One of the biggest expenses for any real estate investor is tenant turnover. The ideal situation for your property is a VERY LONG TERM tenant. Is it realistic to expect that you could have a tenant stay and rent your property for 10 years? 20 years? 30 years? YES - that is possible! Grace Property Management has had many residents stay with us for decades. How does this happen? President Marc Cunningham shares four tips to help ensure you keep your tenant happy and living in your property for many years.
The Property Type Matters. Statistics show that on average, a tenant of a single family home will stay in this type of property at least twice as long as the normal tenant will stay in a condo or townhome. This makes sense, because tenants of condos and townhomes are often in the time of their life where change is happening and a larger home may be needed in the future. Tenants in single family homes are often just that: “families”. And families very often come with kids, pets, and lots of toys (for both kids and adults!), and moving those things is difficult and expensive. For this reason - you increase the likelihood of your tenant staying longer in your single family home property.
Make Repairs When Needed. National surveys show year after year that the main reason tenants move is due to poor repair service by their landlord. If you are a real estate investor with a tenant maintenance request, you need to fix it quickly and fix it properly. This not only maintains your property, but it keeps your tenant happy. For more information on maintenance in your property, check out this post.
Be Fair With Rent Increases. Grace Property Management believes in keeping up with the market and having moderate and fair rent increases when it is permissible. It is important to explain the “why” of the rent increase to your tenants so they understand that the landlords’ cost for things like property taxes, insurance, HOA dues, and repairs are increasing as well.
Treat Your Tenant With Respect. Tenant and landlord relationships do not have to be difficult and should not be one-sided. A well placed tenant, in a quality property with a good real estate investor is a win-win for everyone involved. Be sure that you treat your tenants respectfully and that you handle tension with grace and fairness.
During our 40+ years in business we have found that when you meet these four standards in your rental property, you will find and keep great tenants for a very long time.
We at Grace Property Management are always ready and willing to help in any way we can. If you are a tenant looking for a long term rental or a real estate investor looking for a high quality tenant, let us know! Contact us at www.rentgrace.com or 303-255-1990.