciate that they don’t make any noise. When it comes time to raise the rent, consider consistency and the value of your tenant. Keeping a good tenant is often more cost-effective than losing them over a rent increase. The cost associated with turning over the unit and losing a good tenant is far greater than the few extra dollars you’d earn in rent.
Provide Tenant-Friendly Amenities
Be mindful of what is around you as far as amenities go. Your property needs to compete. If you have a unit in a multi-family building that does not have a washer or dryer, maybe consider putting them in the common area of the building. Or if it’s a building with old washers and dryers, consider upgrading them. The tenants will see that you are continuing to put money into the property to make it better. This shows them that you care about the quality of their living situation.
Offer Tenant Incentives
Incentives are always good, and tenants appreciate them. Maybe if a tenant agrees to sign a 12-18 month lease, you could offer the first month free as an incentive. Or, you could include some of the utilities that the tenant normally pays. As an owner, if you were able to negotiate rates with the WIFI or cable company, maybe you could pass those rates onto the tenant as an incentive.
Provide Comfort and Safety
Always be aware of where your property is located. Know the neighborhood, and if your property is not in the greatest neighborhood and your tenant would not feel safe there, address it. Make adjustments and corrections to make the property safer and make your tenants feel more comfortable. Investing in security lights or security cameras is a big help in this area. They may seem like little things, but it makes the tenants feel like you are thinking of their well-being.
Real estate is a people business. It helps you to really get to know your tenants. That doesn’t mean you should be overly nice or overly lenient with them. Maintain a professional and respectful landlord/tenant relationship.
If you’d like to talk more about avoiding turnover, or you’re interested in our professional property management services in Boca Raton, please contact us at Domu Property Management.