Most landlords will have a war story about a bad tenant - the one who didn't pay or the one who left burn marks on the carpet and hid them under a rug.
And there are other stories you don't hear about as often. These are the tales of finding dream tenants who kept your home spotless and always paid on time.
But once you find this dream tenant in San Diego, how do you keep hold of them? The answer is through excellent leasing management. Here are some tips on how to reduce tenant turnover rates.
Keep Your Property Well Maintenance
Tenants are more likely to remain in your property if it's in good condition. It reduces tenants' problems, such as facing a broken heating system and waiting for a repair.
Make sure you regularly inspect the property and schedule regular maintenance slots. You should also act promptly if the tenant notifies you of a problem.
Improve Tenant Communication
Communicating with your tenants will help keep that relationship running smoothly.
It's often a chance to address issues before they become more of a problem, such as paying the rent on time. Plus, having a direct relationship builds trust, so if the tenant has a question, they know they can contact you directly.
Always provide your tenant with your direct number or a tenant portal.
Provide an Incentive
A helpful tactic for keeping tenants is adding an incentive to renew their lease with you.
For example, you could offer to upgrade one of the appliances. Or you could offer a discount to keep hold of a reliable tenant.
It makes tenants feel valued and puts your property in a more favorable light.
Keep an Eye on the Market
Tenants often move on because they've found something better on the market. It may be that your home has become outdated, or your rental costs are no longer competitive for that neighborhood.
You can avoid this situation by checking market trends. Look at lists for similar properties to ensure yours keeps up with the competition.
Plan Community Events
If you are a landlord for multiple properties in one location, use this to your advantage. Try planning some local community events.
It will make your property more appealing to those who want to live in a friendly and welcoming neighborhood. You could also invest in upgrading communal areas to make your property and surroundings more attractive.
Provide Better Lease Terms
Tenants want flexibility in their leasing arrangements. If their circumstances change - such as relocating to a different city for work - a flexible move without the hefty cost of leaving a fixed-term lease.
So try offering adjustable lease lengths and removing early termination charges. Paradoxically, making it easier for your tenant to move is more likely to secure you a loyal, long-term tenant.
Leasing Management: Keeping Hold of Excellent Tenants
If you have an excellent tenant, keeping hold of them is worth it.
It means fewer vacancy periods and reduces the risk of leasing your property to someone less than ideal. Use these leasing management tips to help you retain a reliable tenant.
Getting a professional team to manage your property in San Diego can help you retain tenants. Income Property Advisors Inc. has a wealth of experience looking after properties. Find out more here.