A condo rental can be a lucrative investment when you have reliable tenants. They can remove a lot of stress that comes with rental property management. To ensure they have favorable living conditions, there are essential steps to take to keep these tenants happy. Below outlines a few ways to ensure you keep reliable people living on the property.
How to Keep Good Tenants In Your Condo Rental
1. Take Care of the Property
Tenants want to feel cared for. An attentive landlord will maintain the property every week. This means cleaning common areas in the condo building, maintaining landscaping, and ensuring the property is secure. Become active in the building’s HOA so your tenants receive the best care.
Also, be prepared to help when the unexpected happens. It’s wise to designate a 24/7 emergency contact that can address leaks, power loss, and other issues. Tenants will appreciate your commitment to their well-being.
Make yourself available for your tenants. Communicating helps you better understand their needs and can strengthen a bond. Call to wish them a happy birthday or drop a holiday card in their mailbox.
Many rental property management companies host gatherings for tenants if they own several condos or schedule a weekly dinner to catch up. Tenants may be more willing to resign a lease with someone that feels more like a friend.
3. Stay On Top of Renewals
Reach out several months before your tenant’s lease is up to discuss renewals. If they’re thinking of leaving, it’s a chance to learn what’s affecting their decision so you can make changes.
Offer incentives as well. A free month’s rent, cashback, and gift cards are all popular options. You can also discuss longer leases. Consider cheaper rent in exchange for the tenant signing a multi-year lease.
If you need assistance with rental property management, contact Galvin Realty Group Inc. Serving Rochester, NY, and Monroe County since 1987, these professionals offer a variety of services. They specialize in property management and can assist with commercial real estate transactions. Visit their website to learn more, or call (585) 546-1290 to speak with a representative.