The secret to making your Silver Spring rental home profitable is drawing and keeping high-quality tenants. This entails finding tenants who pay their rent on time, tend to the property, and are friendly with the neighbors. But just because you’ve found people to fill the vacancy, it doesn’t mean the work is over. One of the greater mistakes that a property owner can do is driving those good tenants away due to carelessness or faulty communication.
It’s a fortunate thing that there are plenty of strategies that the owners can implement to retain high-quality tenants. Perhaps the fastest way is to form a healthy relationship with the tenant by checking in on them every now and again. Good tenant communication can go a long way toward a happy, satisfied tenant.
This technique is very effective, and it works best when combined with a second, equally important strategy: being proactive with the upkeep of the rental homes. Tenants want the homes they stay in to be in good condition and also really appreciate it when the landlord works hard to keep it that way. They expect landlords to answer repair requests promptly, but on top of that, they really like it when regular maintenance is performed without having to be asked. A property owner who sets the example of following good property maintenance practices will inspire their tenants to step up to do their part as well.
Another thing that can be done, besides regularly scheduled maintenance, to enhance tenant retention is to involve the tenants more directly in taking care of the property. Consider getting the opinion of the tenant about how they are liking the rental home and if any maintenance or repair-work needs to be done. There are some owners that don’t want to ask such questions. They believe that the tenants will ask for unreasonable repairs or costly replacement items. But think about the alternative: if the tenant leaves, you’ll end up paying a lot more to prepare the place and find a new tenant than just buying that new dishwasher (or carpet, or refrigerator repair) they asked for.
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. Normally, if a tenant is moving to another rental house in the same vicinity, 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.
Ultimately, tenant retention is a skill that can be learned and refined over time. The good news is that there are helpful professionals at Real Property Management Capital. We know what it takes to find and retain high-quality renters in Silver Spring. 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 301-869-5001.
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