Tips for Keeping Your Best Tenants
Just like any other business relationship, it’s important to keep your tenants happy throughout the year. By working with your tenants on issues that are important to them, and responding to their inquiries in a prompt and professional manner, you’re likely to gain good landlord points that may encourage them to stay in the long run.
Add value to the rental by making it “one of a kind”. Going above and beyond to create a unique space for your tenant can really set it apart from the competition. Installing a custom closet in the bedroom or upgrading the bathroom amenities with an over-head shower and heated towel bar are good examples of great additions. If you’ve got a single family home, try converting some lawn space into a garden. Property owners can build tenant loyalty with benefits like these. Tenants will remember these features when it’s time to renew the lease
Setting Expectations for Current Tenants With Showings
In order to streamline turnover and keep the time your rental is vacant to a minimum, you’re going to need to come to an agreement with your tenant on your expectations when it’s time to show the space. Work with your real estate attorney to build terms into your lease agreement that match your needs and help to ensure the rental’s clean, tidy and carefully insured when showings are scheduled.
There’s a lot you can do that can help assure your showing goes smoothly. Building your lease to reflect your goals for showing the space is one way. Include terms on notification, duration and how you expect the place to be cleaned.
Showing a space is a great time for in-person tenant screening, because you’ll answer questions. Meeting prospective tenants also gives you the chance to observe how they operate when showing the space. Are they being up-front and honest, were they on time? These are important indicators to consider. Think of your prospective tenant as a candidate, and you’re performing a job interview. Would you hire this person to work for you? If you wouldn’t, that may help to inform your decision.
The Pros and Cons of Showing a Vacant Unit
With no tenant in the rental you’ll have time to redecorate and upgrade the space. That’s a big benefit. But the downside is that it comes at a cost. You’ll lose valuable rental income every day the space is vacant. If a small loss in rental income is no big deal, and you’re looking to produce a well-crafted showing for your potential tenants, this may be the way to go.