The key to being a successful landlord is to keep costs down and have a low tenant turnover rate.
The most effective way is by building a good relationship. It costs you money when a tenant moves out so it would make sense to retain your tenant for as long as possible. It takes roughly 5-times as much to replace tenants, as it does to keep them, so put some effort into keeping your tenants happy.
Respect their Needs
If they have young children and the property isn’t fenced, would it make sense to add a fence (investigate if this would add value to your property). Or if you have a professional single woman in your property, adding security lights might be a nice touch. You don’t have to go all out but maybe talk with them to find out what they need. Perhaps they simply want to make the home their own, by adding their own personal touches.
Be aware of who they are
When you are scheduling a house inspection, arrange a time that would be convenient for THEM. If they have children at school, don’t schedule an inspection during the winter school holidays. If they are professionals, then 10 am on a Monday morning probably wouldn’t be convenient.
Keep the property fresh
Winter is a miserable time of year and when mildew and mould turn a cosy house into something that looks less appealing and has your tenants considering other options. You might be surprised to find that tenants often will move because they think the property is dirty and unpleasant looking.
Consider once a year to help out with a bit of a ‘spring clean’ – attacking the garden, cleaning the mould and mildew and laundering the curtains. Cleaning these things can go a long way for good will. It also gives you the opportunity to get in there and perform any regular maintenance.
It really doesn’t take too much to encourage long-term tenants. These things won’t guarantee they will stay – circumstances out of their control may make them move on. Treat every tenant like a long-term tenant and may just well turn into one.
What little gestures do you make to encourage your tenants to stay?