How to Keep an Outstanding Tenant

Photo: Courtesy of Satura

Once you have secured an outstanding tenant, you will want to do everything you can to keep that tenant for as long as possible. Fostering a "mutually respectful relationship will help to ensure the longest possible stay" (mysmartmove.com). As a result, being a thoughtful, accessible, responsive, and fair landlord will significantly increase your likelihood of keeping your quality tenant long term.

1. Be Thoughtful

• Treat your tenant kindly and with respect.
• Leave a welcome gift for your new tenant that makes him or her feel special and valued. This could be a heartfelt card and a nice bottle of wine, a restaurant gift card and a scented candle, a new WELCOME mat and a potted plant, etc.
• A welcome gift is a strategic way to create a positive association with you, the landlord, immediately. If a tenant likes you, he or she is much more likely to take care of your house and not give you a hard time.
• Positive relationships need to be nurtured. Sending cards and small gifts on other occasions such as birthdays and Christmas will continue to support the tenant's warm feelings toward you and will give a general impression that you are a thoughtful person deserving of his or her kindness in return.

2. Be Accessible

• As a landlord, accessibility is vital.
• Ensure that the tenant's welcome gift includes a welcome letter that consists of all of your contact information.
• Lay out a clear communication plan explaining how you can best be reached.
• If you have hired a property manager, give your tenant all of the property manager's information and explain that you want all communications going through him or her.
• But assure your new tenant that you are still there for him or her and want to ensure that he or she has a positive experience in your home.

3. Be Responsive

•  The tenant will not put money into your home to make repairs because doing so does not benefit him or her. He or she is not the one building equity in the property.
• You are the owner of the house. You are the tenant's lifeline. The tenant is at your mercy. Do not be a jerk.
• When the dishwasher breaks, fix it. Do not tell your tenant that it is an unnecessary luxury.
• Respond to maintenance requests promptly. Ignored repairs are aggravating to a tenant and do not endear him or her to you.
• It is your responsibility as the landlord to build the costs of repairs into your rent and save up for when things break.

4. Be Fair

• Be fair. Treat your tenant with courtesy and respect. Clear communication can assist with this effort.
• Outline all of your policies in detail in your lease agreement (mysmartmove.com). Go over the lease line by line with the tenant (barkerhillrealty.com). For example, let your tenant know when he or she first signs the lease that you will be raising rates yearly.
• However, when you raise the rates, do not do so astronomically. Keep in mind; your tenant may not be receiving a cost-of-living pay increase. Raising your rent too much may price your tenant out of his or her budget, which will force him or her to look for cheaper housing.
• Do not accuse your tenant of being at fault for repairs that come up. Also, do not expect your tenant to perform routine maintenance on your house, such as power washing, tall tree trimming, etc., unless discussed and agreed upon up front.
• Treating your tenant well and keeping him or her for an extended duration is in your best interest financially. Every time a tenant moves out, you have to invest money into getting the house looking its best to attract a new good tenant. This means fresh paint, new carpet, new or repaired blinds, etc.
• If your tenant leaves, you risk having your house sit vacant for months. An empty house is an expensive one because you are losing rent money each month.

Do your best to make your outstanding tenant happy, and you will be pleased in return.

Sources:
allstate.com
barkerhillrealty.com
landlordstudio.com
mysmartmove.com