The secret to having your Sykesville rental home turn a profit is to attract and retain top-quality tenants. This involves finding tenants who pay punctually, maintain the property, and treat the neighbors well. But just because you’ve solved the vacancy problem, it doesn’t mean that work is finished. One of the greater mistakes that a property owner can do is driving those good tenants away due to carelessness or faulty communication.
It’s a good thing that there are many strategies that property owners can implement to keep good tenants. Perhaps the fastest way is to form a healthy relationship with the tenant by checking in on them every now and again. Good tenant communication can go a long way toward a happy, satisfied tenant.
This method is highly effective especially when combined with another, equally important approach: being proactive when it comes to the repair and maintenance of the property. Tenants want to stay in a home that is well-maintained and they appreciate a landlord that, in addition to responding promptly to repair requests, does regular maintenance without being asked. A property owner who displays good property maintenance practices will influence their tenants and urge them to do their part as well.
Together with regularly scheduled maintenance, owners can strengthen tenant retention by including them more directly in the upkeep of the property. Consider inquiring from the tenant how they are liking the rental home and if anything in the property needs repair or maintenance. Some owners don’t want to ask these kinds of questions. They’re worried that the tenants will ask for costly or unreasonable repairs or replacement items. But think about the alternative: if the tenant leaves, you’ll end up paying a lot more to prepare the place and find a new tenant than just buying that new dishwasher (or carpet, or refrigerator repair) they asked for.
In the event that a quality tenant is thinking about moving, try to figure out why they are leaving and ask them if there is anything you could offer for them to stay. Often, if a tenant transfers to another rental house nearby, there’s a specific reason that can be countered or an obstacle that can be overcome. Remember, keeping a quality tenant is a far more profitable strategy than operating a revolving door rental house.
Ultimately, tenant retention is an art that you can learn and perfect over time. The good news is that the experts at Real Property Management Essentials can help. We know what is needed to attract and keep quality renters in Sykesville. We make healthy tenant relationships look easy and can take care of the day-to-day communication for you. To know more about what we can do to improve your tenant relations, please contact us online or give us a ring at 410-832-3138.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
