Articles
& resources
for buying, selling & investing in apartments, condos & houses.
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How
To Have Happy Tenants
As
all landlords know, when your rental unit becomes vacant it can be both
costly and time-consuming to find a new tenant. Keeping your current
tenants happy is a great business strategy to maximize your profits.
Read some tips on how to keep your tenants happy and less likely to move
out.
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As
all landlords know, when your rental unit becomes vacant it can be both
costly and time-consuming to find a new tenant. The best way to reduce
your vacancy rate is to create a positive relationship with your tenant
so that they would be happy to live in your unit as long as possible.
There are various things that a landlord can do to entice a tenant to
stay. It may take a small attitude adjustment, but in the long run it
can be worth your effort, both financially and personally.
Since
the tenants are paying you for the privilege of making your mortgage
payment, keeping an eye on your investment, cutting the grass and
shoveling the snow, or maybe even keeping the home clean and warm, it
would be wise to try and keep them content.
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View
your tenants as your customers, or clients. If a store or other
customer-oriented business were to offer poor service and shoddy
workmanship and treat the customers as though they were a pain in
the neck, they would have a hard time staying afloat. The same holds
true in a landlord/tenant relationship.
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Consider
offering small incentives or rewards. A birthday card, a Christmas
gift basket, an occasional thank you card, or even a gift card
occasionally can go a long way to keep a tenant happy. These things
don’t cost much, but tenants like to know that they’re
appreciated.
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Do
regular inspections of the rental unit. Allow tenants to show you
the areas that need maintenance or repair. Of course, tenants are
responsible for their own damage, but things do wear out over time
and no one likes to live in a house or suite with dripping faucets
or electrical outlets that don’t work.
Treating
your tenant/clients with respect and appreciation will mean fewer
vacancies, headaches and hassles, and who knows…maybe when your tenant
decides it’s time to leave they will have a friend or colleague that
would be happy to move in.
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