Do you want to be one of the 3.6 million landlords who file an eviction case annually?
Of course not. That's why we created this in-depth leasing management guide to retain great tenants!
Arguably, the most significant fear of becoming a landlord is managing problematic renters. Damages, no payments, and refusal to vacate are issues you may have to handle. That's why keeping respectable tenants is vital.
If you wish to uncover how to do so, read our property management insider secrets!
1. Ensure Rental Property Maintenance
Maintenance is always a priority in a significant financial investment. Studies show that homeowners spend over USD 6,000 annually on repairs.
If you want to keep your guests, you must act on fixing these problems promptly. Not only will this make them feel valued, but it will also save some of your hard-earned cash. The longer you wait to resolve an issue, the worse the damage will get, resulting in a higher bill.
2. Offer Competitive Rate
Unfortunately, the cost of living is rising nationwide. Taxes, global affairs, and the pandemic are why the average rent price in the U.S. now sits at USD 1,326 monthly.
Everyday expenses such as grocery and transportation are also higher. Therefore, more people than ever are searching for ways to cut down on the primary costs. And housing is the most notable of them all.
If you overprice your property, you risk your great tenants to look for an alternative space. Or worse, not being able to afford it and going through the process of eviction.
3. Build a Good Relationship
Clear tenant communication is the critical ingredient for building a good relationship. By doing so, there will be no misunderstanding and honest talks between the two parties.
When communicating, you should also use a friendly tone. Renters will see you as a human rather than a robot collecting money online. In return, they are more likely to respect your home.
When people feel safe and welcome, leaving the property won't cross their mind.
4. Provide Tenant Incentives
Incentives can help you stand out in the market and encourage tenants to choose your house. If people keep receiving tenant incentives, this will provide them with a happy home life.
Some of the most enticing tenant incentives you can offer are:
- Rent discounts
- Home maintenance and improvements
- Flexible lease terms
- Lease renewable bonuses
- Good tenant discount
5. Be a Responsible Landlord
With around 20 million rental properties nationwide, tenants have plenty of options. The quickest way to make great guests leave your house is by being irresponsible.
So, show your responsibility by following the law and respecting your tenants' privacy. Also, deliver a safe and secure living environment.
This creates a positive experience and motivates tenants to renew their leases.
Keep Great Tenants in West Palm Beach, FL
Being a landlord in West Palm Beach, FL, has countless advantages. You can generate passive income and utilize tax benefits while having a robust future investment. However, you can only make the most of this golden opportunity by retaining great tenants.
After reading our guide to leasing management, you know how to do so. If you still want the benefits without handling the nitty gritty, book a call with PG Group today!