The secret to having your Forest Hills rental home turn a profit is to attract and retain top-quality tenants. This means getting tenants who pay their rent promptly, look after the property, and get along well with the people in the neighborhood. But just because the vacancy has been filled, it doesn’t mean that the work is done. One of the more serious errors a property owner can do is to drive away those tenants due to neglect or failure in communication.
It’s a fortunate thing that there are plenty of strategies that the owners can implement to retain high-quality tenants. Perhaps the most critical thing you could do is to develop a nice relationship with the tenant by paying them a visit from time to time and checking in on them. 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 live in a well-maintained home and they want it to stay that way. So they really appreciate it when a landlord not only addresses repair requests quickly but also performs regular maintenance without having to be asked. A property owner who displays good property maintenance practices will influence their tenants and urge them to do their part as well.
On top of regularly scheduled maintenance, owners can improve tenant retention by involving them more directly in taking care 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. There are owners that hesitate to ask such questions. They think that the tenants will ask for extravagant replacement items or unnecessary repairs. But think about what the other option is: if the tenant leaves, you’ll be paying so much on trying to find a replacement and making preparations to get the place ready for a new tenant. You’ll surely spend a lot more than if you just buy that new washing machine (or carpet, or sprinkler repair) that they requested.
If the case arises that a quality tenant is considering a move, try to find out the reason and whether or not there is anything you could do or offer so they would stay. Usually, if a tenant is moving to a different rental house in the same neighborhood, 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.
In the end, tenant retention is a learnable skill that can be developed further over time. The good news is that the experts at Real Property Management Innovation can help. We know what is needed to attract and keep quality renters in Forest Hills. 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 516-570-9275.
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.