Follow this advice to help keep your rental tenants happy.
If you have received complaints in the past from tenants at your rental properties, or you are looking into becoming a landlord, you will want to know what pitfalls to avoid. Plenty of horror stories are arising across the country concerning how their luxury apartments are managed. Here are some tips on how to actually retain tenants.
Screen Tenants Diligently
The first step is to screen your tenants diligently before accepting their application to live in one of the units. While there are many things you are responsible for as a landlord, welcoming responsible tenants will go a long way toward avoiding problems. Irresponsible tenants may fail to take care of their property well or fail to pay rent, which is necessary for the other tips.
Maintain the Property as if You Lived There
Everyone needs a place to live, and in many cases, renting an apartment is the way to go. Maintain the property as if you lived there yourself. If you do not have the time or resources to manage all aspects of the property yourself, it is best to hire a trusted property manager. Property management includes maintaining the condition of the building itself, the landscaping, the pavement, the elevators, and the HVAC systems.
Keep the Pricing Reasonable
Keep the monthly rent reasonable and attractive to the target clientele who are looking for decent apartments. As you likely know, the general rule of thumb is for the monthly rent to be a third or less of the tenant’s monthly income. While there is a place for luxury apartments with high rent, high-quality, affordable apartments can do just as well.
Provide Decent, Common-Sense Amenities
Landlords love to give perks to their tenants as a way of improving tenant satisfaction and retention, but some amenities lack common sense, such as useless appliances. Other landlords treat basic necessities, such as in-unit laundry machines, as luxuries. Providing truly thoughtful amenities will go a long way in tenant satisfaction.
Provide Real Value in Extra Offerings
If you choose to provide free gifts or host community events, choose thoughtful offerings with real value to your tenants at times that work best for them.
Trust the Professionals at Clagett Enterprises for Your Realty Needs
If you’re looking for an experienced property management company, the perfect realtor for your property, or a professional to assist you during your purchase of any home, you can rely on Clagett Enterprises. Clagett Enterprises is a full-service real estate company with almost 30 years of experience in the Frederick and Western Maryland area. For assistance with commercial sales, leasing, management, and development and consulting, contact us online or give us a call at 301-665-6009. To meet our team and see some of our beautiful homes, follow us on Facebook and Linkedin.