3 ways to keep your tenants renting longer

Happy tenantsIn order for a real estate investing business to be successful, it requires finding good quality tenants to pay rent and cover the investor’s expenses (Please see my previous blog post “3 things your single family investment property needs to attract quality tenants” for further details on this topic). Unfortunately for most investors, it stops right there. Once their property manager or themselves finds a qualified tenant, they put their business on cruise control until the lease comes up where they often find themselves in the same position as the previous year. Let’s face it, the stress of not finding and screening tenants is something even the savviest investors do not look forward to. So how can we keep our good quality tenants renting longer?

1. Provide a clean and updated home.

All tenants are looking for is a clean and updated home where they can feel proud to invite friends and family over. Provide this, and you will quickly see your tenants treating your property as a home rather than just a rental. Remember, when someone becomes emotionally attached to something, it’s harder to just “move on” when the lease comes up. Stay tuned for my upcoming blog “Simple renovation tips to make your single-family investment property trump the competition” for ways to make your rental feel like a home.

2. Stay on top of your rental!

Make sure your property manager visits regularly (or yourself if you are self managing) to build a relationship with your tenant. This not only shows them that you care and are not like other landlords, but it also gives you the peace of mind to be able to “check up” on your property. When they have a request such as a leaking tap, just get on it and replace it. Treat your clients like gold, because that’s exactly what they are, clients requiring a service from your business.

 3. Buy them gifts.

When Christmas comes around, buy them a gift. It can be as simple as a gift basket, gift cards to restaurants or $50 off Decembers rent. This is easy and extremely effective. You can also buy them small presents for their birthdays. You already have their information on the application they filled out when they showed interest in the property. Imagine how surprised they are going to be when you show up with a $10 gift card to Tim Horton’s on their birthday (everyone loves a Tim Horton’s gift card).

These are all great tips to keep your tenants renting longer. With service like this, why would they ever leave!?  If you’re looking to expand your single-family investment portfolio in KW/Cambridge, feel free to contact me anytime! Visit my website and see me renovate properties for clients and watch video testimonials. I look forward to helping you achieve your goals!

Mat Piche

RE/MAX Real Estate Centre

www.kwpropertypro.com

homes@kwpropertypro.com

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