High tenant turnover could be one of the reasons why investors don't experience the returns they planned for when getting into real estate investing. Good long-term tenants are crucial to rental property owners because they pay their rent on time, maintain the property, and minimize the marketing and make-ready costs associated with finding new renters.
So, how can you improve resident retention? Keeping tenants happy is about nurturing the landlord-tenant relationship. As a Palm Springs, California property management company, part of our job is to help keep tenants happy, so they want to rent long-term with our clients. In this article, we discuss what makes a great tenant and how to keep them after you find one.
What Are the Traits of a Great Renter?
When a renter remains in place for more than just one lease term, property owners don't have to worry about losing rental income. The first step to finding qualified tenants is performing a tenant screening. A good screening checks things like credit score, criminal background, and eviction history of prospective tenants. A decent credit score, a clean background check, and perfect rental history is a good indication that this individual will be a fantastic tenant.
Palm Desert property managers also recommend looking for these signs of a great tenant:
- Pays rent on time. Property owners have ongoing expenses, like mortgage payments, insurance, and taxes for rental properties. A tenant that pays the monthly rent on time eases financial headaches for owners. If you find a renter who is never late on rent payments, do what you can to keep them.
- Treats a rental home like their own. You want a resident that treats your property like it's theirs. They keep up with their responsibilities outlined in the lease agreement, like keeping the grass mowed, trimming shrubs, and taking out the trash on trash day. They also keep the inside clean and tidy.
- Report maintenance issues right away. If something breaks at your rental property, you want to know about it. A good tenant will promptly tell you that something broke before the issue gets out of hand and becomes a more costly problem.
- Follow the lease agreement terms. Whether it's obeying the no-pet policy or not smoking inside your property, good tenants follow the lease terms.
When a tenant does all the above, it's a dream come true for real estate investors. A good tenant saves time and money for property owners. When investors work with a good rental management company, they enjoy better quality tenants and fewer vacancy days!
Good Tenants Start with Good Rental Property Owners
Setting a good example is one of the best ways to encourage residents to be excellent renters! For example, if you don't care for your property, it's probable that your tenant won't either. In some cases, renters don't feel the need to follow the rules or pay rent on time because the property owner doesn't respond to maintenance issues promptly or shows that they value their residents.
Here are a few ways you be an excellent property owner (and set a good example for residents):
- Fulfill your responsibilities. Keep your word and honor your responsibilities outlined in the lease. Manage expectations by under-promising and over-delivering!
- Take care of issues quickly. Whether it's a lost key or a pilot light that won't start, make sure to fix all issues as quickly as possible. A tenant will have more respect for a property owner (and the lease rules) if even the smallest of property maintenance issues are handled on time. If you can't respond in a timely manner, check with Palm Desert, CA, property managers to help with maintenance issues.
- Communicate effectively. When you promptly reply to communications from residents, you demonstrate that they are more than just a rent check.
Happy tenants are more likely to renew! Good property owners and good tenants go hand in hand, but it's not always easy to keep up with everything needed to build positive relationships with residents. Work with a property manager to manage renters and encourage more renewals!
First Impressions Count
Once your tenant has agreed to rent your property, impress them with your make-ready process and welcome them into a clean, well-maintained home. Take these steps as part of the make-ready procedure:
- Deep clean the investment property and remove any damage or dirt from the previous tenants
- Replace or repair worn out items
- Check the roof and the flooring and replace as needed
- Apply a fresh coat of paint (inside and out)
Use a standard make-ready process to make sure every detail is taken care of for an excellent first impression!
Experience More Long-Term Tenants With a Palm Desert Property Management Company
Stepping up your approach to managing residents and properties can go a long way to impressing a good tenant and encouraging them to call your rental property home for a long time. When renters renew, it's good for your bottom line! McLean Company is a full-service property management company ready to help you build long-term relationships with excellent residents. Reach out to learn more about how our property management services can help!
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