The One Good Tenant That Got Away

As humans, we’re often so fixated on the bad things that we tend to forget focusing on the good. Last time, we’ve talked about how to keep yourself away from nightmare tenants. But what about the other end of the spectrum? Once you manage to rid yourself of the bad apples, how do you keep those once-in-a-lifetime tenants that make your rental business so much easier?

 

Is it Worth the Effort?

The main advantage to maintaining good tenants is so that the bad ones don’t have a chance. No vacancy, no risk, no financial loss. Obvious? Yes, but don’t we also get into situations like looking for our car keys when we’re already holding them in the first place?

 

Another reason is cost-effectiveness. This doesn’t mean good tenants are cheap to maintain, but the financial consequences of a psychopath in your rental can be much more devastating than keeping your good tenants happy at your expense.

 

And speaking of sanity, having favorable residents gives you peace of mind. No annoying calls over a petty issue during a serious business meeting or quality time with your family.

 

What’s “Good”?

Before we talk about how you could keep good tenants, we should know what a “good” tenant means. While it may be safe to say that they’re the opposite of undesirable neighbors, they’re much more than you think. Here are some indications that you might want to keep someone in your rental for as long as possible.

 

• Someone that doesn’t cause trouble for other tenants. Their attitude may even convince other tenants (if any) to stay longer with you!
• Someone that pays on time. These people help you earn a good cash flow and not mistake your home for a charity organization.
• Someone that follows the rules and regulations. A person that breaks the rules could also break your business.
• Someone who treats you as a human being. If they don’t respect you, why would they treat your house with care?

 

Do note that actively looking for a tenant with all the mentioned traits may be an impossible task since these would only show up over time. But once you do see them living in your rental, do what you can to reap the benefits. That sounds like you don’t want to do your job as a landlord, but the main idea to keep them around is actually doing your job properly.

 

Want Good Tenants? Be a Good Landlord First!

If one of our definitions for a good tenant is treating you like a human being, then be the same kind of person to them. While some people are already respectful of others, it also goes without saying that respect is earned (and can be lost). Your behavior toward them could determine their willingness to stay for longer. Take a look at these few ways on how you can level-up the way you take care of your tenants:

 

Communicate Regularly 

In the instant messaging age, it’s expected to be on top of the game when it comes to connecting with your tenants. We don’t mean being good pals with them but making them feel that you’re always there for them as their landlord instead.

 

Acknowledge their messages, complaints, or requests in a prompt fashion. If they can’t take a proper bath because you seem to be putting off your request to get the plumbing fixed, it’ll take the points off the “good landlord scoreboard”. When someone thinks they’re in an emergency (even when they’re not), hearing from someone that it’ll be taken care of can take a huge burden off their chest.

 

When they seem to be developing bad behaviors when they weren’t before, try to talk to them and see what’s wrong. Not everyone will be quick to voice out their concerns. The underlying problem could be something detrimental to your business, so do your best to see what the issue might be. In the same way, if a consistently-paying tenant makes a late payment, you might want to try not enforcing the late fee this time around.

 

Tell critical things to them in advance (such as upcoming repairs and inspections). If you’re about to renew the lease (especially if you’re about to increase the rent), make sure to advise them months before. Tell them the reason for the raised rent (i.e., higher taxes, maintenance costs, insurance costs), so they don’t think that you just want more money. Also, other things in the neighborhood like upcoming road constructions that may disturb daily commute are pieces of information that your tenants would appreciate.

 

Make a Pleasing Tenant Experience

Consider improving the living conditions of your tenants. This doesn’t mean you have to spend extra for them, which can definitely do, but simply making it possible for them to spend a little to make their lives more comfortable can turn temporary tenants into permanent ones! Try checking with your clients which of these they would like to add as amenities to their home:

• Faster internet
• Eco-friendly appliances
• Security cameras
• Better flooring
• Improved air-conditioning
• Install new lighting
• A new paint job
• Automated payments

 

Don’t Skip the Maintenance

Part of making your tenants feel you’re doing your job is making sure that inspections are taken care of. It’s another obvious thing on the list, but some of us still don’t go to the dentist regularly.

 

Too Much Work?

As we’ve said countless times in these articles, being a landlord can become a stable income source, but it isn’t for everyone. Some might have only expected minimal work to get those monthly deposits but were surprised to see that it’s not like what it seemed on social media.

 

If you want to get closer to that hassle-free experience, consider hiring a full-time landlord to take your place or go for a property management company. Check out our articles on this if you want to learn more.

 

For those that can’t stand all this tedious work, you can work with a real estate agent to recuperate your losses. However, real estate agents might push you to do something you also consider tiresome (such as renovating the house and doing a pile of paperwork you’re not familiar with). Our next suggestion is, as our company name suggests, working with an investor or investment company. You can sell the property within seven days instead of potentially a few months with a real estate agent! If you’re interested, please try contacting us, Shorefront Investments. We’ve been in the game for years! You can give us a call at (850) 713-4866, send us an email, or fill a form on our front page!