Finding the right tenant for your rental property is nothing less than a blessing. Countless Canadians end up giving away their rental property to a person or family that is nosy, noisy, irritating, financially unstable or has criminal records.
But if you’re on this page, you like your tenants, and that calls for a celebration. Share your joy with your tenants too and keep them happy so that they stay with you for a long period.
Take Good Care of Repairs
Being the owner of your rental property, you already know that someday you will have to repair the roof of your house or replace an electric appliance. Use this opportunity to make a positive impression on your tenants. Don’t go for cheaper options. Remember, when you buy a quality product or choose a comfortable replacement option over the cheaper ones, you invest in long-lasting solutions. This means that you won’t have to buy a new product again after a couple of years. Taking care of repairs and choosing quality products will make your tenants feel good and belonged.
Go Easy with Rent Increments
Most rental property owners automatically include a small rent increase at each lease renewal period. If the lease is ending in a stronger market, it can be tempting to raise rents by the maximum legal amount. However, doing so may only give you negative feedback, and you may even lose your tenant. A good rule of thumb is to keep your rents slightly below market rates. This is a powerful retention tool and shows your tenants they are appreciated.
Offer Renewal Incentives
If you have an excellent tenant that you just don’t want to lose out on, you might want to waive the rent increase if they will sign for another year. Instead, you can even offer some incentive or promise to continue with the same rent amount if they renew their lease. Doing so will help you in the long run as you won’t have to bear the costs of finding a new tenant. The best time to offer incentives and other offers is a month or two before the tenancy is up for renewal.
Send Out Season’s Greetings
Who doesn’t love receiving a greeting that has lovely words and sweet wishes on it? We all feel special when we get a greeting in your mailbox, right? So put a smile on your tenant’s face by sending festive greeting cards. Also, save important dates such as your tenant’s birthday, wedding anniversary, or even their child’s birthday and send greetings on their special days. There are 100% chances of them loving your gesture. A box of chocolates or a flower bouquet along with the card can make an ideal gift for them. Or just keep it simple and send them a text message on special occasions.
Apart from these, follow the basics of maintaining a good rapport with your tenants such as being professional, being truthful and respectful, and giving them their privacy and space. You can reach out to your real estate agent and request them to coordinate with your tenants whenever you are unavailable so that your tenants have someone to reach out to in the time of need.