How to Keep Great Tenants in Your Investment Property

How to Keep Great Tenants in Your Investment Property

Having good tenants is like a good marriage. The arrangement runs smoothly, and you can't imagine life without the other person.

But, anyone in a successful marriage will tell you that it takes work to keep the relationship going. The same can be said for keeping tenants happy in their business arrangements with you.

So, if you're prepared to do the work necessary at your investment property, we have some suggestions for how to make the relationship last.

Use Tenant Screening

Your tenants want to feel safe in their homes. That's hard to do if their neighbor fires rounds from his handgun into the air every weekend.

Noise is often a huge complaint among unhappy tenants. Renters have no choice but to leave if noise prevents them and their families from sleeping.

Many of the problems are avoidable with proper tenant screening. If you don't have the time or skills to perform a tenant background check, hire a rental property management team to perform the service. It's that important.

Perform Routine Maintenance

Small cracks left unattended become gaping holes. That's true for both property management and marriages.

Your tenant will initially overlook minor issues. But they'll notice if you routinely downplay their requests for repairs and upgrades.

Some tenants will stop complaining after a while. That doesn't mean that they've given up.

They've simply adopted a new tactic. They're quietly looking for a new place to live.

Enhance Security

Tenants will quickly look for a new address if they're afraid of burglary and home invasions. Sadly, burglars and home invaders can make people scared both to go out and stay home.

They could return home from work to find that someone has stolen their TV and computer. Or they could be spending a night at home, when someone breaks through a door or window, terrorizing the family.

Keep Rental Rates Fair

One thing that dooms relationships is when one party takes advantage of the other. Don't take advantage of your good tenants by unnecessarily raising the rent.

The tenants most often abused are those who always pay on time without complaint. Sometimes landlords feel that they can increase the rent without protest. They often learn differently when their tenants say goodbye.

Maintain Good Communication

You own the property, so within your limit, you can do whatever you want to do with it. But don't forget that it's more than a business for your tenants. It's their home. And people want to be well informed about any changes to their homes.

If you are planning updates, inform everyone. Maintain good tenant relations.

Don't let them come home from work to find a utility truck in their parking space. Don't let them find out the hard way that the water, electricity, internet, gas or some other service is temporarily unavailable.

Hire Tampa Property Management Professionals for Your Investment Property

Keeping good tenants is possible, but it requires constant vigilance. Staying on top of every issue for each tenant is too much for most investment property landlords. That's where we come in.

PMI MetroBay is a full-service property management company. Our staff will oversee the screening of tenants, maintenance, security, rental collection, and communication.

Keep your relationship on good terms with all your renters by contacting PMI MetroBay today.