It's estimated that there are nearly 3.6 million eviction cases each year. If you've had problem tenants that require an eviction, you know what a hassle it can be. Whether it's late rent payments or lease violations, these renters make your job as a landlord much harder.
That's why when you get a great tenant who pays rent on time and takes care of your San Mateo investment property, you need to hold on to them.
Through proper leasing management strategies, you can incentivize your tenants to stay. In this guide, we'll cover some tips for ensuring that good tenants continue to rent from you for years to come.
Get to Know Your Tenants
Often tenants will only interact with their landlords or property managers during the lease signing. After that, the only time you'll see them is if there's a problem.
Instead, consider improving tenant relations with the people staying in your investment properties. A landlord who you know personally and who responds to your concerns is a rare find.
As such, people are more likely to stay with them for longer. Plus, knowing your tenants can have other benefits too, like less stress during disagreements.
Be Quick With Maintenance and Repairs
Regular maintenance tasks will help ensure that your property remains operational during your tenant's stay. And quick repairs ensure that any problem is solved as soon as possible while improving tenant safety.
If you take weeks or even months to deal with maintenance requests and repair problems your tenants are not going to want to stick around.
On the other hand, if you can respond to any concern within an hour your tenant will appreciate the speed with which you solve problems.
Make It Easy to Pay Rent
Some landlords will only accept checks or cash when taking rent. This can be incredibly inconvenient for tenants since they need to physically drop it off. If you want to keep them, offer an online portal for them to make payments.
Improve Your Facilities or Keep Rent the Same
One study found that one of the main reasons why people look for new housing is to find a better apartment or house. So one way you can keep tenants is by offering them these things.
Installing amenities like community gyms, pools, and clubhouses will not only help keep the tenants you have but also attract new ones.
Similarly, if you increase rent each year you're likely going to lose some good tenants. So, for exceptional tenants, consider keeping their rent the same to improve tenant retention.
Need Help With Leasing Management? Contact PMI Redwood Realty
We hope this guide helped you learn more about keeping great tenants of your San Mateo investment properties. Here at PMI Redwood Realty, we know that leasing management isn't everyone's cup of tea.
As an investor, you should be out there finding new great deals, not managing the ones you already have.
That's why we use our twenty-plus years of experience to take all the responsibilities off your plate. So if you're ready to keep great tenants without trying, get in touch with us today.
