5 ways to keep your best tenants happy (and re-signing leases) year after year

Finding good tenants is a lot like dating. You’re looking for people who show respect, care and love for your property. But in the process of renting your house out, you’ll undoubtedly experience less than favourable guests.

Date:

05-Jul-2019

Category:

Lifestyle

Tags:

Author:

Amanda Smith

5 ways to keep your best tenants happy (and re-signing leases) year after year

Finding good tenants is a lot like dating. You’re looking for people who show respect, care and love for your property. But in the process of renting your house out, you’ll undoubtedly experience less than favourable guests.

So, once you find the ‘one’, you want to do everything possible to keep them happy. Tenant turnover is costly, emotionally taxing, and can impact how quickly you pay off your mortgage.

Got a lovely couple or family in your property? Here’s what you can do to increase the chances of them staying longer.

1. Maintenance matters… a lot.

Ever rented a house before? You probably understand how frustrating it is to have to wait for days for the landlord to finally come over (or organise the tradesman). Whether it’s a clogged sink or a broken hot water system, treat every issue with the same importance. Be timely with repairs and make them feel appreciated, like it’s their home.

2. Be a great landlord

Be professional at all times, but don’t be afraid to show your tenants your personality. Get to know the family living in your house and create an open, trusting relationship. Don’t underestimate the importance of human-to-human connections.

3. Know what your tenants want

Don’t be afraid to ask questions. Determine their expectations and do your best to give your tenants what they want or need. This might include upgrades and renovations, new appliances, outdoor space, and access to parking. Gauge their needs based on their age, too. Younger people tend to favour lifestyle, so you can focus on promoting or communicating the atmosphere. Planned upgrades are great for maintaining long-term guests, while adding commercial value to the house. 

4. Be proactive with renewals

Don’t leave this to the last minute or assume your tenants will renew. Reach out to them at least 90 days before, so you can get them thinking about their plans early. If they’re unsure, this is where having open communication is crucial. It’s more likely they’re going to tell you what incentives are most meaningful (and what’ll get them to re-sign).

5. Create longer leases

Consider offering your tenant a longer lease at a reduced rate. It’s a win-win. They save money and you keep a reliable, rent-paying tenant longer (which is beneficial over the course of the mortgage).

It’s just like every relationship… invest in it, be open and authentic, and comfortable. But if you’re busy enough in your own home, our property managers can help keep everyone happy.

We keep landlords and tenants ‘together’.