As any Kansas City landlord will tell you, attracting long-term tenants is one of the keys to success. The question is: how do you keep them around?
See, keeping good tenants is even more important than you may think. On top of having a consistent source of income, you won't have to prepare your unit for rent. This means saving on marketing, property showings, and so on.
Fortunately, great tenants know how to appreciate the right situation. Here are some leasing management tips that will help you convince them to stay!
Enforce Rules Fairly
Before a tenant signs the lease, they must know what to expect. To do that, show them your leasing rules and the consequences of not following them.
Leasing rules can depend on a few factors, such as Kansas tenant laws. That said, they should always:
- Promote the welfare and safety of tenants
- Apply to all tenants in a fair manner
- Outline rental property maintenance responsibilities
If your tenant does break a rule, talk to them first. Even if you're getting complaints from neighbors, it's always worth hearing both sides of the story.
Know Your Target Audience
Different types of tenants want different things. To encourage your target audience to stick around, you must match the demand with the supply.
For instance, new generations like Millennials and Gen-Z are big on comfort. If they don't see your rental as their home, they'll look elsewhere. The same applies if you're late with rental property repairs or maintenance.
Location can also play a key role in attracting and keeping tenants. If your property is close to a university, consider adding bike racks to your rental.
Be Friendly With Tenants
Tenant communication should be a priority for every landlord. When people are paying you every month, the least you can do is be cooperative.
For starters, make it easy for tenants to contact you. The more open your communication is, the less misunderstandings you'll have. You don't have to be their best friend, but make an effort to check in once in a while.
If they have a maintenance concern, address it as soon as possible. Tenant incentives like deep cleaning can be very valuable to long-term tenants.
Reach Out About Lease Renewals
Once you know you want to keep a tenant around, let them know about it as well. Try doing so at least 60 days before the lease renewal date.
Why such an early notice? Simple: it encourages tenants to start thinking about their leasing plans early. If they decide to move, you'll get a head start on advertising your rental a month or two in advance.
You should also ask the tenant what it would take for them to stay. For example, forgoing a rent increase can be a valuable incentive.
Leasing Management Made Easy
Great tenants don't come around too often, so appreciate those who do. If someone pays rent on time and treats your property with respect, do what you can to keep them. The above guide will let you know where to start!
Looking for professional help with your tenant retention efforts? At SCUDO, we pride ourselves on offering a full suite of leasing management services. Contact us here to learn more about what we can do for you!