Finding good tenants who pay rent on time and respect your property can be challenging for Charleston landlords. It requires you to do considerable legwork, including marketing and upgrading your house. So, it is always great to encourage the existing tenants to stick around and renew their lease rather than going through the overwhelming tenant placement procedure over and over. It will help you reduce the turnover rate and let you enjoy a consistent cash flow.
Here are a few pointers to help you retain good tenants in the long run.
1. Address Their Maintenance Requests On Priority
Nothing is more frustrating for tenants than facing prolonged maintenance issues. Hence, be responsive and address their maintenance requests as early as possible so that they stay longer in your rental. Also, don’t wait for tenants to call you about repairs. Try to be proactive, discuss the issues they are facing, and inform them about the tentative repair costs. You may need to invest extra while fixing the repair, but avoiding or delaying the response might put you at a great financial risk.
2. Know Tenant’s Expectations
Since there are many rental properties to choose from, tenants have become more particular in selecting one. You have to upgrade and install modern amenities to attract them and encourage them to stay longer. We suggest you learn about your tenants’ interests, understand their rental requirements, and try to make changes accordingly.
3. Be Proactive With Lease Renewals
The most emphatic way to retain tenants is to let them know that you would be happy to keep them longer in your rental. Reach out to them three months before the tenancy expires, and discuss potential lease renewal. It will give them some time to think about their stay. If they hesitate to continue, ask them the reason for doing so.
4. Build a Healthy Relationship With Your Charleston Tenants
You should build a healthy relationship with tenants to retain them. Be a good and cooperative landlord, reach out whenever they need you, communicate and resolve their rental problems and make them feel special. Also, share your contact details so that they can contact you in emergencies. This healthy attitude will impress your renters and prevent them from leaving your rental.
5. Encourage Longer Lease
We recommend asking tenants to sign a longer lease at the beginning of a tenancy itself. You can charge a moderate rent or offer incentives like discounts on rent, complimentary gifts like appliances that they don’t have, gift cards, free cover parking, and membership to nearby grocery shops or gyms to encourage them to sign longer leases. Even if you miss out on the profit that you can make by charging high rent, you will have reliable tenants in your rental unit.
6. Retain Good Tenants By Respecting Their Privacy
Maintaining a healthy relationship with your renters is necessary, but not by encroaching upon their privacy. As a landlord, you have the right to enter the house, but frequent visits without a valid reason can irritate your tenants, and they might leave your property. So, treat them professionally and send a 24-hours’ notice before visiting the house.
7. Observe Fair Housing Practices
As a landlord, you should provide fair treatment. Avoid discriminatory practices in your rental based on race, gender, nationality, color, and physical disabilities and comply with Fair Housing Laws while advertising your rental property and leasing it to tenants.
8. Enforce The Lease Agreement
A well-drafted lease agreement allows your tenants to understand their obligations and your expectations from them. Therefore, make sure you add all the important clauses, rules, and policies in the agreement. Ideally, good tenants don’t violate the lease, but if they do, remind them of the specific terms as stated in the document and the repercussions of breaking them.
A thorough tenant screening allows landlords to choose the right tenants. Asking them the right questions during the interview will give you an idea about the lease duration and allow you to make quick decisions. Hire an experienced property management company like Meridian Residential Group to effectively help you retain good tenants. We offer rental services like tenants screening, inspections, and property maintenance in Charleston and North Charleston, South Carolina.
For more information, reach us at Meridian Residential Group.