Having a rental property is a great way invest some money but it can be a hassle if you have tenants coming and going all the time. It is nice to get tenants who move in and plan to stay for a while so you are not constantly dealing with posting the property and finding new tenants. It can be easy to get tenants to move in but finding tenants to stay longer term can be a delicate balance. You need to have a fair market value rent among other things.
1. Maintain the Property
It is hard to get tenants to move into a property that is run-down and if you do get tenants, they are probably only staying until they can find something better. Tenants find it frustrating to live in a home that is not properly maintained so if you keep your home and property in good condition they are more likely to be good tenants and help with the upkeep.
2. Set your Price Just Below Market Value
Though it is nice to rent at market value, it is easier to get tenants to stay if they feel like they are getting a bargain. If you can charge just a little bit less than the going rate it benefits them and it will benefit you as you will end up with tenants who want to stay.
If you can charge 2-3% below the market value you will be able to attract tenants and they will have no need to be on the lookout for better value because you are already providing good value with a well-maintained place and a good rent price.
3. Give Small Rent Adjustments
When you do need to increase the rent, do so in small increments each year. Tenants prefer small increases each year over being hit with a big increase every 2 or 3 years. Small amounts are easier to adjust a budget for and they will know that the increase is just to keep up with market rates and inflation.
4. Consider Your Tenant’s Requests
If your tenants make a request make sure you are fair and considerate when deciding if it is something you can let them do or not. You want to maintain a good relationship with them so if it a reasonable request it is a good idea to consider it. Perhaps they want to paint a room for a child and they are willing to pay for it. Or maybe they want to put a garden in the back yard. Consider each request from both your perspective and from theirs.
5. Pay Attention to Maintenance Issues
Make sure any repairs they mention are done in a timely manner. It may seem like a small issue to you but it is a larger issue for someone who is living in the home. A leaking tap may be driving them nuts and in the long term it may cause damage to your home as well. If they tell you there is an issue, deal with it as quickly as you can.
6. Surprise Them
Do something nice that will make your tenants feel special and appreciated. Perhaps at Christmas time you can give a nice little gift and extend a thank you for looking after your property and paying rent in a timely manner. They will appreciate the gesture and it will help to maintain the good relationship you have worked on building with them.
Remember that they are renting your property but that you also have a responsibility to your tenants. Maintaining open communication and doing what you need to will go a long way in making sure that good tenants want to remain in your home.
If you have a home in Regina, Saskatchewan that you would like to offer for rent but need some help with property management talk to the experts at Kodiak Property Management. They are a team of professionals with access to maintenance and tenant management services.