If you're going to enjoy life as a property owner, you need to be able to keep your good tenants around.
The best way to make sure your best tenants want to renew lease terms is to be a great landlord. There are plenty of Las Vegas landlords who neglect their properties, charge too much in rent, and fail to listen to their tenants' needs.
You should never look at your rental property as passive income. In this post, we're going to help you increase lease renewals with a few key tips for landlords. Keep reading and you'll never have to worry about convincing tenants to stay because they'll just want to.
Communicate Openly With Tenants
Create open lines of communication with your tenants so that they always feel like you have their back. Let them know what you expect from them while they're living on your property.
The more rules and regulations you can clearly outline, the better. Here are a few things to keep in mind:
- When quiet hours are
- What is excessive noise
- How to file a complaint
- Your contact information and times
- Emergency phone numbers
- Trash and recycling schedule
Quickly Deal With Issues
If your tenant has an issue with something that's broken in their unit or some complaint about another tenant, always deal with it quickly. If you're always quick to make their needs heard, you'll curry favor with the best tenants.
Even when you can't get to something immediately, maintaining a level of communication about when you'll be able to deal with it will be greatly appreciated.
Property Maintenance Is Key
You'll also want to perform preventative maintenance before and during a tenant's arrival. Anytime you're getting a new tenant, you should take the time to go through the apartment and fix anything that needs fixing.
Wear and tear is a normal part of owning a rental property. If you let these little maintenance issues build up, your property will eventually be difficult for tenants to live in and they'll end up leaving.
Be (Slightly) Flexible
As a property owner, you may feel like allowing late rental payments will put you on a slippery slope. While this is true, you can earn your tenants' trust by being flexible when times are tough.
Giving all tenants a grace period of a few days after rent is due can be mutually beneficial. After the grace period, you can make it clear that there will be a late penalty.
Another thing you can do to make the property more enjoyable to live in is to make upgrades whenever possible. No tenant will be dismayed to see that their landlord wants to give them a new dishwasher or light fixtures.
Again, it's important to communicate with your tenants about doing these small renovations. They may not want a maintenance person in the apartment all the time, so make sure to ask if it's okay before making any upgrades.
Lease Renewals Will Be Easy
If you're an attentive and respectful landlord, getting lease renewals from your favorite tenants will be a breeze. One of the ways that you can ensure that your tenants and property are well-looked after is to hire property management.
A full-service Las Vegas property manager, like Avalon Realty and Oaktree Management, will maintain your property, find qualified tenants, and deal with tenant needs as they arise. To learn more about our services, contact us today.