Thursday, December 12, 2013

How to keep good tenants

Some renters come and go, and some are just simply difficult to deal with. Unpaid rent, property damage and irrational complaints are just some of the less agreeable things you have to deal with as a landlord. Retaining an ideal tenant who pays rent on time and takes good care of your property is one of the best things you can do for your investment. Think of building a relationship and keeping your tenant happy as an investment.   

Be understanding of your clients’ needs. Being overly scrupulous about raising rent and charging fees for maintenance might drive good tenants away.

Do make a clear rental agreement. The first step to establishing a clear business relationship is setting some ground rules. State the responsibilities of each party in the contract. Monthly rent and utilities are obviously the renter’s responsibility, but what about repairs and maintenance of the property? Making sure to include all eventualities in the contract may be tedious, but this will pay off in the long run. 

Don’t postpone repairs and maintenance. For long-term rentals, you may opt to have scheduled maintenance work done every couple of years or so. This will entice ideal tenants to stay for the long haul. If you’re the one responsible for minor repair work on your property, be sure to handle it in a timely manner. This will show your tenant that you are committed to giving them a satisfactory rental experience. 

Do act professionally. To build a good relationship with your tenant, be professional. Don’t set an appointment you can’t meet. Come on time to meetings and return phone calls as soon as you can. Being a reliable and responsive landlord will build trust and appreciation. 

Don’t be afraid to compromise. Be understanding of your clients’ needs. Being overly scrupulous about raising rent and charging fees for maintenance might drive good tenants away. And wanting to maximize your profits without paying heed to your tenants’ concerns might backfire. Finding an ideal renter is difficult, and it might take some time before you find a good tenant, if any. Instead, think of ways to compromise and settle on an agreement that will make you and your tenant happy. - Aislinn Kee


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