4 Tips to Help Property Managers Retain their Best Tenants

Great tenants who respect and look after a property, pay rent on time and fulfil all their renting obligations are invaluable to your peace of mind and key to making your job a little less stressful, so here’s 4 tips to keep your best tenants happy and keen to resign their lease.

1. Customer service is Key - Be timely when responding and get pro-active

If you want good tenants to stay-on and renew their lease, then make sure you’re fulfilling your end of the arrangement.

Do your best to keep the property in perfect working condition. Maintain it proactively, don’t just repair problems as they eventuate, do your best to identify any tell-tale signs and get things up-to-par before they inevitably break-down.

Respond to tenant problems, or requests promptly and handle things efficiently. Don’t let situations escalate by holding off on getting in touch with the necessary parties. Deal with things as they arise.

2. Follow proper practice – Keep rents in line with current market conditions

Don’t try to squeeze extra from loyal tenants by pushing up the rent when they renew their lease. Keep tabs on rental prices in the suburb and do your best to ensure the property rent is comparable. 

3. Consider a rewards system – Make good tenants feel appreciated

It’ll take a bit more time and effort to set-up and manage, but a rewards system which acknowledges those tenants who have exhibited good rental behaviour could be a great way of building goodwill, keeping them happy and improving the likelihood they will continue to behave well.

Allow tenants to accrue points in your rewards system by paying rent on time and through displaying other signs of good behaviour like referring a friend, or keeping the yard in good condition. Assign for example, 100 points for making a rent payment on time. Then, when the person reaches say 10 payments made on time, they could choose a reward from several different options.

4. Congratulations - Don’t forget to recognise their special occasions

Make them feel thought of. Send out a gift basket, or cinema voucher on their birthday, or other special occasion such as Christmas. Just remember your boundaries. 

This article was originally published on PropertyJobs.com.au