Renting out property is a traditional business which offers regular income. Though this business appears easy on the face of it, there are several issues involved; maintaining healthy relationship with tenants being the biggest challenge of all.
Property experts believe that landlords aiming to earn good rental income should strive to keep their tenants happy. This will ensure them long term liquid income, no vacancy period, no blockage of income as regular income keeps flowing in and last but not least is landlord has to put fewer efforts in getting new tenants. Discussed below are few points that landlords should keep in mind if they wish to keep their tenants happy and maintain a long-term relationship with them.
by 401(K) 2013
Seek long-term tenants
Invest time in finding tenants with good credit history and who aim to stay for long in your property. When landlords target tenants for shorter duration like one or two months than it can really cost them heavily. It should be understood that the main objective of letting out any property is to earn regular income but once tenants vacant any property it can cost in two ways; first the payment is stopped, and secondly, the owner would have to bear the vacancy period (it is the time period during which property is vacant). Longer vacancy period is seen as a huge loss in real estate business. Owners of property should keep these things in mind and try to keep tenants for longer duration.
Behaving well with tenants
Many landlords do not understand the importance of this factor and behave harshly with their tenants. But it is not an intelligent step because letting out property is a business where both parties are partners, not servant and master. Property owner should behave well with their tenants and try to listen to them whenever they come up with any issues. Besides, landlords should appreciate their tenants when they give rent on time. Whenever time permits, landlords should call tenants in person and ask them if they have any issue in the property. It gives tenants a sense of happiness and satisfaction. Additionally, they experience an increased sense of faith in their landlord, which compels them to stay long in the property.
Keep your property well maintained
To reap the benefits of long term tenancy it is essential for property owners to keep the property well maintained. Issues of plumbing, electricity repairs should be dealt carefully. Do not try to charge tenants for what is not there fault. You’ll lose big money in the long term if you try to make small change in such situations.
This is one more thing that property owners should keep in mind. All the terms and conditions should be explained clearly to tenants well in advance so that any chance of disputes can be minimized in the future. Bringing clarity at the initial stage helps in maintaining a good relationship between the tenant and landlord.
Offer better service at a lesser cost
This is very important for all landlords who wish to earn regular income out of their property. Realize that there are several other property owners in the vicinity who are eager to offer their property for letting out. Hence, property owners who seek a better chance than others should offer better service at a lesser price. A small act of generosity can help them get more applicants that allow them to select more creditworthy tenants who can live longer in the same property and pay rent consistently.
Behave rationally with good tenants
If you are lucky to have found a good tenant who pays rent on time and follows your rules and you share good relation as well, be lenient when it comes to increasing the rent especially, if you know the hike will pinch the tenant. Understand that good tenants are a blessing and try to retain such tenants for as long as possible.
Property owners can make good money if their tenants are happy and satisfied. If landlords follow above steps, they can keep their tenants pleased and can keep them for longer duration. It will result in lesser vacant period, help them earn better regular income for a long time and thereby uphold a sound financial position.