Losing good tenants can be painful. Not only are you going to miss the steady source of rental income, you’ll also have to invest money turning the property over. There will be maintenance expenses, cleaning costs, and the time and resources required to market the home and find a new tenant.
Retaining excellent tenants is good for your business and your bottom line. If you’re struggling with high tenant turnover, we have some tips that can help you provide a better rental experience so you’re more likely to hold onto those good renters.
Here’s what you should consider.
Make the Oshawa Rental Process Convenient
Tenants today want convenience. They want to be able to pay their rent online and even make maintenance requests online. Typically, they’ll want to text or message you. Calling and showing up in person just takes too much time, and they never know if they’ll actually reach you.
Provide easy access to everything your tenant needs. This starts with a good online system for paying rent. You may need some new software, especially if you’re not working with an Oshawa property management company.
There are a lot of property management software providers available, and many of them target independent landlords or investors who own only a few rental homes. Find one that allows you to collect rent online and track all your income and expenses. Share the payment portal with your tenants, where they’ll have a platform to pay one time, set up recurring payments, or schedule monthly rental payments from a saved bank account or credit card.
A good software system will allow you to collect maintenance requests online as well. Tenants will appreciate this because they send a message about a needed repair at any time that’s convenient for them. They can provide detailed descriptions and even pictures.
Respond Promptly to Maintenance Issues
Another great way to retain tenants is by responding quickly to their maintenance issues.
Minor fixes might not seem like a big deal to you. But, if you wait too long to take action, your tenants will grow frustrated. Always take their repair requests seriously, and share your plan for addressing the situation, even if it’s going to take a few days for a vendor to reach them.
Make sure you’re working with good vendors, too. You want professionals who will treat your tenants and your property with respect.
When tenants feel like you don’t care about their comfort, they’re going to find somewhere else to live. Don’t lose tenants this way.
Implement Reasonable Rental Increases
Most tenants expect that the rent will go up when it’s lease renewal time. You don’t necessarily have to freeze rent increases in order to keep good tenants.
But, you do have to make sure your rent increase is legal and not outside of what the Oshawa rental market demands. Don’t increase the rent by too much and make sure you provide your tenants with enough notice before the new rent takes effect. This will lead to better retention.
In addition to these tips, make sure you’re communicating with your tenants. Help them solve problems and be a resource when they need help. Working with Oshawa property managers can also help. A good management company will focus on tenant relationships, prioritize communication and service, and deliver a stress-free rental process for you and your residents.
If you’d like to talk more about retaining your tenants, please contact us at Investor’s Choice Property Management. We provide property management in Oshawa, Whitby, Courtice, Bowmanville, Pickering, Ajax, and communities in the regions of Durham and Clarington.