The secret to making your Waterford rental home profitable is drawing in and keeping high-quality tenants. This entails finding tenants who pay their rent on time, tend to the property, and are friendly with the neighbors. But just because the vacancy has been filled, doesn’t mean that the work is done. One of the more serious errors a property owner can do is to drive away those tenants due to neglect or failure in communication.
It’s good that there are many things that property owners can do to keep high-quality tenants. Perhaps the fastest way is to form a healthy relationship with the tenant by checking in on them every now and again. Good tenant communication can go a long way toward a happy, satisfied tenant.
This method is highly effective especially when combined with another, equally important approach: being proactive when it comes to the repair and maintenance of the property. Tenants want to live in a home that is in great condition and appreciate it when a landlord puts in the effort to maintain it. They want landlords that respond quickly to repair requests, but in addition to that, they really like it when they perform regular maintenance without being asked. A property owner who exhibits good property maintenance practices will serve as a model that would encourage their tenants to do their part as well.
On top of regularly scheduled maintenance, owners can improve tenant retention by involving them more directly in taking care of the property. Think about getting feedback from the tenant about how they are liking the rental home and if there is something that needs to be repaired or serviced. Some owners avoid asking these types of questions. They’re afraid that the tenants would request repairs or replacement items that are unreasonably expensive or unnecessary. But consider what the other option is: if the tenant leaves, you’ll spend a lot more finding a replacement and preparing the home for a new tenant. That expense would be a lot more than buying that new dishwasher (or carpet, or stove repair) that they requested.
If the time comes that a quality tenant is entertaining the thought of moving, try to get the reason for their decision; then figure out if there is something you could offer them so they would stay. Usually, if a tenant decides to move to another rental house in a nearby location, there’s a specific reason that can be countered or an obstacle that can be overcome. Remember, keeping a quality tenant is a far more profitable strategy than operating a revolving door rental house.
In the end, tenant retention is a learnable skill that can be developed further over time. The good news is that the experts at Real Property Management Hartford Metro/Greater New London can help. We know what is required to find and retain the best quality renters in Waterford. We make healthy tenant relationships look easy and can take care of the day-to-day communication for you. To know more about what we can do to improve your tenant relations, please contact us online or give us a ring at 860-316-4388.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
